The impact of green investment on green ecological development is still controversial. Based on the provincial panel data from 2009 to 2020, this study uses a spatial econometric model to test the impact of green investment on green ecological development and regional differences. Results found that the green investment significantly improved the local green ecological level and had less impact on the green ecological level of surrounding areas. Green innovation significantly affects green investment to promote green ecology in local and surrounding areas, inhibiting the development of green ecology. Environmental regulation improved the effect of local green investment to promote green innovation and has an inhibitory effect on surrounding areas. Moreover, environmental regulation inhibits the effect of local green investment to promote a green ecology. Finally, the promotion effect of green investment on local green ecology is only significant in the eastern region. The effect in the western region is not significant. This study has important practical significance for promoting China's green ecological development.
HartPSCampbell-ArvaiVWolskeKS, et al.Moral hazard or not? The effects of learning about carbon dioxide removal on perceptions of climate mitigation in the United States. Energy Res Soc Sci2022; 89: 102656.
2.
WuXDengHHuangY, et al.Air pollution, migration costs, and urban residents’ welfare: a spatial general equilibrium analysis from China. Struct Change Econ Dyn2022a; 63: 396–409.
3.
WuXTianZKuaiY, et al.Study on spatial correlation of air pollution and control effect of development plan for the city cluster in the Yangtze River Delta. Socioecon Plann Sci2022b; 83: 101213.
4.
ZhangMLiuYWuJ, et al.Index system of urban resource and environment carrying capacity based on ecological civilization. Environ Impact Assess Rev2018; 68: 90–97.
5.
AlsalehMAbdul-RahimA. Determinants of cost efficiency of bioenergy industry: evidence from EU28 countries. Renew Energy2018b; 127: 746–762.
6.
SturialeLScuderiA. The evaluation of green investments in urban areas: a proposal of an eco-social-green model of the city. Sustainability2018; 10: 4541.
7.
AlsalehMAbdulwakilMMAbdul-RahimAS. Does social businesses development affect bioenergy industry growth under the pathway of sustainable development?Sustainability2021; 13: 1989.
8.
AlsalehMAbdul-RahimA. Financial development and bioenergy consumption in the EU28 region: evidence from panel auto-regressive distributed lag bound approach. Resources2019; 8: 44.
9.
JaffeABNewellRGStavinsRN. A tale of two market failures: technology and environmental policy. Ecol Econ2005; 54: 164–174.
10.
ZhaoLZhangYSadiqM, et al.Testing green fiscal policies for green investment, innovation and green productivity amid the COVID-19 era. Econ Change Restruct2021: 1–22.
11.
LeeK-HMinB. Green R&D for eco-innovation and its impact on carbon emissions and firm performance. J Cleaner Prod2015; 108: 534–542.
12.
YanSAlmandozJFerraroF. The impact of logic (in) compatibility: green investing, state policy, and corporate environmental performance. Adm Sci Q2021; 66: 903–944.
13.
ShenYSuZ-WMalikMY, et al.Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. Sci Total Environ2021; 755: 142538.
14.
TranTDoHVuT, et al.The factors affecting green investment for sustainable development. Decis Sci Lett2020; 9: 365–386.
15.
HussainZMiaoCZhaoZ, et al.Nexus between economic efficiency, healthcare, and environmental expenditures: a perspective of BRI countries. Front Public Health2022; 10.
16.
SalazarJ. Environmental finance: linking two world. Paper presented at a Workshop on Financial Innovations for Biodiversity Bratislava, 1998.
17.
HuangYXueLKhanZ. What abates carbon emissions in China: examining the impact of renewable energy and green investment. Sustain Dev2021; 29: 823–834.
18.
AlsalehMAbdul-RahimA. Bioenergy industry and the growth of the energy sector in the EU-28 region: evidence from panel cointegration analysis. J Renew Sustain Energy2018a; 10: 053103.
19.
AlsalehMAbdul-RahimA. The pathway toward bioenergy growth: does information and communication technology development make a difference in EU economies?Biomass Convers Biorefin2021a: 1–15.
20.
AlsalehMAbdul-RahimAMohd-ShahwahidH. Determinants of technical efficiency in the bioenergy industry in the EU28 region. Renew Sust Energy Rev2017; 78: 1331–1349.
21.
AlsalehMAbdul-RahimAS. Do global competitiveness factors effects the industry sustainability practices? Evidence from European hydropower industry. J Cleaner Prod2021b; 310: 127492.
22.
HeLZhangLZhongZ, et al.Green credit, renewable energy investment and green economy development: empirical analysis based on 150 listed companies of China. J Cleaner Prod2019; 208: 363–372.
