Green Finance Innovation and Regional Green Development

Wang, Yanli; Zhao, Na; Lei, Xiaodong; Long, Ruyin

doi:10.3390/su13158230

Cited by 83 publications

(49 citation statements)

References 41 publications

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“…Table 3 shows the following results: (1) The knowledgesharing willingness of enterprises and universities is inversely connected with their respective knowledge-sharing costs k e , k s and is positively correlated with their respective GTI abilities ω e , ω s and marginal revenue coefficients E e , E s , which indicates that GTI ability and marginal revenue are the driving force of GTI and that the knowledge-sharing costs of enterprises and universities depend on their resistance to knowledge sharing. (2) The GTI level of the U-I and enterprise and university revenues are negatively correlated with…”

Section: Comparative Analysismentioning

confidence: 99%

“…A S the economy develops rapidly in developing countries, green technology innovation (GTI) is gaining increasing attention [1] and has become key to promoting an environmentally friendly economy and enhancing sustainable competitiveness [2]. The irreversibility of global weather and environmental pollution requires China's manufacturing industry to transform and upgrade to green tech-nology [3].…”

Section: Introductionmentioning

confidence: 99%

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Knowledge-Sharing Strategies of University-Industry Alliances Promoting Green Technology Innovation in Ecosystems: Based on the Utility of Multichannel Funding

Zhang

2022

IEEE Access

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Green technology innovation (GTI) requires a large capital investment, while the role of these capital investments in promoting GTI needs to be further confirmed. To improve GTI, universityindustry alliances (U-Is) in green innovation ecosystems engage in knowledge-sharing behaviors and form different knowledge-sharing strategies based on changes in cooperation modes. Employing a differential game, this study explores the utility of multichannel funding for innovation revenues in different cooperative modes of U-Is and the impact on revenue distributions. This article considers three game models in five cases: Nash noncooperative game with no multichannel funding, Nash noncooperative game with external funding but no government subsidies, Nash noncooperative game with multichannel funding, Stackelberg game, and cooperative game. Solving the game model and applying the numerical analysis results in certain interesting conclusions. Our research finds that, first, in the cooperative game, the strongest willingness to share knowledge occurs in the university-industry alliance, in which the total revenues of both parties reach the Pareto optimum. Second, multichannel funding can serve as an incentive mechanism for enterprises and universities to improve the knowledge-sharing willingness, the GTI level, and the revenues of the two players, while the utility of the multichannel funding is strongest in the cooperative game. In addition, in the Stackelberg game, enterprises share subsidies with universities, which stimulates their willingness to share knowledge, and both parties' revenues are better than they are in the three cases of noncooperation. Eventually, the revenue-sharing ratio of the enterprise has a smaller threshold, and the university can share more benefits relative to the absence of the multichannel funding, which helps balance the U-I in the green innovation ecosystem. These conclusions make a substantial contribution to the selection of cooperation modes and the formulation of revenues distribution contracts in university-industry alliances.INDEX TERMS University-industry; multichannel funding; green technology innovation; knowledge sharing; green innovation ecosystem

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Section: Comparative Analysismentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Knowledge-Sharing Strategies of University-Industry Alliances Promoting Green Technology Innovation in Ecosystems: Based on the Utility of Multichannel Funding

Zhang

2022

IEEE Access

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“…In terms of local governments, Wu et al [ 43 ] found that local government green development behaviors such as environmental legislation and regulation can contribute to improvements of regional environmental quality. In terms of central governments, Wang et al [ 44 ] studied the environmental governance capacity of central environmental monitoring mechanisms based on a regression discontinuity design model, and the results of the study showed that central environmental monitoring mechanisms are effective in environmental governance. However, the two kinds of government often play different roles in the face of different environmental powers and responsibilities.…”

Section: Theoretical Basis and Hypothesis Developmentmentioning

confidence: 99%

What Is the Mechanism of Government Green Development Behavior Considering Multi-Agent Interaction? A Meta-Analysis

Dai

Zhu

et al. 2022

IJERPH

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Worsening environmental problems have created more and more challenges for green development, and the government is often seen as an important guide in turning this situation around. A government generally enacts green development through green development behavior, but previous research has not revealed the mechanism of this behavior. In addition, the multi-agent interaction between the government and green development behavior also needs to be explored. Based on an integrated theoretical model, the authors of this study adopted a meta-analysis method to analyze 18 high-quality published pieces from 6 mainstream databases and described the mechanism of government green development behavior in exploring and thinking about multi-agent interactions. In addition, the authors of this study explored differences in the roles of central and local government green development behaviors and the moderating role of regional heterogeneity. The research results showed that: (1) Enterprise economic behavior, enterprise environmental behavior, enterprise social behavior, and public participation are all significantly positively affected by government green development behavior; (2) local government green development actions have stronger effects than central government actions; (3) regional heterogeneity moderates the effect of government green development behavior. Furthermore, the authors of this study propose relevant countermeasures and suggestions from the government’s point of view. This research provides a theoretical and practical reference for governments to better improve their environmental systems and environmental supervision.

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“…Compared with other innovation activities, green innovation is not only capital intensive, but also associated with high levels of risk, long cycles, and also requires long-term and stable financial support for enterprises to carry out green innovation activities [79]. Solving the problem of financial constraints is a key factor in promoting green innovation [80,81]. Regional happiness plays an important role in improving the efficiency of resource integration and promoting corporate green innovation, because high levels of local happiness play a positive role in enhancing interpersonal communication and social trust.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

Shen

2022

Sustainability

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In China’s period of economic transition, enterprises often find it difficult to obtain the support of formal institutions and the capital market, so informal institutions such as value and social networks are particularly important resources. Regional happiness can influence corporate green innovation by shaping the external environment. This study takes a sample of Chinese A-listed companies and empirically tests the impact of regional happiness on corporate green innovation by constructing happiness data at a city level. The empirical results show that in cities with high levels of happiness, the green innovation level of listed companies is higher. This is manifested by a higher number of green patents and green invention patent applications. To test for reliability, a series of robustness tests were carried out. First, we performed 2SLS regression using the instrumental variable method in consideration of the possibility of a reverse generation of endogenous problems. Second, we remeasured corporate green innovation using a green patent authorization considering the rationality and applicability of the measurement method of core variables, and then remeasured the regional happiness based on a text analysis of social media content. Both tests showed that the conclusions are robust. Mechanism analysis revealed that regional happiness has an impact on corporate green innovation through financing constraints, namely, that it can either alleviate enterprises’ financing constraints, or substitute for regional financial development to promote corporate green innovation. Further analysis showed that, for enterprises lacking political connections, regional happiness plays a significant role in promoting green innovation. This indicates that, in the absence of financing convenience, the resource effect brought by regional happiness acts as a substitute for an implicit government guarantee. This study provides new insights into the determinants of corporate green innovation and the value of informal institutions in environmental sustainability.

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Green Finance Innovation and Regional Green Development

Cited by 83 publications

References 41 publications

Knowledge-Sharing Strategies of University-Industry Alliances Promoting Green Technology Innovation in Ecosystems: Based on the Utility of Multichannel Funding

Knowledge-Sharing Strategies of University-Industry Alliances Promoting Green Technology Innovation in Ecosystems: Based on the Utility of Multichannel Funding

What Is the Mechanism of Government Green Development Behavior Considering Multi-Agent Interaction? A Meta-Analysis

Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

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