Driving Force Mechanism of the Core Green Technology Innovation of Equipment Manufacturing Enterprises towards Industry 5.0 in China

Abstract

Green innovation is an important way for enterprises to achieve high-quality economic development, and it is also the way to achieve the goal of double carbon. Green innovation has therefore become a research hotspot. With the acceleration of the digitalization process in equipment enterprises, intelligent manufacturing equipment enterprises located at the top of the industrial chain are in urgent need of green core technology innovation activities. In order to explore the internal mechanism of core green technology innovation, this research introduces reputation theory into the evolutionary game analysis process. By constructing an evolutionary game model between the government and intelligent manufacturing equipment enterprises, this research analyzes the dynamic factors that affect the selection and evolution of the main strategies of the players in the evaluation game. The results show that corporate reputation, core green technology innovation profit, government subsidies, government reputation, and the cost for the government to support core technology, among other factors, importantly affect the game between the government and the enterprises. At the same time, since both the government and the enterprises are affected by the initial state and the maximization of the interests of both sides of the game, it is difficult for them to spontaneously reach an ideal stable and balanced state through a virtuous circle. The greater the profits and the reputation premium the core green technology innovation brings to the enterprises, the more favorable it is for the enterprises to choose core green technology innovation; government subsidies within a certain range will also drive enterprises to choose core green technology innovation. When the value of enterprise core green technology innovation is low, the cost for the government to support core green technology innovation is lower, enterprises will lose more opportunities and decline in global competitiveness, and it will become more favorable for the government to evolve towards supporting core green technology innovation. On the contrary, the government will gradually transfer its tangible hand to the intangible hand of the market based on the consideration of subsidies, innovation costs, and reputation. The results of this research are intended to provide a theoretical basis and practical reference for Chinese intelligent manufacturing equipment enterprises to better achieve green core technology innovation.

The Impact and Mechanism of Internal Informal Institutions on Green Innovation: Empirical Evidence from Chinese Listed Companies

“…Informal institutions have been studied mainly from the internal and external perspectives of firms. For external informal institutions, environmental legitimacy [37,38], market green demand [39], and firm reputation [40] can promote green innovation. In terms of internal informal institutions, firm risk appetite [41], firm risk taking [42], green entrepreneurial orientation [43], information technology capability [44], corporate social responsibility [45], and green knowledge acquisition [46] have significant promotion effects on firm green innovation.…”

Industrial green technology innovation efficiency of China

“…China's economy is shifting from high-speed development to high-quality development, and technological innovation plays a crucial role in green development (Vollenbroek, 2002;Sun et al, 2021;Wang et al, 2021). Green technology innovation is the core driving force of green development (Zhang and Li, 2020;Li and Song, 2022). However, green technology innovation is a new concept that combines traditional innovation with ecological protection (Yin et al, 2020;Lv et al, 2021).…”