23.
EyraudLClementsBWaneA. Green investment: trends and determinants. Energy Policy2013; 60: 852–865.
KhalilMANimmanuntaK. Conventional versus green investments: advancing innovation for better financial and environmental prospects. J Sustain Finance Invest2022: 1–28.
26.
ChenY-S. The driver of green innovation and green image–green core competence. J Bus Ethics2008; 81: 531–543.
27.
PorterMEVan der LindeC. Toward a new conception of the environment-competitiveness relationship. J Econ Persp1995; 9: 97–118.
28.
SoretzS. Stochastic pollution and environmental care in an endogenous growth model. Manchester School2003; 71: 448–469.
29.
DongHCaoZZhangR. Two-stage green innovation efficiency and influencing factor identification in China’s high-tech industry. Stat Decis2022; 06: 44–49.
30.
DomazlickyBRWeberWL. Does environmental protection lead to slower productivity growth in the chemical industry?Environ Resour Econ2004; 28: 301–324.
31.
LiaoX-cLiX-hShiX-p. Research on the influence mechanism of green investment on green welfare based on ecological civilization perspective. China Popul Res Environ2020; 30: 148–157.
32.
KimK-TLeeDJParkS-J, et al.Measuring the efficiency of the investment for renewable energy in Korea using data envelopment analysis. Renew Sust Energy Rev2015; 47: 694–702.
33.
PueyoA. What constrains renewable energy investment in Sub-Saharan Africa? A comparison of Kenya and Ghana. World Dev2018; 109: 85–100.
34.
SaunilaMUkkoJRantalaT. Sustainability as a driver of green innovation investment and exploitation. J Cleaner Prod2018; 179: 631–641.
35.
ZhangJZhangKZhaoF. Research on the regional spatial effects of green development and environmental governance in China based on a spatial autocorrelation model. Struct Change Econ Dyn2020b; 55: 1–11.
36.
DuHSZhanBXuJ, et al.The influencing mechanism of multi-factors on green investments: a hybrid analysis. J Cleaner Prod2019; 239: 117977.
37.
RenSHaoYWuH. How does green investment affect environmental pollution? Evidence from China. Environ Resour Econ2022; 81: 25–51.
38.
ImranMHayatNSaeedMA, et al.Spatial green growth in China: exploring the positive role of investment in the treatment of industrial pollution. Environ Sci Pollut Res2022: 1–14.
39.
JiangY-FTianH. Can external pressures promote corporate environment responsibility? An empirical study based on transitional China. J Shanghai Univ Fin Econ2014; 16: 40–49.
40.
OwenRBrennanGLyonF. Enabling investment for the transition to a low carbon economy: government policy to finance early stage green innovation. Curr Opin Environ Sustain2018; 31: 137–145.
41.
PengBZhaoYElahiE, et al.Investment in environmental protection, green innovation, and solid waste governance capacity: empirical evidence based on panel data from China. J Environ Planning Manage2021a: 1–24.
42.
AsadiSOmSalameh PourhashemiSNilashiM, et al.Investigating influence of green innovation on sustainability performance: a case on Malaysian hotel industry. J Cleaner Prod2020; 258: 120860.
43.
DongZHeYWangH, et al.Is there a ripple effect in environmental regulation in China?–Evidence from the local-neighborhood green technology innovation perspective. Ecol Indic2020; 118: 106773.
44.
FengZChenW. Environmental regulation, green innovation, and industrial green development: an empirical analysis based on the Spatial Durbin model. Sustainability2018; 10: 223.
45.
XiaoRSongYQianL. Research on spatial spillover effect of Enterprises’ green innovation output from the perspective of value chain in two stages. Financ Trade Res2019; 30: 71–83.
46.
PengWYinYKuangC, et al.Spatial spillover effect of green innovation on economic development quality in China: evidence from a panel data of 270 prefecture-level and above cities. Sustain Cities Soc2021b; 69: 102863.
47.
LiuBMcConnellJJXuW. The power of the pen reconsidered: the media, CEO human capital, and corporate governance. J Bank Financ2017; 76: 175–188.
48.
TaschiniLChesneyMWangM. Experimental comparison between markets on dynamic permit trading and investment in irreversible abatement with and without non-regulated companies. J Regul Econ2014; 46: 23–50.
49.
MaxwellJWDeckerCS. Voluntary environmental investment and responsive regulation. Environ Resour Econ2006; 33: 425–439.
50.
Boza-KissBMoles-GruesoSUrge-VorsatzD. Evaluating policy instruments to foster energy efficiency for the sustainable transformation of buildings. Curr Opin Environ Sustain2013; 5: 163–176.
