摘要
基于2011—2020年中国A股上市公司面板数据,将网络搜索指数作为投资者关注的代理变量,探讨投资者关注能否促进企业绿色创新绩效提升。结果发现,投资者关注能够有效提高企业绿色创新绩效,体现在专利数量和专利质量上,资产规模、杠杆率、股权集中度对绿色创新绩效具有不同程度的影响。进一步研究发现,投资者关注通过融资约束这一中介变量影响绿色创新绩效,同时环境规制是有效的调节变量,投资者关注与环境规制的交互效应能够促进企业绿色创新绩效提升。从关注属性维度看,投资者负面关注对企业绿色创新的促进作用更显著,异质性检验发现,相较于非东部地区,东部地区企业的促进作用更加显著,相较于高污染企业,投资者关注对非高污染企业绿色创新绩效的影响更显著。
Green innovation is characterized by its wide range of applications,and it is often used as inputs by other industries,and spawns new innovations in the application field.To achieve high-quality development,green innovation is a must.From the perspective of sustainable development,it is necessary to use technological means and innovative production capacity to promote green development,so the support of green technological innovation is inseparable.Furthermore,promoting green technology innovation will demand immense investment,which requires green financial support.At the same time,Chinese investors are paying more and more attention to corporate social responsibility,and take it seriously when making investment decisions,especially its environmental connotation which requires enterprises to reduce damage and pollution by technological innovation,upgrading,reducing energy consumption and emissions,etc.,instead of sacrificing the environment for economic benefits.On the basis of theories of information asymmetry,legitimacy,corporate innovation and ecological modernization,this paper analyzes the impact of investor attention on green innovation,the mediating effect of financing constraints,and the moderating effect of environmental regulation,and proposes three hypotheses.It employs the panel data of China's Ashare listed companies from 2011 to 2020,the Internet search index as a proxy variable for investors'attention,and the number of corporate green patents as a proxy variable for green innovation performance to systematically discuss whether investors'attention could promote innovation performance and transmission path.Based on previous conclusions,this study subdivides attention dimension,industry dimension,and regional dimension for further analysis,and conducts replacement test and lag test to prove the rationality of the conclusion.It is found that first,investor attention can significantly improve the green innovation capability of listed companies,which is reflected in the quantity and quality of green in
作者
韩国文
甘雨田
Han Guowen;Gan Yutian(Economics and Management School,Wuhan University,Wuhan 430072,China)
出处
《科技进步与对策》
CSSCI
北大核心
2023年第8期89-98,共10页
Science & Technology Progress and Policy
基金
国家社会科学基金项目(17BJL081)。
关键词
投资者关注
网络搜索指数
绿色创新
融资约束
环境规制
企业社会责任
Investors'Attention
Internet Search Index
Green Innovation
Financing Constraints
Environmental Regulation
Corporate Social Responsibility
