Enterprise Technological Innovation Research Articles

Impact of carbon emission trading system on green technology innovation of energy enterprises in China

China proposed establishing a carbon emission trading market in its 12th Five-Year Plan to reduce carbon dioxide emissions through market mechanisms, promote the development of science and technology and help China become an environment-friendly country. To examine the impact of carbon emission trading on green technology innovation in Chinese energy enterprises, data from 1993 to 2020 were collected from 494 A-share-listed energy enterprises. Enterprises located in the pilot area of carbon emissions trading were assigned to the treatment group, while those in the non-pilot area were assigned to the control group. The propensity-score-matching method was utilized to match the treatment group with the control group, and the resulting samples were used as the actual sample data. The difference-in-differences method was then employed to assess the net impact of carbon emission trading and investigate its effect on green technology innovation in energy enterprises. This empirical study suggested that carbon emission trading has a positive impact on green technology innovation in energy enterprises, particularly state-owned ones. Larger enterprises are more willing to engage in green technological innovation than small enterprises. Furthermore, when faced with a carbon emission trading system, ‘mature’ companies tend to pay more attention to green technology innovation than younger enterprises do. This study puts forward policy measures for establishing a national-level carbon emission market in China in the future.

Empirical Study on The Relationship Between Digitization and Industrial Innovation--Taking Wuhan New Display Industry as An Example

This study explores the empirical relationship between virtual agglomeration and industrial innovation in the context of digitalization, taking Wuhan's new display industry as an example. Firstly, the key concepts of digital industrialization, industrial digitization and enterprise technology innovation are clearly defined, and the research framework is constructed on this basis. The rationality and reliability of the model are verified by constructing a VAR model and adopting methods such as unit root test and Granger causality test. The empirical results show that digital industrialization is self-promoting, industrial digitization is independent and subject to external influences, and enterprise technological innovation has complex dynamic responses. Based on the empirical results, it is proposed that the government should strongly support the application of digital technology in traditional industries, promote the internal digitization of industries, and actively promote the construction of technological innovation platforms. The research in this paper helps to deeply understand the regularity of industrial development in the context of digitization, and provides an important reference for the transformation and upgrading of new display industry in Wuhan.

Digital knowledge management effect on enterprise technological innovation: an empirical study from China’s manufacturing industry

ABSTRACT With digital technology permeating across the layers of businesses, digital knowledge management has emerged, transforming the means through which companies acquire, integrate, share, and innovatively apply knowledge. However, the specific impact of digital knowledge management on corporate technological innovation remains unclear. Based on dynamic capabilities theory, this study delves into how digital knowledge management influences corporate technological innovation. Analyzing data from manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2021, this study confirms that digital knowledge management significantly and positively affects corporate technological innovation by enhancing a company's absorptive capacity, adaptability, and innovation ability. Based on the findings, this study suggests that companies should leverage digital knowledge management to acquire and integrate external innovative resources, seek cooperation opportunities with external stakeholders, and jointly build a mutually beneficial innovation knowledge network, thereby boosting technological innovation capabilities. Additionally, companies should encourage employees to learn digital technologies and create a culture conducive to learning and innovation.

Research on the Impact of Environmental Protection Tax on Green Technology Innovation of Enterprises

Research on the Impact of Environmental Protection Tax on Green Technology Innovation of Enterprises

Research on the Impact of Carbon Emission Trading Market on Regional Economic Development: A Case Study of East China

This article delves into the impact of carbon emission trading mechanism on regional economy, especially in East China, and focuses on analyzing how this mechanism promotes green transformation and high-quality development of the economy by influencing green technology innovation of enterprises. Research has found that carbon emission trading not only incentivizes companies to reduce greenhouse gas emissions, but also guides capital and technological innovation to flow towards low-carbon areas through market mechanisms, thereby promoting the optimization of industrial structure and sustainable economic development. This article also discusses the impact of different quota allocation methods on green innovation in enterprises, pointing out that the benchmark method can more effectively stimulate the innovation drive of enterprises compared to the historical method. Therefore, according to the research findings, it is necessary to improve the construction of carbon markets, scientifically formulate quota allocation systems, avoid negative impacts on early green innovation enterprises, and provide policy support to reduce innovation costs for enterprises.

