Intelligent Manufacturing and Green Innovation—Evidence from China’s Listed Manufacturing Firms
Abstract
:1. Introduction
2. Theoretical Background
2.1. Intelligent Manufacturing and Green Innovation
2.2. How Intelligent Manufacturing Drives a Green Transition
2.3. The Impact of Business Ownership and the Region
3. Data Source and Research Methods
3.1. Sample Selection and Data Source
- (1)
- Exclude firms listed after 2019;
- (2)
- Exclude financial and insurance sectors;
- (3)
- Exclude non-manufacturing firms;
- (4)
- Exclude firms with missing key data;
- (5)
- Exclude firms marked as ST or delisted;
- (6)
- For firms selected multiple times for the pilot, only the first selection is retained.
- (1)
- Green patents are a direct output of green technological innovation and are easily quantifiable;
- (2)
- Since intelligent manufacturing in China is in its early stages, using green patent applications allows for a more timely assessment, avoiding delays in patent approvals that could introduce confounding factors.
3.2. Definitions of Variables
3.3. Model Setting
4. Empirical Analysis
4.1. Descriptive Statistics
4.2. Benchmark Regression and Robust Test
4.3. Parallel Trend Test
5. Mechanism Analysis
5.1. Mechanism Test Methods
5.2. Mechanism Test Results and Analysis
6. Heterogeneity
6.1. Business Ownership
6.2. Location
7. Concluding Remarks
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
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Variable Name | Variable Symbol | Variable Description |
---|---|---|
Labor input | Number of employees in the enterprise | |
Capital investment | Net fixed assets ($M) | |
Debt-to-asset ratio | Total Liabilities/Total Assets | |
Basic earnings per share | Net income for the period attributable to shareholders of common stock/weighted average number of common shares outstanding for the period | |
The size of the enterprise | The logarithm of the total number of assets | |
The age of listing | Current year—the year in which the company was listed | |
GDP per capita in a region | The per capita GDP of the enterprise in the current period (million CNY/person) |
Variable | Mean | Std. | Min | Max |
---|---|---|---|---|
1.992 | 6.326 | 0.000 | 45.000 | |
0.055 | 0.142 | 0.000 | 1.000 | |
0.015 | 0.120 | 0.000 | 1.000 | |
4915.635 | 11,294.986 | 9.000 | 229,154.000 | |
2294.617 | 7356.121 | 0.000 | 224,866.586 | |
0.412 | 1.405 | −0.195 | 178.345 | |
0.394 | 0.869 | −16.460 | 37.170 | |
21.966 | 1.208 | 14.127 | 29.216 | |
8.926 | 7.046 | 0.000 | 30.000 | |
0.074 | 0.031 | 0.016 | 0.165 |
GPA | GPAR | |
---|---|---|
IM | 2.705 *** | 0.0178 ** |
(0.277) | (0.00867) | |
L | 0.0000288 *** | 0.000000168 |
(0.00000801) | (0.000000251) | |
K | 0.0000874 *** | 0.000000662 ** |
(0.00000978) | (0.000000306) | |
DAR | 0.00435 | −0.000142 |
(0.0200) | (0.000627) | |
ROE | −0.0102 | −0.000273 |
(0.0479) | (0.00150) | |
lnsize | 0.263 *** | −0.00256 |
(0.0785) | (0.00246) | |
Age | −3.072 ** | 0.0100 |
(1.273) | (0.0399) | |
PGDP | 0.0723 | −0.147 |
(3.381) | (0.106) | |
_cons | 23.21 ** | 0.0298 |
(10.98) | (0.344) | |
Fe_id | YES | YES |
Fe_year | YES | YES |
N | 17,132 | 17,132 |
R2 | 0.649 | 0.518 |
adj. R2 | 0.596 | 0.447 |
Variable | Mean | Std. | Min | Max |
---|---|---|---|---|
0.990 | 2.378 | −10.987 | 14.823 | |
