As an important link between finance and ecological environment, green finance can effectively serve the green technological innovation and it is an important issue in the process of promoting the coordinated development of economy, society and ecological environment. Under the dual background of building a green financial system and a market-oriented green technology innovation system, it is of great significance to analyze how the issuance of green bonds plays a role in corporate green technology innovation, with green bonds as the breakthrough point, the promotion of green technology innovation quality increment as the central point, and the research on the "color" of China′s green bond market as the focus of attention.Taking the A-share listed companies in Shanghai and Shenzhen stock exchanges of China from 2010 to 2019 as the research sample, and adopting the theory of green bond issuance to promote the quality improvement of green technology innovation, this paper used the PSM-DID model to conduct a systematic analysis on the relationship between green bond issuance and corporate green technology innovation, their action mechanism and heterogeneous impact, deconstructed the internal logic of green bond and corporate green technology innovation, and used multiple robustness tests to verify the reliability of the research results.The results showed that: (1) the issuance of green bonds is helpful to improve the quality of green technological innovation of enterprises; (2) the higher the issuing amount and the longer the issuing period of green bonds, the stronger the promotion effect on the green technological innovation ability of enterprises; (3) the test of action path showed that enterprises issuing green bonds can act on the green technological innovation of enterprises through three paths: increasing the investment in research and development, reducing the financing cost of enterprises and increasing the attention of investors; and (4) the test results based on corporate heterogeneity showed that the promotion effect of green bond issuance on corporate green technology innovation is more obvious in non-state-owned enterprises and the western region sample.The research results will theoretically enrich the relevant research on the economic consequences of corporate green debt financing and the influencing factors of corporate green technology innovation, and thus practically provide not only policy references for "building a green financial system" and "building a market-oriented green technology innovation system" in the process of high-quality development in China, but also empirical evidence for decision-making departments and the public to judge the "color" of the current Chinese green bond market and prevent the risk of "greenwashing" of green bonds.

   The digital transformation and green transformation of enterprises are key paths to achieve high-quality development in China. Exploring how the digital transformation of enterprises affects their green innovation model holds both theoretical significance and practical insights. Amid digital transformation, enterprises face the critical issue of how to allocate their limited innovation resources. Will they prioritize breaking free from resource constraints, environmental limitations, or from both? The choice between energy-saving and environmentally-friendly green innovation becomes an urgent matter necessitating practical and theoretical exploration. However, few scholars in the academia have delved into this crucial issue. In order to investigate these issues, this study differentiated the content and models of green innovation, using energy-saving and environmentally-friendly green innovation models as the foundation. Against the backdrop of the new generation of information technology and digital technologies leading the development of green and low-carbon technologies, and with a focus on the Chinese context, this paper systematically examined the impact of digital transformation on the choice of enterprise green innovation models. This analysis was based on the panel data from Chinese A-share listed companies from 2002 to 2021, thus making a comprehensive investigation into the influencing mechanisms involved.The study′s findings are as follows: (1) Digital transformation significantly boosts enterprises′ choice of energy-saving green innovation, which is mainly driven using digital underlying technologies. This conclusion still holds after considering endogeneity issues and a series of robustness tests such as replacing the green innovation level indicator and excluding specific samples. (2) Green R&D investment in digitization plays a mediating role in digital transformation and the choice of green innovation models. Digital transformation prompts enterprises to invest more digital resources in energy-saving green R&D, which in turn promotes the choice of energy-saving green innovation. (3) Market competition and government innovation subsidies strengthen the role of digital transformation in influencing the choice of energy-saving green innovation. Meanwhile, informal environmental regulations imposed by the public strengthen the impact of digital transformation on the choice of environmentally-friendly green innovation. Heterogeneity analysis showed that the impact of digital transformation on promoting the choice of energy-saving green innovation is particularly pronounced in the manufacturing sector with a high demand for green technological transformation.This study has several theoretical significances: (1) Our conclusions provided additional confirmation for the previously posited perspective that “digital capabilities have differing impacts on various facets of green transformation, including environmental management, improved resource utilization efficiency, and alterations in energy structure”. It also classified green innovation in terms of energy-saving and environmentally-friendly and clarifies the impact of digital transformation on enterprises′ choice of green innovation models. (2) This study revealed the mechanisms through which digital transformation influences the choice of green innovation models. (3) We incorporated the factors of the triadic co-management of environmental governance into the unified analytical framework. Within this framework, we examined the moderating effects of market competition, informal social environmental regulations, and government innovation subsidies, thus effectively avoiding the fragmented limitations present in current research.The study proposed the following policy insights: (1) The triadic co-management system should be comprehensively considered to promote the coordinated development of energy-saving and environmentally-friendly green innovation. (2) Manufacturing enterprises, especially heavily polluting enterprises, should be promoted to carry out digital transformation. (3) Deep integration of digitalization and greening should be facilitated, the foundational role of digital technology in the green development of enterprises should be actively leveraged and the application of data elements in the core processes of enterprise production should be encouraged to comprehensively reduce energy consumption.