How do executive excess compensation affect enterprise technological innovation: Evidence from a panel threshold model of chinese biopharmaceutical companies

This study examines the levels of executive excess compensation (EEC) that stimulate the quality and efficiency of enterprise technology innovation (ETI). Using a behavioral agency perspective, we investigate how companies achieve superior ETI by providing sufficient incentives to motivate executives to perform to the best of their abilities. We use a panel threshold model based on a sample of Chinese-listed biopharmaceutical companies and find that: (1) providing an EEC between 0.0592 and 0.1907 significantly affects the promotion of ETI quality; (2) regarding ETI efficiency, executives generally do not receive the compensation that they deserve; and (3) the existing EEC has a weak negative impact on ETI efficiency, gradually disappearing as compensation increases. Heterogeneity analysis reveals that restricting EEC to the eastern area and strengthening the supervision of EEC in state-owned enterprises are effective measures for stimulating ETI. We advance the literature by providing guidance on compensation plans to companies in different regions.

DIGITAL FINANCE, HUMAN CAPITAL, AND URBAN INNOVATION IN INDONESIA

Objective: The objective of this study is to investigate digital finance and urban innovation in 98 cities in Indonesia. This study uses panel data with a time period from 2000 to 2021. Theoretical Framework: This research is based on theories that discuss digital finance to understand the development of digital financial technology, and human capital theory to explain actors who utilize digital technology and also innovation theory to explain the innovation of actors in digital technology, especially those who live in urban areas with a high level of digital dependence Method: This study uses heterogeneity analysis with a panel data structure. This study also use two-step system generalized method of moments estimation model. Results and Discussion: This research finds that digital finance has a significant impact on urban innovation. However, the heterogeneous impact of digital finance on urban innovation for each city in Indonesia has a different level of commercial attractiveness. Research Implications: In Indonesia, traditional finance also plays an important role in urban innovation where the supply of traditional finance plays a role in moderating the effect of digital finance promotion on urban innovation. Human capital is a vital factor driving innovation. Originality/Value: This research builds on previous research regarding the impact of digital finance on innovation where most of the research related to digital finance and innovation focuses on enterprise technology innovation, while this research focuses on urban innovation as an originality this study.

A study on the impact of ESG rating on green technology innovation in enterprises: An empirical study based on informal environmental governance

Improving corporate green technology innovation is a key link in achieving green transformation and development. Compared with formal environmental regulations that force companies to carry out green innovation passively, ESG ratings under soft environmental regulations can better stimulate the internal motivation of companies. This study uses the ESG ratings of listed companies published for the first time by SynTao Green Finance as an exogenous impact. Taking China's A-share listed companies from 2011 to 2022 as a research sample, the multi-period differences-in-differences model was used to empirically test the impact of ESG rating soft supervision on corporate green technology innovation. The results show that the impact of ESG rating events as a soft market regulation has a significant positive impact on the improvement of corporate green technology innovation. This conclusion still holds after a series of robustness tests. Meanwhile, enterprise digital transformation plays a positive regulatory role. The heterogeneity test shows that the green technology innovation of state-owned enterprises is more affected by ESG ratings. Mechanism research has found that ESG rating events promote corporate green technology innovation by easing corporate financing constraints and reducing managerial myopia. Further research found that under the influence of the external environment, intensified market competition and increased attention from the capital market are also conducive to the improvement of corporate green technology innovation. This study strengthens the corporate ESG concept under the guidance of green development and provides empirical evidence for promoting corporate green transformation.

A study on the impact of digital economy on green technology innovation of enterprises

<p>With global economic transformation and environmental sustainability increasingly taking center stage, the role of the digital economy (DE) becomes particularly critical in corporate green technology innovation (GTI). Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2020, this paper explores the interactive effects of DE and GTI and the mechanism role of data resources (DR) in them, as well as conducts in-depth analyses for different regional and city characteristics. The main findings are as follows: First, DE significantly promotes the process of GTI. Second, from the perspective of regional differences, the promotion effect of DE on green technology innovation is particularly prominent in the eastern and central regions. And analyzed from the city level, its positive effect is most significant in the second-tier cities but shows a negative effect in the fourth and fifth-tier cities. Further examined from the perspective of resource dependence, DE inhibits green technology innovation in resource-based cities while showing a significant facilitating effect in non-resource-based cities. Third, DE can further promote green technology innovation by enhancing firms’ DR. Fourth, the study reveals the threshold effect of DR in this relationship: when <em>DR</em> < 2.5649, <em>DE</em> presents an inhibitory effect on green technological innovation, while its promotional effect begins to appear when 2.5649 ≤ <em>DR</em> < 4.2767, and the promotional effect of DE on GTI becomes more obvious when <em>DR</em> ≥ 4.2767.</p>

