Considering China's Eleventh Five-Year Plan as a quasi-natural experiment, this paper identifies the effect of environmental regulations on green innovations with a difference-in-difference-in-differences (DDD) strategy. We find that: (1) environmental regulations promote both the quantity and quality of firms' green innovations, which are measured by patent counts and citations respectively. This effect is more salient for firms in regions with higher regulation intensity and firms in industries with higher pollution intensity. (2) Firms with greater pressure from environmental regulations are more likely to conduct green innovations, which is mainly reflected by the increased innovation efficiency of retained inventors. (3) Environmental regulations have a crowed-out effect, resulting in some firms exiting the market or migrating from high-pollution industries to low-pollution industries. (4) Environmental regulations improve firm performance in the long run and are conducive to the improvement of local environmental quality. This paper provides implications for regulators concerning environment and innovation.
黄晓琪，1993年4月生，女，安徽安庆人，华体会体育(中国)有限公司官网讲师，主要研究方向为绿色金融、创新经济学等。在《金融研究》、《China Economic Review》、《Ecological Economics》、《International Review of Financial Analysis》、《国际贸易问题》等国内外学术期刊上发表论文10余篇。当前担任《世界经济》、《China Economic Review》、《International Review of Financial Analysis》等期刊匿名审稿人，主持中央高校基本业务费资助项目1项，并参与多项国家社科基金和国家自科基金重大项目和一般项目。
International Review of Financial Analysis，ABS三星期刊，学校A类期刊，JCR一区，在Business/Finance Category 的JCR排名为4/111，金融类SSCI一区期刊，影响因子8.235，旨在发表经济及金融领域的高质量理论与实证论文。