Under the requirements for the goals of “carbon dioxide peaking and carbon neutrality” and high-quality development strategies, how to effectively use digital innovation to drive green development has become an important practical problem to be solved urgently. Based on the observed data of manufacturing enterprises from 2013 to 2020, text analysis and word frequency statistics were used in this paper to measure enterprise digital innovation. The comprehensive index system of green development of manufacturing enterprises was constructed from three dimensions: economic profit, social value and environmental benefit. This paper studied the impact of digital innovation on the green development of manufacturing enterprises, the effective digital innovation intensity threshold, the supporting effect of entrepreneurship and the fiscal and tax policies on the green development driven by digital innovation.

The findings of this paper are as follows: (1) Overall, digital innovation has a significant positive impact on the green development of manufacturing enterprises, and there is a significant industry heterogeneity effect. The driving effect of digital innovation on green development is mainly concentrated in agricultural and sideline food processing industry, paper and paper products industry, general equipment manufacturing industry and electrical machinery and equipment manufacturing industry. (2) The threshold effect of digital innovation intensity on the green development of manufacturing enterprises is significant. Only when the digital innovation intensity exceeds 141.707 can the green development of manufacturing enterprises be significantly promoted; otherwise, either the digital innovation effect is not significant, or the digital innovation will inhibit the green development of enterprises. (3) Entrepreneurial innovation spirit and entrepreneurial environmental protection spirit have a significant supporting effect on the green development of digital innovation-driven enterprises, but the entrepreneurial social responsibility spirit weakens the promoting effect of digital innovation on the green development of enterprises. (4) Tax incentives negatively regulate the driving effect of digital innovation on enterprises' green development, but the regulatory effect of financial subsidies on digital innovation to drive green development is not significant.

These conclusions will provide a new way and practical inspiration for manufacturing enterprises to use digital innovation to drive green development. At the same time, they will also provide some theoretical inspirations for designing effective fiscal and tax policies, choosing appropriate digital innovation intensity, shaping excellent entrepreneurial innovation spirit and entrepreneurial environmental protection spirit.

    Green innovation is the key to achieving the win-win goal of fostering economic development and reducing environmental pollution. This paper innovatively took the "green innovation quantity" and "green innovation quality" as different representations of the green innovation. On this basis, we took China′s Shanghai and Shenzhen A-share heavy polluting listed companies as a sample, and studied the impact of environmental information disclosure on firms′ green innovation by using the mediating effect model and moderating effect model. The results showed that: (1) Environmental information disclosure forces the listed companies to increase the number of green innovations, but reduces the quality of green innovation. This conclusion is still valid after a series of robustness tests. (2) Environmental information disclosure exacerbates short-termism, which crowds out high-quality green innovations. (3) Improving the management ability and increasing the shareholding ratio of long-term institutional investors can correct the green innovation formalism of enterprises. Our results will not only contribute to a more comprehensive understanding of the logical relationship between environmental information disclosure and green innovation, but also provide practical evidence for further optimization of environmental governance and promotion of enterprises′ core competitive capability.

  The construction of new digital infrastructure and innovative cities is a key measure to promote the dual strategy of digital China and innovation-driving under the Chinese-style modernization. Previous studies have mostly focused on the internal relationship between unilateral policies and green innovation, but generally ignored the green innovation dividends stimulated by policy coordination. Based on the quasi-natural experiment of ‘double pilot’ of Broadband China and Innovative Cities, this paper applied the panel data of 278 prefecture-level cities in China from 2006 to 2020 to empirically examine the potential mechanism of ‘double pilot’ policy synergy to empower urban green innovation. The study found that: (1) The ‘double pilot’ policy can not only directly help the incremental improvement of urban green innovation, but also produce a significant demonstration effect of green innovation in neighboring areas. (2) The ‘double pilot’ policy indirectly contributes to urban green innovation by exerting talent agglomeration effect, financial subsidy effect and entrepreneurial incentive effect. (3) Under the constraints of low financial pressure, moderate economic growth target and environmental competition intensity, the ‘double pilot’ policy has the most obvious effect on the empowerment of urban green innovation. (4) Compared with the single pilot of broadband China and innovative cities, the ‘double pilot’ policy is more conducive to stimulating urban green innovation, and the pilot strategy of broadband China before innovative cities has a better effect on promoting green innovation. The research conclusions will provide some enlightenment for the government to coordinate the release of policy synergy between digital power and innovation power construction under the new development pattern, and accelerate the cultivation of internal power for highquality economic development.

