创业板上市公司绿色创新溢酬研究

Stock Market Reaction to Green Innovation:Evidence from GEM Firms

本文利用2009-2018年创业板上市公司面板数据,基于绿色专利申请量和授权量,检验了绿色创新溢酬的存在性及其形成机制。研究表明:创业板上市公司能够获得绿色创新溢酬,即绿色专利申请量和授权量越多的公司股票超额收益率越高;前者通过价值增长和市场关注双重机制产生溢酬,后者仅通过市场关注机制产生溢酬。绿色创新获得了证券分析师和机构投资者的关注,但普通投资者对绿色创新没有明显反应。异质性分析表明:污染行业属性会降低绿色创新溢酬,披露社会责任承担情况对绿色创新溢酬没有明显增益效应;具体到专利类型,发明专利授权和实用新型专利申请产生的溢酬更明显。时效性分析表明,实用新型专利申请增加导致的绿色创新溢酬时效性更强。为此,在经济转型升级过程中应坚持走绿色创新之路,推进绿色创新信息披露标准化,变革对污染行业的监测和管理手段。

Green innovation is a key measure for promoting sustainable development,which is of great significance to a transitional economy such as China.In recent years,China has incorporated“Greenness”and“Innovation”into its concepts for national development and has issued a series of policies to encourage green innovation behaviors.Since August 2017,green patent applications are available for review from the Chinese National Intellectual Property Administration(CNIPA).However,although they are the main force of innovation,firms have not participated extensively in green patent applications.Thus,how to effectively induce green innovations by firms has become an important topic.Prior studies have provided abundant research on green innovation incentives in terms of environmental regulation,fiscal subsidies,and credit market support,but few have analyzed the supporting role of the capital market in promoting the green innovation of listed companies.Green innovation can promote a company's value growth and enhance its reputation.A company's progress and achievements in this area may attract the attention of the capital market.Based on the panel data of listed GEM companies from 2009 to 2018 and the number of green patent applications and authorizations,this paper tests the existence and formation mechanism of green innovation premiums in listed companies.Internally,green innovation can reshape a company's production process and management mode,reduce various costs,and increase green competitiveness.Externally,it can enhance the environmental evaluation of stakeholders,thus improving the company's market performance.Nevertheless,green innovation involves great uncertainties in the R&D-Practicality-Commercialization process,and it is difficult to determine whether green innovation achievements can be translated into economic performance in the short term.Thus,it is unclear whether green innovation can result in stock premiums for listed companies in the GEM market,which aims to promote independent innovation.If the green innovation premium exists,is it influenced by the company's green characteristics?How is the premium formed?Are there differences in premiums with different innovation types?This paper aims to answer these questions.This study shows that GEM listed companies can obtain green innovation premiums-that is,the more applications and authorizations there are,the higher the cumulative excess return and average weekly excess return of the company's stock.Belonging to a high-pollution industry can reduce the green innovation premium of the company,and the disclosure of environmental responsibility has no obvious effect on the green innovation premium.Promoting the growth of company value and attracting the attention of securities analysts and institutional investors can result in a green innovation premium,but ordinary investors have no obvious reaction to green innovations.The increase in green patent applications leads to premiums through both mechanisms,and the increase in green patent authorizations leads to premiums through the market attention mechanism alone.This study also finds that the increase in invention patent authorizations and utility model patent applications can lead to green innovation premiums,and that the latter can lead to premiums in the next year by attracting the attention of institutional investors.Therefore,in the process of economic transformation and upgrading,we should remain on the path of green innovation,promote the standardization of green innovation information disclosure,and strengthen the supervision of polluting industries.This paper makes substantial contributions to the literature on green innovation.First,we expand the research on green innovation incentive mechanisms in the capital market.Second,prior studies focus on patent applications or authorizations alone.In contrast,we consider their different features and market impacts.Third,based on internal and external perspectives,we introduce a dual mechanism to interpret the green innovation premium.Fourth,we examine the heterogeneity of green innovation premiums to avoid a simple dichotomy.