摘要
随着社会各界对环保问题关注度的提升,企业开发绿色专利的积极性也在逐年升高。然而企业能否从绿色创新这一高风险项目中获得收益值得深入研究。本文检验绿色创新与股票收益之间的关系,以考察绿色创新的经济效益。实证研究发现,企业绿色创新可以促进股票收益的提升,即企业可以从绿色创新中获取风险补偿。当市场竞争程度增加时,"风险补偿"也相应增加。对于处在知识产权保护程度更低的环境中的企业来说,绿色创新和股票收益的关系更加显著,市场竞争的调节作用也进一步增强,即"风险补偿"效应依然存在。实证结论为绿色创新的经济效益研究提供了新的证据,在新兴的环保市场中企业应认识到不同的竞争环境与知识产权保护环境中绿色创新的不同收益,合理地把控绿色专利的研发进程,以便在绿色研发项目中获取最大效益。
The rapid economic development is accompanied by worsening environmental problems.Firms gradually realize that we should strive to achieve a win-win situation of economy and environment,and they pay more and more attention to green patents.However,green innovation is much more risky than traditional innovation.If firms want to explore in green innovation,they have to invest a lot of money,but they may not be able to get profits quickly.A large number of enterprises still invest in green patents,although the benefit of green innovation is uncertain.Therefore,this paper attempts to learn the reasons why enterprises adhere to green innovation and explore whether green innovation can bring benefit to firms.This paper explores the relationship between green innovation and stock returns,and we aim to learn whether green innovation can bring economic benefits to enterprises.We take Chinese listed companies as samples,and the data are from 2014 to 2018.This paper also discusses the role of market competition and intellectual property protection in the relationship between green innovation and stock returns.Firstly,the paper examines the direct relationship between green innovation and stock returns.Our empirical results show that green innovation can improve stock returns.In fact,when the green innovative process fails,it means that the previous expenditures will be converted into costs,which cannot bring benefits to enterprises.However,our empirical results show that enterprises can get some"risk compensation"from green innovation.Secondly,the paper examines the moderating effect of market competition on the relationship between green innovation and stock returns.The empirical results show that when the degree of market competition increases,the relationship between green innovation and stock returns is stronger.That is,market competition plays a positive regulatory role.Although competition increases the risk of enterprises,it reduces the agency cost.In the environment of high competition,the risk of green innovation i
作者
刘柏
王馨竹
LIU Bai;WANG Xin-zhu(Business School,Jilin University,Jilin,130012,China)
出处
《经济管理》
CSSCI
北大核心
2021年第7期136-157,共22页
Business and Management Journal ( BMJ )
基金
国家社会科学基金项目“金融市场开放环境下的金融风险生成逻辑、风险测度和防范机制研究”(18BJY232)。
关键词
绿色创新
风险补偿
市场竞争
知识产权保护
green innovation
risk compensation
market competition
intellectual property protection