    Industrial green technology innovation is an important link to promote green development and harmonious coexistence between man and nature, and it plays a vital role in promoting the development of real economy and promoting new industrialization. However, the unreasonable allocation of R&D resources restricts the improvement of the innovation efficiency of industrial green technology and seriously hinders the process of China′s green development. With the rapid development of digital technology, digital economy has achieved unprecedented development, and it has a profound impact on the mode of production and production factors. Based on the panel data of 30 provincial-level regions in China from 2011 to 2020, this paper studied and measured the impact of R&D resource mismatch on innovation efficiency of industrial green technology, as well as the impact mechanism of digital economy development on R&D resource mismatch and innovation efficiency of industrial green technology.Introducing the harmless rate of industrial solid waste representing environmental benefits into the measurement index system of the innovation efficiency of industrial green technology, this paper used the super efficiency SBM model to estimate the innovation efficiency of China′s industrial green technology, and calculate the degree of mismatch of R&D resources by modeling. A two-way fixed effect model of time and individual was established to analyze the influence of R&D resource mismatch on innovation efficiency of industrial green technology. A threshold effect model was built to regress and analyze the threshold effect that digital economy plays a coordinating role in R&D resource mismatch and innovation efficiency of industrial green technology. The results show that: (1) The industrial R&D resources in 30 provincial-level administrative regions in China have shown a shortage of allocation, and the efficiency of industrial green technology innovation shows strong regional heterogeneity; (2) The mismatch of R&D personnel and capital will significantly inhibit the improvement of China′s innovation efficiency of industrial green technology. The regression results showed that compared with R&D personnel, R&D capital mismatch has a stronger and more significant inhibitory effect on the efficiency of industrial green technology innovation; (3) Under the moderating effect of digital economy, R&D resource mismatch has a U-shaped influence mechanism on the efficiency of industrial green technology innovation. When the digital economy reaches the threshold value, R&D personnel and capital will change from inhibiting the improvement of efficiency to promoting the improvement of efficiency. The threshold value of R&D personnel is higher than that of R&D capital, but the positive promotion coefficient after reaching the threshold is much larger than that of R&D capital. This paper will enrich the research ideas on the innovation efficiency of industrial green technology, and provide empirical basis and policy recommendations for accelerating the development of the digital economy, optimizing resource allocation, and promoting the efficiency of industrial green technology innovation.

    As the society pays more attention to environmental issues and the development of a green, low-carbon economic system, manufacturing firms begin to regard green technological innovation as an effective strategy to obtain sustainable competitive advantage. However, existing research has paid little attention to the relationship between boundary-spanning search and green technological innovation. Therefore, it is worth clarifying the role of boundary-spanning search on green technological innovation. Drawing on knowledge-based theory and resource orchestration theory, this study explored the influence of boundary-spanning search on green technological innovation, and examined the mediating role of organizational resilience and the moderating role of knowledge orchestration capability. To test the theoretical model, we selected manufacturing firms as research object. The results indicated that:(1) Reactive boundary-spanning search and proactive boundary-spanning search have significant positive influence on green technological innovation. (2) Reactive boundary-spanning search positively affects organizational internal resilience, while proactive boundary-spanning search positively affects organizational external resilience. (3) Organizational internal resilience partially mediates the relationship between reactive boundary-spanning search and green technological innovation, and organizational external resilience partially mediates the relationship between proactive boundary-spanning search and green technological innovation. (3) Knowledge orchestration capability plays a significant moderating role between boundary-spanning search and organizational resilience, and moderates the mediated effect of organizational external resilience between proactive boundary-spanning search and green technological innovation.This study has made several theoretical contributions. First, this study uncovers the effects of two boundary-spanning search on green technological innovation, and enriches the research on antecedents of green technological innovation. Second, the result finds that boundary-spanning search impacts organizational resilience, and reveals the differential impacts of two types of boundary-spanning search on organizational resilience. Third, this study uncovers the partial mediating role of organizational resilience, and enriches the antecedents of organizational resilience. Fourth, this study finds the moderating role of knowledge orchestration capability, and clarifies the effect of knowledge orchestration capability on green technological innovation.This study also has some management implications. First, firms should develop a scientific plan for boundary-spanning search, and strengthen the establishment of formal and informal external cooperation networks. Second, firms should establish crisis awareness and cultivate a long-term vision, pay attention to searching for knowledge ahead of competitors, and carry out diversified cooperation. Third, firms should enhance internal members′ interaction, reconfigure existing green resources and technological capabilities, and attach importance to green intelligent manufacturing.