RESEARCH ON THE IMPACT OF GREEN FINANCE ON GREEN TECHNOLOGY INNOVATION

The green technology innovation of enterprises cannot succeed without the support of capital. Financing constraints are the bottleneck of green technology innovation activities carried out by enterprises. In this regard, the government has adopted green finance-related policies, and the financial institutions have supported more efficient green technology innovation in enterprises with financial instruments like green credit and green bonds. This article, with the starting point of green finance, the study object of financial data of A-share listed companies from 2016 to 2021, and the mediator of financing constraints, studies the impact of green finance on green technology innovation through finding the correlation between enterprises’ annual ESG rating and financing constraints. This study finds: the impact of green finance on green technology innovation is positive; financing constraints are the mediator between green finance and green technology innovation; and there is a negative correlation between enterprises’ ESG management performance and their financing constraints.
 On account of the conclusion of this article, the suggestions are as follows: it is necessary for the government to design the development framework of the green economy in a top-down way and to encourage financial institutions and enterprises to work together in terms of green innovation; financial institutions should actively practice the philosophy of green development and broaden the supporting channels of green finance; and enterprises need to focus on the philosophy of ESG development in order to gain more support for green investment capital.

Heterogeneous relations among environmental regulation, technological innovation, and environmental pollution

In this study, interprovincial panel data of China from 2011 to 2020 are selected and empirically examined to determine the effects of three types of environmental regulation tools: command-and-control, market-incentive, and public-participation types. Then, hierarchical regression analysis and instrumental variables are used to analyze and verify the mediating role of technological innovation. Results show no significant relationship between command-and-control regulation and environmental pollution, while market-incentive and public-participation regulations have a significantly negative inhibitory effect on environmental pollution and contribute to pollution reduction. In addition, product and process innovations play partially mediating roles between market-incentive regulation and environmental pollution and between public-participation regulation and environmental pollution, respectively, thus indicating that technological innovation is an effective way to reduce pollutant emissions. Compared with product innovation, process innovation has a better effect on pollution emission reduction but a smaller incentive effect under environmental regulation. This finding indicates that enterprise technology innovation and environmental regulation fail to achieve a suitable match for maximizing environmental benefits. Further analysis shows that the effects of the three types of environmental regulation tools on reducing pollution emissions vary in different periods and show significant changes around 2010. The effects of command-based regulation weaken, while those of the pollution abatement of market-incentive and public-participation regulations increase.

Can digital financial development promote corporate green technology innovation?

In an era where digital technology spearheads high-quality economic growth, its fusion with traditional financial services has revolutionized the supply, process, and efficiency of these services. This integration provides precise and effective touchpoints for financial services in the real economy. This study, using data from all A-share listed companies in Shanghai and Shenzhen, empirically examines how digital finance boosts green technological innovation in enterprises and explores the underlying mechanisms. The findings reveal that digital finance significantly enhances green innovation by optimizing financial resource allocation and easing firms' financing constraints. The impact of digital finance is more pronounced in enterprises with broader reach, deeper application, higher pollution levels, and those outside the high-tech sector. Further analysis distinguishes the types of green innovation, noting that digital finance more effectively supports inventive innovation in non-polluting and non-high-tech firms, while significantly aiding practical innovation in heavily polluting companies. Additionally, the study finds that the beneficial impact of digital finance on green innovation also boosts overall corporate productivity.

Digital Financial Inclusion and Enterprise Technological Innovation

Digital Financial Inclusion and Enterprise Technological Innovation

Enterprise technological innovation capability evaluation using a spherical fuzzy number based CSM-EDAS model