51.
NieXWuJChenZ, et al.Can environmental regulation stimulate the regional Porter effect? Double test from quasi-experiment and dynamic panel data models. J Cleaner Prod2021; 314: 128027.
52.
Van der WerfEDi MariaC. Imperfect environmental policy and polluting emissions: the green paradox and beyond. Int Rev Environ Resour Econ2012; 6: 153–194.
53.
ZhaoXDingXLiL. Research on environmental regulation, technological innovation and green transformation of manufacturing industry in the Yangtze river economic belt. Sustainability2021; 13: 10005.
54.
HanS-RLiPXiangJ-J, et al.Does the institutional environment influence corporate social responsibility? Consideration of green investment of enterprises—evidence from China. Environ Sci Pollut Res2020: 1–18.
55.
FloraxRJAnselinLReyS. Advances in spatial econometrics: methodology, tools and applications, 2004.
56.
LiuCTianX. Regional environmental investment, urbanization and green technology innovation: empirical analysis based on spatial Durbin model and mediation effect. Sci Technol Manage Res2020; 40: 236–243.
57.
HuangYLiL. A comprehensive assessment of green development and its spatial-temporal evolution in urban agglomerations of China. Geogr Res2017; 36: 1309–1322.
58.
LiZ-ZLiRYMMalikMY, et al.Determinants of carbon emission in China: how good is green investment?Sustain Prod Consump2021; 27: 392–401.
59.
LiaoXShiX. Public appeal, environmental regulation and green investment: evidence from China. Energy Policy2018; 119: 554–562.
60.
YangQXuS. The relationship between the political connections and green innovation development of Chinese enterprises—empirical analysis based on panel data of Chinese A-share listed companies. Sustainability2022; 14: 13543.
61.
Ben KhederSZugravu-SoilitaN. The pollution haven hypothesis: a geographic economy model in a comparative study[R].FEEM Working Papers, 2008.
62.
ShengJTangW. Spatiotemporal variation patterns of water pollution drivers: the case of China's south-north water transfer project. Sci Total Environ2021; 761: 143190.
63.
ZhangJKangLLiH, et al.The impact of environmental regulations on urban green innovation efficiency: the case of Xi'an. Sustain Cities Soc2020a; 57: 102123.
64.
KrausSRehmanSUGarcíaFJS. Corporate social responsibility and environmental performance: the mediating role of environmental strategy and green innovation. Technol Forecast Soc Change2020; 160: 120262.
65.
ChenY-SChangT-WLinC-Y, et al.The influence of proactive green innovation and reactive green innovation on green product development performance: the mediation role of green creativity. Sustainability2016; 8: 966.
66.
ZhaoYPengBElahiE, et al.Does the extended producer responsibility system promote the green technological innovation of enterprises? An empirical study based on the difference-in-differences model. J Cleaner Prod2021; 319: 128631.
67.
LiuYWangAWuY. Environmental regulation and green innovation: evidence from China’s new environmental protection law. J Cleaner Prod2021; 297: 126698.
68.
ZhanLGuoPPanG. The effect of mandatory environmental regulation on green development efficiency: evidence from China. Environ Sci Pollut Res2022: 1–11.
69.
ZhangKXuDLiS. The impact of environmental regulation on environmental pollution in China: an empirical study based on the synergistic effect of industrial agglomeration. Environ Sci Pollut Res2019; 26: 25775–25788.
70.
LiuRWangDZhangL, et al.Can green financial development promote regional ecological efficiency? A case study of China. Natural Hazards2019; 95: 325–341.
71.
RamzanMRaziUQuddoosMU, et al.Do green innovation and financial globalization contribute to the ecological sustainability and energy transition in the United Kingdom? Policy insights from a bootstrap rolling window approach. Sustain Dev2022.
72.
XiangXLiuCYangM. Who is financing corporate green innovation?Int Rev Econ Fin2022; 78: 321–337.
73.
GuoYXiaXZhangS, et al.Environmental regulation, government R&D funding and green technology innovation: evidence from China provincial data. Sustainability2018; 10: 940.
74.
ZhouGZhuJLuoS. The impact of Fintech innovation on green growth in China: mediating effect of green finance. Ecol Econ2022; 193: 107308.
75.
OuyangXLiQDuK. How does environmental regulation promote technological innovations in the industrial sector? Evidence from Chinese provincial panel data. Energy Policy2020; 139: 111310.
76.
ShenLFanRWangY, et al.Impacts of environmental regulation on the green transformation and upgrading of manufacturing enterprises. Int J Environ Res Public Health2020; 17: 7680.