   As governments and the public pay more and more attention to the environmental pollution of enterprises, how to balance environmental protection and economic benefits has become an important challenge for the sustainable development of enterprises. As one of the important ways for enterprises to achieve the balance of environmental benefits and economic benefits, green innovation has become a hot topic in academic circles. However, most of the existing researches focus on the influence of external factors on green innovation of enterprises, while there are fewer researches on internal factors. Upper echelons theory provides a possible way to explore the influencing factors of green innovation from the internal perspective of enterprise. According to this theory, the differences in cognitive basis and values brought by the heterogeneity of executive team will affect the decision-making of the team, and then influence the strategic choice and innovation performance of enterprises.This paper takes the panel data of 927 A-share listed manufacturing enterprises from 2015 to 2019 as samples to explore the impact of heterogeneity of executive team on enterprise green innovation performance, and introduces corporate environmental strategy as an intermediary variable to further dissect the influence mechanism. In the specific research design, on the one hand, this paper focuses on the task-oriented heterogeneity in executive team heterogeneity, including the heterogeneity of tenure and functional background. On the other hand, green innovation is divided into green technology innovation and green management innovation, and it constructs an empirical model containing two explanatory variables, two explanatory variables and mediating variables.The research finds that: (1) The tenure heterogeneity of executive team has a significant positive effect on green management innovation, and the functional background heterogeneity of executive team has a significant positive effect on green technology innovation and green management innovation. The reason is that the differences among team members can effectively make up for the adverse effects of rigid thinking and emotional dependence on business decisions, so that the executive team can maintain enthusiasm and motivation for green innovation activities. (2) The corporate environmental strategy plays a partial mediating role in the relationship between tenure heterogeneity and functional background heterogeneity of executive team and green innovation. Executive team heterogeneity can make the team more sensitive to identify environmental risks, so as to adopt proactive environmental strategies, and finally improve the green innovation performance of enterprises. (3) It is also noted that the tenure heterogeneity of executive team has no significant effect on green technology innovation. Executives with shorter tenure are more receptive to external knowledge and more likely to take corresponding innovative measures than those with longer tenure. Therefore, when the tenure of executive team members tends to be shorter, it may significantly promote green technology innovation, which may be one of the reasons why tenure heterogeneity has no significant effect on green technology innovation.The theoretical contributions of this paper are as follows: first, it enriches the research related to the influencing factors of corporate green innovation, and validates and extends the research logic of the influence of executive team characteristics on organizational output; second, it responds to the view that the characteristics of the executive team may indirectly affect the green innovation of enterprises, and empirically tests the classic theoretical model that the characteristics of the management team in the upper echelons theory can affect the performance of enterprises through strategic choice.At the end of this paper, it concludes with some managerial insights that may help China′s listed manufacturing cooperates′ green innovation practices based on the findings of the study, including: moderately strengthening the recruitment of new executives, absorbing staff with experience in different functions into the executive team, and elevating the emphasis on environmental issues to the corporate strategy level.

   To explore the mechanism of promoting enterprises′ green technology innovation from the perspective of enterprise governance is of great theoretical and practical importance. This paper selected China′s A-share listed companies from 2011 to 2020 as samples, and the authors manually collected the data of strategic investors and used the normative and empirical research methods to investigate the impact of strategic investors on enterprises′ green technology innovation. The results showed that the introduction of strategic investors can promote the green innovation behavior of enterprises, especially promote the substantive green technology innovation. The mechanism analysis showed that alleviating financing constraints, enhancing R&D investment, and reducing enterprise risks are important mechanisms for strategic investors to promote enterprise green technology innovation. The heterogeneity analysis showed that the effect of strategic investors on promoting green technology innovation is more significant in state-owned enterprises, enterprises with high capital intensity and enterprises facing low environmental uncertainty. In addition, environmental subsidies can significantly enhance the role of strategic investors in promoting green technology innovation, while environmental regulations inhibit the above effect. This paper has not only expanded the literature on enterprise green innovation and on strategic investors, but also provided enlightenment for promoting the integration of strategic investors with the behavior of enterprise green innovation.

