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| Research on the Influence of Air Pollution on Green Technology Innovation of Listed Companies in Heavy Pollution Industries |
| WANG Kai，WU Sanlin，GAO Hao，WANG Chenye |
| 1.Capital University of Economics and Business， Beijing， China；2.Tsinghua University， Beijing， China |
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Abstract This study takes the A-share listed companies of heavy polluting industries in Shanghai and Shenzhen stock market from 2012 to 2019 as the research objects. Based on Institutional Theory and Conservation of Resources Theory, this study expounds the effect of air pollution on the green technology innovation of heavily polluting enterprises from the pressure mechanism of stakeholders and the mechanism of enterprises actively conserving resources. The results show that：①Air pollution will force heavy polluting enterprises to carry out green technology innovation to a certain extent. ②The pressure mechanism is confirmed by the result that analysts focus can significantly enhance the impact of air pollution on green technology innovation of heavy polluting enterprises; the degree of enterprise resource redundancy also has a positive moderating effect, thus verifying the resources conservation mechanism. ③The impact of air pollution on the green technology innovation of heavy polluting enterprises is more prominent in state-owned enterprises. ④Green technology innovation is conducive to the improvement of long-term value of enterprises.
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Received: 07 September 2021
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