With the rapid development of science and technology, the flow of information has become more convenient, and society has entered the era of knowledge economy. In this era, technological innovation capability is becoming increasingly important and has become an important weapon for enterprises to survive in fierce competition, especially for technology-based small and medium-sized enterprises. Nowadays, technology-based small and medium-sized enterprises have developed many technological innovation achievements through continuous technological innovation, and have created a large number of high-tech products and services. Technological innovation has been proven to effectively improve the core competitiveness and economic benefits of technology-based small and medium-sized enterprises. Therefore, evaluating the technological innovation capabilities of technology-based small and medium-sized enterprises has both theoretical and practical significance. The enterprise technological innovation capability evaluation from a low carbon perspective could be deemed as the multiple attribute group decision making (MAGDM) problem. Recently, the evaluation based on distance from average solution (EDAS) technique and cosine similarity measure (CSM) technique has been employed to manage MAGDM issues. The spherical fuzzy sets (SFSs) are used as an efficient tool for portraying uncertain information during the enterprise technological innovation capability evaluation from a low carbon perspective. In this paper, the spherical fuzzy number EDAS based on the CSM (SFN-CSM-EDAS) technique is cultivated to manage the MAGDM under SFSs. Finally, a numerical study for enterprise technological innovation capability evaluation from a low carbon perspective is supplied to validate the proposed technique. The main contributions of this paper are outlined: (1) the EDAS and CSM technique was extended to SFSs; (2) the CRITIC technique is used to derive weight based on CSM technique under SFSs. (3) the SFN-CSM-EDAS technique is founded to manage the MAGDM under SFSs; (4) a numerical case study for enterprise technological innovation capability evaluation from a low carbon perspective and some comparative analysis is supplied to validate the SFN-CSM-EDAS technique.

Low-carbon governance, fiscal decentralization, and enterprise green development: Evidence from China.

Simultaneously achieving economic development and environmental protection is a shared global challenge. While the positive effect of environmental regulations on protecting the environment has been widely recognized, the attention paid to low-carbon governance and corporate green transformation remains insufficient. Based on the two-stage least square regression model (2SLS) of instrumental variables, this paper utilizes panel data from China to identify the influence mechanism of government low-carbon governance on enterprise green development. It explores the effect of low-carbon governance on enterprise green development from the perspective of fiscal decentralization. The findings show that (1) Low-carbon governance significantly promotes corporate green development, primarily through improving industrial structure and technological innovation; (2) Low-carbon governance notably promotes the green development of private enterprises but has little effect on state-owned enterprises. There are also geographical differences, and the results are better in Eastern China than in the Central and Western parts of China; (3) Fiscal decentralization at both central and local levels inhibits the effect of low-carbon governance on driving corporate green development by causing a mismatch of human resources. Therefore, to promote corporate green development, low-carbon governance must prioritize green development, actively guide industrial structural upgrading and enterprise technological innovation, implement differentiated low-carbon governance measures tailored to different ownership enterprises, and optimize the assessment indicators for fiscal decentralization. This paper helps deepen the understanding of the relationship between government low-carbon governance and enterprise green development in developing countries. It can be used as a reference for government departments to formulate relevant policies.

Environmental protection tax collection, financing constraints, and corporate green technology innovation

The article empirically examines the relationship between environmental protection tax levy and enterprises’ green technology innovation and the moderating effect of financing constraints between the two with a sample of heavy polluters listed in A-share companies in Shanghai and Shenzhen from 2015 to 2021. It is found that the levy of environmental protection tax significantly promotes the green technology innovation investment of heavily polluting enterprises. It is further found that enterprise financing constraints have a negative moderating effect in the process of environmental protection tax stimulating enterprise innovation input. The article proposes to continue to strengthen the reform of environmental protection tax to form a collection model with both incentives and constraints and at the same time, to improve the financing efficiency of enterprises through green digital finance to alleviate the impact of financing constraints on enterprise technological innovation.

Executive team risk appetite, financial development and re-innovation strategy after enterprise innovation failure: evidence from China

PurposeThis article empirically tests the impact of risk appetite of the executive team on the re-innovation strategy after technological innovation failure using a panel regression model from the perspective of regional financial development level of enterprises.Design/methodology/approachBy means of time series global principal component analysis and panel regression model method, the study validated and analyzed the impact of risk appetite of the executive team on the re-innovation strategy after enterprise technological innovation failure.FindingsThe research found that the higher the risk appetite of executive team, the more inclined the enterprise is to choose the “focusing on quantity, ignoring quality” re-innovation strategy after technological innovation failure. The better the financial development level of the region where the enterprise is located, the better it can effectively reduce the re-innovation strategy of “focusing on quantity, ignoring quality” of the enterprise due to the high risk appetite of the executive team.Originality/valueThe findings of this study are helpful in improving the financial development level of the region where the enterprise is located. It can help the executive team of the enterprise to more objectively choose the innovation strategy after technological innovation failure, and reduce the phenomenon that the executive team of the enterprise only pays attention to the quantity of re-innovation and underestimates the quality of re-innovation after technological innovation failure due to its high risk appetite.