   Environmental regulation and green technology innovation are important factors to achieve high-quality economic development. The influence relationship of the two factors is a hot issue in academic circles. The existing literature focuses on the impact of environmental regulation on the overall green technology innovation. This paper further subdivided the overall green technology innovation, constructed a mathematical model, deduced the impact mechanism of environmental regulation on heterogeneous green technology innovation, and employed the panel data collected from 30 provincial-level regions in China from 2010 to 2019 to establish static and dynamic panel regression models for empirical testing. The empirical research drew several conclusions. Firstly, with the improvement of environmental regulations, the trend of overall green technology innovation and clean production technology innovation decrease first and then increase, indicating a U-shaped relationship between the both types of technology innovation and environmental regulations. Secondly, the level of environmental regulation has a positive impact on pollution control technology innovation. Thirdly, in terms of controlling variables, enterprise size promotes overall green technology innovation; the ownership structure promotes clean production technology innovation, but it is not conducive to pollution control technology innovation; the degree of trade openness has a promoting effect on the innovation of pollution control technology; the effect of R&D on different types of green technology innovation varies. Based on the research findings, some policy recommendations are proposed to promote green technology innovation in terms of environmental regulatory intensity, environmental regulatory measures, enterprise scale and trade openness.

    Environmental regulation is one of the driving forces to promote green technology innovation, and its impact on green technology innovation has both positive and negative effects. Digital transformation can effectively solve the negative effects of environmental regulation. Based on the two-way fixed model and threshold regression model, this paper explored the impact of environmental regulation on green technology innovation and the moderating effect of digital transformation between them. The study found that: in general, the implementation of environmental regulation in China has a significant inhibitory effect on green technology innovation, and digital transformation can positively regulate environmental regulation to promote green technology innovation mainly by reducing the production cost path of enterprises. Further research on phased digital transformation showed that digital integration is the main means to reduce the production cost of enterprises and has nonlinear characteristics in regulating the relationship between the two. Therefore, the government should simultaneously promote environmental regulation and digital transformation, and better play the positive role of digital transformation in environmental regulation to stimulate green technology innovation. At the same time, it should also increase subsidies for corporate environmental regulation compliance costs and digital transformation input costs, so as to offset the increase in corporate production costs and expand the scale of digital integration.

    In September 2020, China clearly put forward the "double carbon" goals of "carbon peaking" by 2030 and "carbon neutrality" by 2060, which set the direction and requirements for the green transformation of Chinese enterprises. However, whether the green development policies proposed by government departments can be transformed into the motivation for corporate green innovation often depends on the interaction between corporate non-market strategies and market strategies. In the context of striving to create a new era of socialist ecological civilization, it is important to explore the influence of CSR on corporate green innovation and reveal its influence mechanism, in order to promote the development of corporate green transformation and ultimately achieve both economic and environmental benefits at this stage in China. In the context of innovation becoming the first driving force of development, the study of CSR and technological innovation performance and its economic effects has received sufficient attention. 
      Although there are abundant studies, there is still room for in-depth research. First, most of the existing studies have examined the relationship between CSR and green technology innovation with developed countries as the sample, but less attention has been paid to developing countries. Second, the moderating role of how corporate redundant resources play in this is unanswered for now. Therefore, this paper examines how CSR affects the quantity and quality of green technology innovation in the Chinese scenario, and further explores the moderating role of the two types of redundant resources. This paper focuses on the relationship between CSR and green technology innovation output using 2012-2019 State Intellectual Property Office (SIPO) green patent grant and R&L Global CSR Rating data. 
      We found through the study that, first, CSR performance significantly contributes to firms′ green technology innovation output; second, CSR can significantly contribute to firms′ green technology innovation output by providing more redundant resources; third, after considering the moderating role of redundant resources, it is found that unabsorbed redundant resources strengthen the role of CSR performance in promoting green technology innovation output, while non-precipitated slack resource do not have a significant positive moderating role in the relationship between CSR performance and green technology innovation, indicating that it is the long-term investment and financing capability of enterprises that may truly promote green technology innovation. This paper shows that good CSR performance contributes to green technology innovation output even when the resource boundaries of the firm are also taken into account, which can enable scholars to understand the relationship between fulfilling CSR and green technology innovation more comprehensively. 
     This study has important practical implications. First, since the effectiveness of CSR performance in promoting green technology innovation is affected by redundant resources, firms can enhance the effectiveness of CSR in promoting green technology innovation output by improving their capabilities, controlling redundant resources flexibly according to available redundant resources. Second, government managers should focus on environmental policies and the adoption of policies that facilitate and accelerate corporate sustainability CSR strategies. This can promote the development of green technology innovation and enhance the competitive advantage of enterprises，which is beneficial to the economic and environmental sustainability of the companies themselves and the society as a whole.

