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<p>The River Chief System (RCS), a major institutional innovation in China's water environment governance, requires further investigation into its role in driving sustainable green innovation (SGI) of enterprises for fundamental improvement of water ecology. This study takes enterprises in water-sensitive industries listed on Shanghai and Shenzhen A-share markets from 2009 to 2022 as research samples, and uses the multi-period difference-in-differences (DID) method to empirically examine the impact of the implementation and assessment of the RCS on SGI of enterprises. The research finds that: (1) The implementation of the RCS significantly promotes SGI of enterprises within the jurisdiction, and this positive effect is further amplified by RCS assessment. (2) Mechanism tests reveal that the implementation of the RCS can enhance government environmental attention (GEA), intensify government environmental penalties (GEP) and increase government subsidies (GS), thereby promoting SGI of enterprises within the jurisdiction. (3) Heterogeneity analysis indicates that the positive impact of the RCS on SGI is more significant in non-state-owned enterprises, enterprises in highly competitive industries and low&#xa0;water-polluting industries, and those subject to stronger official promotion incentives. This study expands the theoretical boundaries of environmental regulation policies and corporate green innovation, providing practical implications for further optimizing the implementation of the RCS and promoting the green and sustainable development of enterprises.</p>

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The impact of the implementation and assessment of China’s river chief system on sustainable green innovation of enterprises

  • 期刊论文

  • 发表日期：

    2025年10月4日

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  • Yongjun Tang,
  • Qihui Yang,
  • Xiumei Cui,
  • Xinyu Ma

摘要

The River Chief System (RCS), a major institutional innovation in China's water environment governance, requires further investigation into its role in driving sustainable green innovation (SGI) of enterprises for fundamental improvement of water ecology. This study takes enterprises in water-sensitive industries listed on Shanghai and Shenzhen A-share markets from 2009 to 2022 as research samples, and uses the multi-period difference-in-differences (DID) method to empirically examine the impact of the implementation and assessment of the RCS on SGI of enterprises. The research finds that: (1) The implementation of the RCS significantly promotes SGI of enterprises within the jurisdiction, and this positive effect is further amplified by RCS assessment. (2) Mechanism tests reveal that the implementation of the RCS can enhance government environmental attention (GEA), intensify government environmental penalties (GEP) and increase government subsidies (GS), thereby promoting SGI of enterprises within the jurisdiction. (3) Heterogeneity analysis indicates that the positive impact of the RCS on SGI is more significant in non-state-owned enterprises, enterprises in highly competitive industries and low water-polluting industries, and those subject to stronger official promotion incentives. This study expands the theoretical boundaries of environmental regulation policies and corporate green innovation, providing practical implications for further optimizing the implementation of the RCS and promoting the green and sustainable development of enterprises.