强制性社会责任信息披露与企业绿色创新——来自上市公司绿色专利的证据

Mandatory Social Responsibility Disclosure and Corporate Green Innovation:Evidence from Green Patents of Listed Companies

本文基于2008年强制性企业社会责任(CSR)信息披露政策的颁布这一外生冲击事件构造了一个准自然实验,并结合PSM-DID方法考察了强制性CSR信息披露政策对我国上市公司绿色创新的影响。研究发现,相较于未披露企业,强制性CSR信息披露政策的实施能够有效增加应规披露企业的绿色创新专利数量。进一步分析发现,该政策对于企业环境信息的披露要求增加了环境监管部门、利益相关者团体和媒体对于应规披露企业的环保监督压力,这有助于推动企业的绿色创新。本文实证检验了强制性CSR信息披露对于企业绿色创新的作用,进一步丰富了制度环境对企业行为影响的有关文献,证明信息披露制度可以激励企业从事绿色创新,因而中国应进一步加快以信息披露为代表的制度构建。

In this study,we explore the impact of mandatory corporate social responsibility(CSR)information disclosure on green innovation at the firm level.Using a quasi-natural experiment design based on China's 2008 CSR mandate policy and a PSM-DID method,our results demonstrate that firms required to disclose CSR information have a higher number of green innovation patents compared to non-reporting firms.Additionally,this impact is significantly stronger for firms under high environmental monitoring pressure,firms with a high percentage of institutional investor ownership,and firms with active media presence.Our findings provide empirical evidence that information disclosure can drive green innovation and contribute to the understanding of the impact of institutional environments on corporate behavior.From a policy perspective,our results are crucial as they highlight the substantial and pronounced impact of information policy on firms green innovation and suggest that China should improve its information disclosure policy.