规模以上工业企业环保投资与研发投入:促进还是抑制?

Environmental Protection and R&D Investment in Industrial Enterprises above a Certain Scale:Promoting or Discouraging?

从“制造”到“智造”的战略转型是建设现代化经济体系和引领经济高质量发展的动力支撑,基于绿色发展和创新驱动的现实背景,以790家2010—2019年上市公司中的规模以上工业企业为研究对象,实证检验了环保投资和研发投入的影响关系。研究发现环保投资与企业价值正相关,研发投入与企业价值负相关,环保投资对研发投入有正向影响且股权集中度在二者之间起正向调节作用。论文进一步拓展和丰富了声誉理论、利益相关者理论、波特假说和资源约束理论,为引导企业绿色创新发展和规划资金时间周期提供了实证依据和微观证据,也为企业协同推进环保建设和技术创新提供了经验证据和政策启示。

The strategic transformation from“manufacturing”to“intellectual creation”is the driving force for building a modern economic system and leading the high-quality development of the economy.Based on the realistic background of the development of green and innovation drive,the 790 industrial enterprises which are above designated size from 2009-2018 are taken as the research object to analyze the empirical relationship between environmental invest and the R&D investment.It is found that environmental investment is positively correlated with the enterprise value,and R&D investment is negatively correlated with enterprise value.Environmental investment has a positive influence on R&D investment,and equity concentration has a positive regulating effect between them.The reputation theory,stakeholder theory,Porter hypothesis theory and resource constraint are further expanded and enriched.The empirical evidence and microscopic evidence are provided to guide the development of green innovation and to plan the capital time cycle of enterprises,and empirical evidence and policy incentive for enterprises are also jointly provided to promote the construction of environmental protection and technological innovation.