文献类型：期刊文献

英文题名：The Impact of China's Circular Economy Demonstration Policy on Urban Green Innovation Efficiency

作者：Zhu, Yanqiu[1];Zhang, Ming[2];Chen, Hongan[1];Ma, Jun[3];Pan, Fei[4]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Nanjing Agr Univ, Sch Econ & Management, Nanjing 210095, Peoples R China;[3]Shanghai Univ, Sch Management, Shanghai 200444, Peoples R China;[4]Univ Shanghai Sci & Technol, Sch Management, Shanghai 200093, Peoples R China

年份：2025

卷号：17

期号：15

外文期刊名：SUSTAINABILITY

收录：;WOS:【SSCI(收录号:WOS:001549663800001)，SCI-EXPANDED(收录号:WOS:001549663800001)】；

基金：This research was supported by the National Natural Science Foundation of China [Grant Number 71872111, and Grant Number 72202137].

语种：英文

外文关键词：Circular Economy Demonstration Policy; green innovation efficiency; capital distortion; market integration; resource allocation

摘要：Green innovation is a critical driver of sustainable development, yet it often faces efficiency challenges in rapidly industrializing economies. This study investigates the effect of China's Circular Economy Demonstration Policy (CEDP) on urban green innovation efficiency (GIE) using city-level panel data from 2010 to 2021. Employing a difference-in-differences (DID) approach, we find that CEDP significantly enhances GIE, with the policy effect becoming statistically significant after a three-year lag and accumulating over time. Robustness tests, including placebo analyses, alternative dependent variables, and propensity score matching, confirm the validity of the results. Mechanism analysis reveals that the policy improves green innovation primarily by reducing capital distortion, promoting market integration, and enhancing resource allocation efficiency. Further heterogeneity analyses show that the positive effects are stronger in central cities, capital cities, and eastern regions, reflecting the role of local economic and institutional conditions. The study concludes with policy implications emphasizing regionally tailored implementation, capacity building, and long-term commitment to maximize green innovation outcomes.