Green technology innovation serves as the core driving force in synergistically advancing green development and the innovation-driven strategy. As a new form of circular industrial organization, there are few studies on how industrial symbiotic agglomeration affects green technology innovation. In this paper, the influence mechanism of industrial symbiotic agglomeration on green technology innovation was revealed for the first time, and its effect was tested based on the staggered DID method. The results showed that industrial symbiotic agglomeration significantly promotes green technology innovation. The mechanism test revealed that industrial symbiotic agglomeration mainly promotes green technology innovation by promoting green knowledge spillover and gathering innovation elements, and the role of environmental regulation has not yet emerged. Additionally, industrial symbiotic agglomeration also promotes green technology innovation in neighboring cities, and its spillover effect is significant within 200 km. The green technology innovation effect of symbiotic agglomeration can be significantly exerted only when the scale of symbiotic agglomeration reaches 187.17 km², and the effect amplifies with an increasing number of parks. In the areas where the government pays more attention to environmental protection, the green innovation effect of industrial symbiotic agglomeration is more pronounced. Furthermore, industrial symbiotic agglomeration has a significant effect on enhancing the quality and increasing the quantity of green technology innovation. Therefore, the government should strengthen policy support and guidance, and further gather green innovation elements. Furthermore, green technology standards and green factory certification system should be established to promote green technology innovation and improve quality. Government's attention should be paid more to environmental protection to exert further the forced role of environmental regulation on green technology innovation. This study will be helpful to provide some theoretical supports and practical references for implementing new development concepts, promoting industrial green development and improving national green innovation capability.

Low-carbon strategic planning is the primary link and core component of the low-carbon strategic transformation process of enterprises, which is of great significance for realizing the national goal of "carbon peaking and carbon neutrality", thus promoting the sustainable development of enterprises themselves, and enhancing core competitiveness and social responsibility. This paper put forward a measurement method based on ChatGPT and other big data models to measure the index of "enterprise low-carbon strategic planning degree". Furthermore, the "e-interaction of investors" with the Q&A and enterprise operation data of listed companies on the main Board from 2016 to 2023 were taken as research samples to analyze the low-carbon strategic planning, path and mechanism to help enterprises improve their green innovation performance through low-carbon transformation capital sources. The findings are as follows: first, detailed and complete low-carbon strategic planning has significantly improved the financing ability of enterprises to raise green bonds; second, detailed and complete low-carbon strategic planning is helpful for enterprises to obtain green government subsidies; and third, green transformation funds, such as green bond financing etc., are effective ways for low-carbon strategic planning to promote the growth of green innovation performance of enterprises. The heterogeneity study showed that state-owned enterprises and high-tech enterprises are more likely to obtain green transformation funds and have higher green innovation performance when they formulate detailed and comprehensive low-carbon strategic plans. Based on the frame of "strategic process", the paper focused on the low-carbon strategic planning, and it will provide some beneficial suggestions for enterprise low-carbon strategic management and green innovation from the perspective of financing path.

As a key area of China's environmental governance, the improvement of green innovation performance of heavy polluting enterprises plays an important role in accelerating industrial green transformation and development. In this paper, an analytical framework of the factors influencing green innovation performance of heavy polluting enterprises was first constructed based on the institutional theory and the natural resource-based view. The machine learning XGBoost (eXtreme Gradient Boosting) model was also applied to predict corporate green innovation performance. On this basis, the additive explanatory model Shapley Additive exPlanations (SHAP) based on the game theory was further used to identify the degree of influence and the direction of the role of each characteristic variable on corporate green innovation performance. The empirical analysis based on the listed firms in the heavily polluting industries from 2011 to 2021 demonstrated that external environment, corporate characteristics, and corporate governance significantly influence the green innovation performance of heavily polluting enterprises. Among them, market-oriented environmental policies and firm size are the most critical factors driving performance improvement, reflecting the key role of external institutional environment and scale effect in innovation. Meanwhile, the effects of secondary factors such as institutional shareholdings, shareholding ratio of the top 10 shareholders, firm age, market value, public concern, command-and-control environmental regulation, and government subsidy further emphasized the significant impact of shareholding structure, market performance, and external incentives on green innovation. It is worth noting that command-and-control environmental regulation exhibits an inhibitory effect on green innovation, suggesting that the efficiency and flexibility of mandatory policy tools in stimulating innovation needs to be improved. Based on the above findings, this paper further proposed governance countermeasures and recommendations to accelerate the promotion of green innovation performance of heavy polluting enterprises in China.

