“量”的积累还是“质”的飞跃:经济政策不确定性有助于推动企业绿色创新吗

Accumulation of“Quantity”or Leap of“Quality”:Does Economic Policy Uncertainty Help Promote Corporate Green Innovation?

绿色创新是企业持续发展的动力,也是经济行稳致远的必然要求。基于2010—2019年A股上市公司财务数据,从总量、数量和质量三个维度实证检验经济政策不确定性对企业绿色创新的影响。研究发现:经济政策不确定性能够正向激励企业从事绿色创新研发;面对政策调整产生的不确定性,企业对绿色专利“数量”的关注度高于绿色专利“质量”;从产权异质性看,经济政策不确定性能够显著增强国有企业绿色创新;企业社会责任具有明显的“声誉效应”,能够发挥显著的正向调节作用,并且在非国有企业调节效应更为明显;增强污染型企业环境信息披露会显著抑制经济政策不确定下的企业绿色创新能力;中介效应结果显示,经济政策不确定性能够显著增强企业管理层风险偏好进而提升企业绿色创新。

Green innovation is the driving force of corporate sustainable development and the inherent requirement for promoting the stable and steady economic growth.Based on the financial data of A-share listed companies from 2010 to 2019,this paper empirically examines the impact of economic policy uncertainty on corporate green innovation from the three dimensions:total volume,quantity and quality.The findings show that economic policy uncertainty can positively stimulateenterprises to carry out green innovation and R&D.Faced with the uncertainty due to policy adjustments,enterprises pay more attention to the“quantity”of green patents than to the“quality”of green patents.In terms of the heterogeneity of property rights,economic policy uncertainty can significantly enhance the green innovation of state-owned enterprises.Corporate social responsibility has an obvious“reputation effect”,which can play a significant positive moderating role,and this moderating effect is more significant in non-state-owned enterprises.Enhancing the environmental information disclosure of the polluting enterprises will significantly inhibit the green innovation ability of enterprises under uncertain economic policies.The results of the mediating effect show that the uncertainty of economic policy can significantly enhance the risk preference of enterprise management and thus promote corporate green innovation.