GREEN INVESTMENT, GREEN INNOVATION AND ECONOMIC GROWTH QUALITY

UDC 330.3:336.027:502.12

 

Shao Ziyu – PhD student, the Department of Corporate Finance. Belarussian State University (4, Nezavisimosti Ave, 220030, Minsk, Republic of Belarus). E-mail: 104959156@qq.com

 Dzeraviaha Ihar Petrovich – PhD (Economics), Associate Professor, Professor, the Department of Corporate Finance. Belarusian State University (4, Nezavisimosti Ave, 220030, Minsk, Republic of Belarus). E-mail: Dzeraviaha@sbmt.by

Malashevich Diana Georgievna – Senior Lecturer, the Department of Management, Business Technology and Sustainable Development. Belarusian State Technological University (13a, Sverdlova str., 220006, Minsk, Republic of Belarus). E-mail: malashevich@belstu.by

DOI: https://doi.org/ 10.52065/2520-6877-2024-280-7.

 

Key words: Green investment, economic growth quality, green innovation, People’s Republic of China, mediation effect.

 

For citation: Shao Ziyu, Dzeraviaha I. P., Malashevich D. G. Green investment, green innovation and economic growth quality. Proceedings of BSTU, issue 5, Economics and Management, 2024, no. 1 (280), pp. 58–66 (In Russian). DOI: 10.52065/2520-6877-2024-280-7.

 

Abstract

This paper examines the internal mechanism of green investment affecting economic growth quality from the perspective of green innovation. Solving this problem requires studying a number of new economic categories, including the concepts of green investment and innovation. In addition, an important aspect is the development of a consistent approach to assessing the quality of economic growth. This concept can be interpreted in different ways. In the context of this article, special attention is given to the influence of green innovation and investment on the quality of economic growth. A serious obstacle to solving the problems posed in the article is the lack of statistics necessary to build quantitative models. Therefore, it is important to search for parameters and indicators that can fully characterize investment and innovation processes in the green economy. To examine this issue, mediation effect test models are established based on the logic of the causal steps approach. Then, this paper empirically tests the mediation effect by using the causal steps approach, the Sobel test and the Bootstrap method with panel data from 30 provinces in China from 2010 to 2020. The results show that green investment has a favorable effect on economic growth quality, with approximately 30% of the total effect is mediated by green innovation. The conclusion remains valid after a series of robustness checks. In order to improve economic growth quality, it is recommended that green financial policies, innovation policies and economic growth policies work in unison.

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15.02.2024