Under the background of green development and digital transformation, this paper explored the relationship between heterogeneous environmental regulation and SMEs' green innovation and the linkage effect of digital investment, which helped SMEs to build a synergistic mechanism between technological innovation and green development and enabled them to enter into the benign track of high-quality development. Taking SME and GEM board listed companies as samples from 2012 to 2020, we constructed a two-way fixed-effect model to test the relationship between heterogeneous environmental regulation and SMEs' green innovation and the linkage effect of digital investment. The empirical results showed that: (1) there is a significant U-shaped relationship between command-control, public-participation environmental regulations and SMEs' green innovation; however, there is a significant inverted U-shaped relationship between market-incentive environmental regulations and SMEs' green innovation; (2) digital investment not only has a significant promoting effect on SMEs' green innovation, but also positively moderates the U-shaped relationship between command-control, public-participation environmental regulation and SMEs' green innovation, and negatively moderates the inverted U-shaped relationship between market-incentive environmental regulation and SMEs' green innovation; and (3) there are significant regional differences in the relationship among heterogeneous environmental regulation, digital investment and SMEs' green innovation. The above conclusions will provide useful references for the government to flexibly take environmental regulatory tools, optimize and adjust the environmental regulatory mechanism to promote SMEs' digital transformation and green development.

Under the institutional background of economic transition, how to improve the implementation effect of the Environmental Protection Tax Law is a pressing issue. Based on the panel data of China's A-share listed companies, this paper used the implementation of the Environmental Protection Tax Law as a quasi-natural experiment and employed the difference-in-differences (DID) method to examine the mechanism of the Environmental Protection Tax Law in promoting enterprise green innovation. The study found that: (1) The Environmental Protection Tax Law promotes corporate green innovation through the pressure mechanism of environmental tax burdens and the incentive mechanism of tax benefits. (2) The pressure and incentive mechanisms of the Environmental Protection Tax Law, as well as the information disclosure and signal transmission mechanisms can effectively help enterprises alleviate financing constraints, indirectly promoting corporate green innovation. (3) Corporate rent-seeking behavior weakens the pressure and incentive effects of the Environmental Protection Tax Law, leading to insufficient innovation motivation and resource misallocation, thereby inhibiting the promotion effect of the Environmental Protection Tax Law on corporate green innovation. (4) Compared with enterprises in the decline stage with resource-constrained and weak innovation ability, the promotion effect of the Environmental Protection Tax Law on green innovation is more significant in the initial stage, growth stage, maturity stage and turbulent stage. These results have not only deepened the understanding of the mechanisms through which the Environmental Protection Tax Law affects corporate green innovation and enrich the empirical evidence of rent-seeking theory in the context of China's economic transition, but also offered important insights for enhancing the implementation effect of the Environmental Protection Tax Law, curbing corporate rent-seeking behavior, and promoting corporate green innovation.

    In the context of comprehensive green transformation development of Chinese economy and society, new urbanization led by smart cities is an important strategic choice to alleviate urban diseases and improve ecological environment. At the same time, green technology innovation as an important path to realize the coordinated development of economy and environment, it is necessary to examine the impact of smart city construction on green technology innovation. However, most of the existing studies examine the impact path of smart city construction on technology innovation from the macro level, lacking in-depth investigation of the mechanism of action at the micro level. In addition, existing studies lack the examination of the policy spillover effects of smart city construction, which makes it difficult to provide useful references for the promotion of smart city pilot experiences.
   Based on the micro-data of Chinese listed companies from 2010 to 2018, this paper empirically-tested the impact, mechanism and spillover effect of smart city construction on enterprise green technology innovation by using Differences-in-Differences. The results are as follows: First, smart city construction can significantly promote enterprise green technology innovation, and compared with high-quality green technology innovation, smart city construction has a more significant promoting effect on low-quality green technology innovation. After a series of robustness tests, this result still holds. Second, the impact of smart city construction on enterprise green technology innovation has a positive policy spillover effect within the province. The higher the quantity and quality of pilot cities within the province, the fiercer the resource competition between advanced cities and catch-up cities, thus forming a phenomenon of "top-to-top competition" among cities around enterprise green technology innovation. Third, smart city construction can significantly promote enterprise green technology innovation by promoting enterprise digitization, increasing R&D investment and environmental protection expenditure.
    Based on the above research conclusions, this paper obtains the following implications: first, local governments should vigorously promote urban infrastructure construction and the deeply integrated development of digital technology, provide favorable support for the diffusion and absorption of innovative knowledge and the transformation of innovative results, break the data island, and promote enterprises to make higher quality green technology innovation. Second, the government should unswervingly promote the construction of smart cities in the way of pilot first, actively promote the advanced development experience of pilot cities, give play to the positive demonstration effect of smart city pilot policies on other cities, and promote the green technology innovation of enterprises through the virtuous cycle of smart city development. Third, the government should attach importance to the application of digital technology at the enterprise level and reduce the barriers to knowledge sharing of innovation among enterprises. Enterprises should take smart city construction as an opportunity to innovate their business operation mode and reduce their R&D risks and operating costs. Finally, green development content such as smart environmental protection and smart energy should be strengthened to force enterprises to increase investment in green technology innovation.

