期刊
ENERGY ECONOMICS
卷 111, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.eneco.2022.106048
关键词
Capital market opening; Green innovation; Information asymmetry; Environmental awareness
类别
This study investigates the impact of capital market opening on green innovation in China. Using quasi-natural experiments, the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the researchers find that capital market opening improves corporate green innovation by reducing information asymmetry and increasing environmental awareness. Additionally, they discover that enterprises tend to excessively pursue quantity of green innovation in the short term.
We investigate the effect of the capital market opening on green innovation. Using the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment, we find that the capital market opening improves corporate green innovation in China. The alleviation of information asymmetry and improvement of environmental awareness are two plausible mechanisms for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect to promote green innovation. Finally, we identify innovation strategy and further show that enterprises will excessively pursue quantity of green innovation in the short term and carry out strategic innovation. Our study offers novel evidence on a previously under-explored capital market opening that affects corporate green innovation and is related to the literature on the economic outcomes of green innovations.
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