中国资本市场关注绿色技术创新吗?

Does Chinese Capital Market Care about Green Technology Innovation?

本文通过事件研究法检验了中国资本市场对绿色专利授权事件的反应,提供了绿色技术创新资本市场定价的实证证据,并从企业内外部视角对其市场反应的影响因素进行了进一步的分析。研究结果表明:我国资本市场对企业层面以绿色专利授权为代表的绿色技术创新事件关注不足,未能提供有效的激励作用。企业内部的异质性因素影响了资本市场对绿色专利授权事件的反应。对于环境敏感型行业和高政治关联的企业,资本市场对绿色专利授权事件的激励作用更弱;企业规模越大,投资者对绿色专利授权事件的激励越强;企业所有权性质不会影响绿色专利授权的市场反应。在外部关注层面,在研究样本期,机构投资者和分析师还没有给予企业绿色技术创新显著的关注。

This paper examines the response of the Chinese capital market to green patent licensing events through an event study approach,provides empirical evidence on the pricing of green technology innovation capital markets,and further analyzes the factors influencing their market response from an internal and external firm perspective. The results of the study indicate that the capital market in China pays insufficient attention to green technology innovation events represented by green patent licensing at the firm level and fails to provide effective incentives. Heterogeneous factors within firms influence the capital market’s response to green patent licensing events. For environmentally sensitive industries and firms with high political affiliation,capital market incentives for green patent licensing events are weaker;the larger the firm size,the stronger the incentives of investors for green patent licensing events;and the nature of firm ownership does not affect the market response to green patent licensing. At the level of external attention,institutional investors and analysts have not yet given significant attention to corporate green technology innovation in the study sample period.