No abstract

Under the background of increasingly prominent environmental problems, exploring the impact of green innovation on the sustainable development ability of enterprises not only can expand the boundary of the research on the factors influencing enterprises’ sustainable development ability and the economic consequences of green innovation but also can provide reference for the decision-making of the listed companies. On the basis of the manual collection of green innovation patent data from China National Intellectual Property Administration, this paper selects the Chinese A-share listed companies from 2010 to 2018 as the research subject and empirically tests the impact of green innovation on the corporate sustainable development ability. The results show that the output of green innovation significantly improves the corporate sustainable development ability. This result is economically significant. Specifically, a one–standard deviation increase (0.8147) of GI translates into a sustainable growth rate of 20.78 percentage points (0.0175*0.8147/0.0686) higher. The relationship between the output of green innovation and corporate sustainable development ability is more significant when the corporate social responsibility performance is worse or scientific research ability is weaker. A series of robustness test results show that the conclusions are reliable. Further test shows that green innovation plays a more significant role in enhancing the corporate sustainable development ability in non–state-owned enterprises. In addition, only invention patents of green innovation can significantly improve the corporate sustainable development ability, whereas non-invention patents cannot affect it. This paper provides a new perspective for the research on the factors affecting the corporate sustainable development ability. Furthermore, the research conclusions of this paper are of reference significance both in theory and practice.

In this paper, the data of A-share non-financial listed companies from 2008 to 2019 are used to study the impact of the opening of high-speed railway on corporate financing constraints with the difference-in-differences model. The research results show that the opening of high-speed rail can effectively alleviate the financing constraints faced by enterprises. Through the analysis of its influence mechanism, it is found that the opening of high-speed rail can reduce the degree of information asymmetry and agency conflicts between enterprises and their stakeholders, and thereby ease corporate financing constraints. At the same time, the opening of the high-speed rail has a more significant effect on alleviating the financing constraints of non-state-controlled enterprises, technology-intensive enterprises, and enterprises in inland areas. This research is not only a supplement to the economic consequences related to the opening of the high-speed rail, but also a further expansion of the research on the factors affecting corporate financing constraints.