An Empirical Study on the Relationship Between Green Innovation and New Quality Productive Forces in Listed Agricultural and Forestry Companies.

(1) Background--Cultivating new quality productive forces in agriculture in light of local conditions is a key path for promoting high-quality development. But the development of new quality productive forces in listed agricultural and forestry companies is confronted with some practical obstacles. Green innovation is a key innovative activity that connects ecological benefits with economic benefits. However, existing research has mainly focused on the driving factors of green innovation and the development strategies of newquality productive forces, while there are relatively few studies on the relationship between green innovation and enterprises' newquality productive forces. (2) Methods--First, based on theoretical analysis, this paper put forward the research hypotheses. Then, it selected 45 listed agricultural and forestry companies in Shanghai and Shenzhen A-shares from 2014 to 2024 as the research samples and constructed an unbalanced panel dataset. It empirically examined the relationship between green innovation and newquality productive forces by adopting the two-way fixed effects model, U-test and moderating effect model, and discussed the impacts of substantive green innovation and strategic green innovation on the level of newquality productive forces. Finally, it studied the moderating effect of internal control on the relationship between green innovation and enterprises' newquality productive forces. (3) Results--First, there exists a "U-shaped" relationship between green innovation and newquality productive forces of the listed agricultural and forestry companies. The robustness of the empirical results is further verified by means of methods such as replacing the explained variable. Second, both the substantive green innovation and the strategic green innovation of the listed agricultural and forestry companies exert a "U-shaped" impact on the level of enterprises' new quality productive forces, while their internal mechanisms and impact paths exhibit heterogeneity. Third, internal control plays a dual moderating role of "left ward shifting" and "flattening" the curve in this "U-shaped" relationship. Internal control not only effectively reduces the management losses and potential regulatory costs in the initial stage of green innovation by strengthening risk management and control, but also ensures the steady implementation of green innovation activities by establishing a sound decision-making and supervision mechanism. (4) Conclusions and Discussions--Based on the above research conclusions, the following policy suggestions are put forward: First, implement a stepped subsidy policy and establish a phased dynamic management mechanism. At the government level, a stepped policy support system should be constructed to shorten the "U-shaped" decline cycle. At the enterprise level, a dynamic management mechanism can be established to balance short-term costs and long-term benefits. Second, implement differentiated policy incentives and a "dual-wheel-driven" strategy to optimize the types of innovation. Governments should focus on supporting substantive green innovation and set standards for strategic green innovation. Enterprises should integrate "consolidating foundations with strategic green innovation" and "addressing challenges with substantive green innovation" to achieve synergy and transformation between the two. Third, integrate green innovation risks into the internal control analysis framework and establish internal control evaluation standards and incentive mechanisms. [ABSTRACT FROM AUTHOR]