China's economy has shifted to the stage of high-quality development, and accelerating the improvement of green technological innovation quality plays a key role in achieving high-quality, green, and low-carbon economic development. Based on the panel data from 243 prefecture-level cities between 2004 and 2016, this study empirically examined the impact of the development zone upgrading policy on urban green technological innovation and its underlying mechanisms by using a difference-in-differences (DID) model. The results showed that the development zones upgrading policy significantly improves the quality of green technological innovation, and this effect remains robust after a series of checks, including the inclusion of pre-treatment variables and the exclusion of contemporaneous policy interference. In terms of the mechanism, the policy enhances the intensity of environmental regulation and increases government subsidies, thereby boosting the quality of urban green innovation. The heterogeneity analysis indicated that the positive impact of the policy on innovation quality is more pronounced in the cities with higher economic development levels, sufficient technological support, and stronger government resource control. The findings will provide important policy insights for further improving green location-oriented policies and deepening the green innovation-driven strategy.

    It is of great significance to build an environmental regulation system with the participation of the government, enterprises and the public. Government environmental information disclosure as a means of environmental governance in the third stage is an emerging practice to build such system especially in China. Compared with command control and market incentive environmental regulation policies, government environmental information disclosure is an efficient tool to combine the institutional pressure from government and expectation pressure from society faced with enterprises in the process of green transformation. Many studies show that government environmental information disclosure can reduce pollutant emissions, while its internal mechanism is not clear. For example, faced with government environmental information disclosure, has the enterprises carried out green innovation which can realize the terminal treatment of pollution.
   Using Pollution Information Transparency Index (PITI) which provided by Institute of Public and Environmental Affairs (IPE) and Natural Resources Defense Council (NRDC) to measure the level of government environmental information disclosure, this paper empirically studies whether government environmental information disclosure can promote enterprise green innovation. Based on the green patent data of China′s listed industrial enterprises, our results show that there is a significant positive relationship between the number of green patents applications and the level of government environmental information disclosure, especially the green invention patents that reflect the quality of green innovation. The conclusion is robust after solving endogenous problems with 2SLS. This benefits from the fact that the environmental information disclosure at the government level can guide the environmental information disclosure at the enterprise level and help the public to conduct more comprehensive supervision on enterprises. The heterogeneity test shows that the green innovation level of heavy polluting industry enterprises and non-state-owned listed enterprises is more sensitive to government environmental information disclosure. Futher analysis shows that the higher the dependence of enterprises on external funds, the stronger the green innovation effect of government environmental information disclosure, which indicates that government environmental information disclosure has the threat effect of capital withdrawal. 
    Government environmental information disclosure in China has been implemented for more than ten years and the 19th CPC National Congress clearly pointed out to build a market-oriented green technology innovation system. In this context, our study of government environmental information disclosure issuance promoting green innovation has a great significance. First, it can provide new insights on the mechanism of government environmental information disclosure to reduce pollutant emissions. Second, it is conducive to broaden the research field of environmental regulation and provide some theoretical reference for the implementation of environmental information disclosure policy. Third, this paper clarifies the internal logic of government environmental information disclosure promoting enterprise green innovation from the perspectives of mediator effect and moderating effect, and provides new evidence that government information disclosure promotes resource allocation and guides enterprise behavior.
    The most direct policy implication of this paper is to provide a useful reference for the realization of the effective combination of government environmental information disclosure and enterprise green innovation, so as to promote the construction of ecological civilization. First, the government should incorporate more regulatory content into the environmental information disclosure system to make full use of the signal role of environmental information in leading enterprise green innovation. Second, regulatory authorities should improve the channels of enterprise environmental information disclosure. Third, financial institutions should make full use of environmental information released by government for lending.