The impact of ESG performance on firms’ technological innovation: evidence from China

Technological innovation is crucial for creating sustainable corporate value and shaping competitive advantage in the market. ESG, as an indicator of corporate value practices, plays a significant role in enterprise technological innovation. However, there is little empirical evidence to support this claim. This study analyzes the relationship between ESG performance and technological innovation in Chinese A-share listed enterprises from 2011 to 2021. The statistical data shows that strong ESG performance has a significant positive impact on corporate technological innovation. ESG performance can promote corporate technological innovation through external mechanisms, such as enhancing corporate network location and increasing institutional shareholding. Additionally, internal mechanisms, such as reducing labor costs and easing financing constraints, can also promote corporate technological innovation. The impact of ESG performance on corporations exhibits heterogeneity, with ESG performance promoting innovation more strongly among labor-intensive firms, non-state-owned firms, highly competitive industries, and mature firms. Based on the study results, it is recommended that enterprises actively practice ESG development concepts, optimize their equity structure, strengthen information communication with stakeholders, and alleviate problems such as information asymmetry to improve their technological innovation. The government should focus on enterprise characteristics, improve ESG development policies, and promote enterprise innovation through ESG performance.

The Impact of Environmental Regulation on Technological Innovation of Enterprises: Based on Empirical Evidences of the Implementation of Pollution Charges in China

Abstract Environmental protection is closely related to high-quality economic developments. Based on the matching of micro-databases from 2000 to 2008, this study used the “Regulations on the Collection and Use of Pollution Fees” policy implemented in China in 2003 as the exogenous impact to construct the intensity Difference in Differences model in order to investigate the effects of pollutant discharge fee on technological innovation of enterprises and the underlying mechanisms. The results showed that governmental environmental regulations significantly improved the level of technological innovation of enterprises, and the conclusion was still valid after a series of robustness tests. The results of the parallel trend verified the rationality of the differential setting and the dynamic effects showed that the pollutant discharge fees had a continuous promoting effect on the technological innovation of enterprises. The results of the placebo tests rejected the original hypothesis of the mistaken model. The mechanism verifications revealed that the strengthening of environmental regulation by the government acted on the innovation level of enterprises through the two mechanisms, i.e., the promotion of enterprises’ fixed asset investments and government subsidies, and finally improved the enterprises’ technological innovation levels.

Study on the impact of regional carbon emissions on enterprise technological innovation under the background of low-carbon transformation in China

Low-carbon transition, as the backbone of corporate innovation drive, has an important strategic position globally. In order to avoid heterogeneous intercepts related to explanatory variables or interfering with each other, this paper empirically examines the impact of regional carbon emissions on corporate technological innovation and its mechanism based on the data of listed companies in China from 2009 to 2020, using a fixed-effects model. It is found that 1) the reduction of regional carbon emissions is favourable to corporate technological innovation; 2) in terms of the impact mechanism, the reduction of regional carbon emissions promotes corporate technological innovation by enhancing R&D investment and reducing financing constraints. 3) Based on the study of heterogeneity, it is found that: from the perspective of spatial distribution, regional carbon emissions show the phenomenon of “high on both sides and low in the middle”; state-owned enterprises refer to wholly state-owned enterprises, wholly state-owned companies and state-owned capital holding companies in which the State Council and the local people’s governments respectively perform the responsibilities of funders on behalf of the state. In terms of the nature of equity, compared with state-owned enterprises, regional carbon emissions have a greater impact on the technological innovation of non-state-owned enterprises. 4) Further analysis reveals that the low-carbon city pilot policy is conducive to regional carbon emission reduction. Through the comparison before and after the implementation of low carbon policy, this paper reliably verifies that the introduction of urban carpet policy is conducive to regional carbon emissions, and explores the issue of enterprise technological innovation from the perspective of low carbon transformation, providing theoretical support for the carbon emission reduction efforts and the improvement of the technological innovation capacity of different enterprises. At the same time, it fully affirmed the important role of regional carbon emissions, continued to deepen the process of green transformation of enterprises, and boosted the high-quality development of low-carbon enterprises.