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Enterprise's R&D and Innovation Management

The Impact of Green Technology Innovation on the High-quality  Development of Manufacturing Industry in the Context of "Dual  Carbon": A Moderated Mediation Model 

Fan Dingxiang, He Mengjie, Liu Yuguo

(School of Economics and Trade, Hunan University of Technology, Zhuzhou 412000, China)

Abstract: In 2020, the Chinese government proposed the "dual carbon" goal of reaching the  carbon peak by 2030 and achieving carbon neutrality by 2060. To achieve the "dual carbon"  goal, enterprises' green technology innovation is essential. Compared with traditional technology  innovation, green technology innovation pays more attention to improving environmental quality  through low-cost economic activities. However, the insufficiency of green technology innovation⁃ and green low-carbon development has seriously hindered the high-quality development of the  manufacturing industry. Thus, it is necessary to clarify the deep logic and micro characteristics  of the high-quality development of the manufacturing industry from the empirical level. In this  context, based on the panel data of A-share listed manufacturing companies from 2010 to 2021, this paper empirically tests the impact of green technology innovation on the high-quality devel⁃ opment of manufacturing enterprises under the background of "dual carbon" by constructing an  econometric model. The empirical analysis results show that: Firstly, there is a significant posi⁃ tive correlation between green technology innovation and high-quality development of manufac⁃ turing industry, and this conclusion is still valid after endogeneity and robustness tests. Sec⁃ ondly, the test results of mediating mechanism show that marketization level plays a mediating ef⁃ fect in green technology innovation enabling high-quality development of manufacturing indus⁃ try, that is, green technology innovation promotes high-quality development of manufacturing in⁃ dustry through the improvement of marketization level. Thirdly, the test results of moderated me⁃ diating mechanism show that the industry competition degree can regulate the relationship be⁃ tween green technology innovation, marketization level and high-quality development of manu⁃ facturing enterprises, and the industry competition degree has a stronger role in promoting the  second half of the path (marketization level → high-quality development of manufacturing indus⁃ try). Fourthly, the results of heterogeneity analysis show that green technology innovation can sig⁃ nificantly promote the high-quality development of manufacturing enterprises in areas with high  marketization level, but has no significant effect on the high-quality development of manufactur⁃ ing enterprises in areas with low marketization level. According to the above research conclusions, based on the "dual carbon" goal, this paper puts forward the following suggestions for pro⁃ moting green technology innovation and high-quality development of China's manufacturing in⁃ dustry: Firstly, promote the low-carbon and green development of manufacturing industry, drive  the transformation of the traditional development model of high emission and low efficiency to  the low-carbon model with green technology innovation, and improve the total factor productivity  of manufacturing industry. Secondly, enterprises themselves should conform to the development  trend of the times, take low-carbon development as the core orientation, keep up with the core  needs of industrial development, actively implement the green development strategy, fully intro⁃ duce high-tech talents and high-end manufacturing equipment, and constantly increase the capi⁃ tal investment in the research and development of green patent technology. Thirdly, relevant de⁃ partments should establish a healthy management market and capital market, strengthen external  constraints, appropriately reduce the intervention in enterprise operation, and let the market play  the role of resource allocation. Fourthly, thoroughly implement the strategy of green and lowcarbon transformation, promote carbon reduction, energy conservation and cleaner production, actively implement the "Action Plan for Carbon Dioxide Peaking Before 2030" and the "Carbon  Neutrality Target Before 2060", implement green manufacturing projects, and take the road of  green and low-carbon development. 

Key words: green technology innovation; high-quality development; the context of "Dual Car⁃ bon"