绿色创新能否促进企业财务绩效的提升? --基于企业集团和供应链的视角

Can Green Innovation Promote Company Financial Performance?--from the Perspective of Business Group and Supply Chain

企业绿色创新能否提升其财务绩效,在很大程度上取决于企业实施绿色创新的情境因素。本文主要考察企业所隶属的企业集团和其供应链网络所带来的影响,以中国114家上市集团成员制造企业为研究对象,采用固定效应面板回归方法,探究绿色创新与财务绩效的关系以及供应链整合对两者关系的调节效应。结果发现,第一,集团成员企业的绿色创新和财务绩效正相关;第二,供应商整合正向调节集团成员企业的绿色创新和财务绩效的关系,但客户整合负向调节两者关系;第三,企业集团内部供应链整合正向调节集团成员企业的绿色创新和财务绩效的关系。研究结论揭示了企业绿色创新实现经济效益所依赖的制度情境因素,以及相应的作用机理。

It has always been a hot topic in academic circles whether green innovation can promote company financial performance.It depends on companies implementing green innovation to a large extent in contextual factors.This paper focuses on the affiliated firms and their supply chain network which could affect green innovation of firms.Therefore,this study explores the relationship between green innovation and financial performance based on data from 114 China’s listed manufacturers belonging to business groups using a fixed-effect panel regression,and examines the moderating effect of supply chain integration on this relationship.The results of this study are as follows.First,green innovation of affiliated firms positively relates to their financial performance.Second,supplier integration positively moderates the relationship between green innovation and financial performance among affiliated firms,but customer integration negatively moderates it.Third,business group internal supply chain integration positively moderates the relationship between green innovation and financial performance among affiliated firms.The conclusions reveal the institutional factors which can help firms conducting green innovation achieve economic benefits and the corresponding mechanisms.