242.234 | 771.067 | 0.001 | 22,562.813 | |
188.166 | 857.890 | 0.000 | 73,839.000 |
Variable | KZ | DaA | RD |
---|---|---|---|
IM | −0.266 ** | 96.86 *** | 242.9 *** |
(0.123) | (16.25) | (45.89) | |
L | 0.0000103 *** | 0.0133 *** | 0.0310 *** |
(0.00000356) | (0.000470) | (0.00133) | |
K | −0.00000896 ** | 0.0766 *** | 0.0338 *** |
(0.00000435) | (0.000574) | (0.00162) | |
DAR | 0.0541 *** | −0.483 | −1.057 |
(0.00890) | (1.176) | (3.320) | |
ROE | −0.774 *** | −9.660 *** | 14.55 * |
(0.0213) | (2.811) | (7.938) | |
lnsize | 0.0717 ** | −12.12 *** | −27.41 ** |
(0.0349) | (4.606) | (13.01) | |
Age | −0.730 | −160.1 ** | −126.4 |
(0.565) | (74.70) | (211.0) | |
PGDP | 9.984 *** | 1682.5 *** | 2173.6 *** |
(1.502) | (198.4) | (560.3) | |
_cons | 5.445 | 1573.6 ** | 1518.6 |
(4.876) | (644.1) | (1819.0) | |
Fe_id | YES | YES | YES |
Fe_year | YES | YES | YES |
N | 17,132 | 17,131 | 17,132 |
R2 | 0.653 | 0.943 | 0.631 |
adj. R2 | 0.601 | 0.934 | 0.577 |
State-Owned Enterprises | Private Enterprise | |
---|---|---|
IM | 4.522 ** | 2.713 *** |
(2.030) | (0.804) | |
L | 0.000195 *** | 0.000316 *** |
(0.0000527) | (0.0000254) | |
K | 0.000459 *** | 0.000659 *** |
(0.0000581) | (0.0000404) | |
DAR | −0.217 | −0.0182 |
(2.334) | (0.0434) | |
ROE | 0.114 | 0.106 |
(0.359) | (0.143) | |
lnsize | −0.519 | −0.698 *** |
(0.727) | (0.216) | |
Age | 3.205 | 2.216 |
(16.00) | (3.017) | |
PGDP | 25.38 | −2.610 |
(28.10) | (9.730) | |
_cons | −36.34 | 0.234 |
(229.5) | (19.60) | |
Fe_id | YES | YES |
Fe_year | YES | YES |
N | 4572 | 12498 |
R2 | 0.627 | 0.731 |
adj. R2 | 0.574 | 0.688 |
EAST | MID | WEST | |
---|---|---|---|
IM | 1.585 | 3.251 ** | 12.28 *** |
(1.419) | (1.407) | (0.854) | |
L | 0.000308 *** | −0.00000293 | 0.000144 *** |
(0.0000361) | (0.0000536) | (0.0000457) | |
K | 0.000581 *** | −0.000161 | 0.000172 *** |
(0.0000439) | (0.000120) | (0.0000364) | |
DAR | −0.540 | 0.0336 | 0.599 |
(0.718) | (0.0552) | (0.525) | |
ROE | 0.609 ** | −0.282 | −0.0799 |
(0.273) | (0.318) | (0.110) | |
lnsize | −1.043 *** | 1.496 *** | −0.392 |
(0.404) | (0.470) | (0.253) | |
Age | 3.177 | −6.942 | 0.0245 |
(6.032) | (6.253) | (9.577) | |
PGDP | −10.91 | 5.275 | −0.437 |
(15.18) | (45.59) | (22.89) | |
_cons | −1.595 | 43.56 | 8.456 |
(46.50) | (62.94) | (112.1) | |
Fe_id | YES | YES | YES |
Fe_year | YES | YES | YES |
N | 12,243 | 2609 | 2274 |
R2 | 0.648 | 0.678 | 0.694 |
adj. R2 | 0.593 | 0.631 | 0.650 |
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Xu, X.; Pan, J.; Meng, X. Intelligent Manufacturing and Green Innovation—Evidence from China’s Listed Manufacturing Firms. Sustainability 2024, 16, 10376. https://doi.org/10.3390/su162310376
Xu X, Pan J, Meng X. Intelligent Manufacturing and Green Innovation—Evidence from China’s Listed Manufacturing Firms. Sustainability. 2024; 16(23):10376. https://doi.org/10.3390/su162310376
Chicago/Turabian StyleXu, Xiaoshu, Jiangpei Pan, and Xuechen Meng. 2024. "Intelligent Manufacturing and Green Innovation—Evidence from China’s Listed Manufacturing Firms" Sustainability 16, no. 23: 10376. https://doi.org/10.3390/su162310376
APA StyleXu, X., Pan, J., & Meng, X. (2024). Intelligent Manufacturing and Green Innovation—Evidence from China’s Listed Manufacturing Firms. Sustainability, 16(23), 10376. https://doi.org/10.3390/su162310376