Privilege Information Disclosure: A New Explanation of External Financing’s Effect on the Lack of Green Innovation Drives in Enterprises

Abstract

Abstract: Green innovation is an important way to reconcile the contradiction between the economic development and the environmental protection in China. However, under the condition of asymmetric information, the financial system formed around green innovation has not fully exerted its smoothing effect. Based on the perspective of information disclosure, this paper draws upon the green patent and information disclosure data of listed manufacturing companies and uses the threshold model to analyze the influence mechanism of information disclosure in the process of external financing driving green innovation. The study finds that information disclosure has a significant threshold effect in the process of debt financing and government subsidies driving green innovation, indicating that management opportunism and weak investor supervision caused by low information disclosure are key factors that cause external financing to smooth the failure of green innovation. In contrast, the role of equity financing in driving green innovation does not depend on corporate information disclosure; the role of information disclosure in promoting external financing has a “double-edged sword” effect. When information disclosure exceeds the second threshold, debt financing and the promotion effect of government subsidies weaken. This indicates that the technology spillover caused by excessive information disclosure has damaged investors’ expectations of the exclusiveness of green innovation income. The threshold effect of informatio n disclosure follows the logic of the property rights system. Compared with state-owned enterprises, investors’ assessment and governance of green innovation in private enterprises are more dependent on corporate information disclosure. The findings above, conducive to opening the “black box” regarding what a role external financing plays in driving green innovation in enterprises, can effectively explain the research paradox of innovative financing theory and provide a scientific basis for Chinese companies to achieve green development.

Key words: green innovation, external financing, information disclosure, threshold effect

Wang Xu, Yang Youde, Wang Lan. Privilege Information Disclosure: A New Explanation of External Financing’s Effect on the Lack of Green Innovation Drives in Enterprises[J]. Management Review, 2022, 34(8): 123-133.

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