绿色投入能提高企业环境与财务绩效吗?--来自我国重污染上市公司的经验证据

Can Green Investment Improve Enterprise Environment and Financial Performance?: Empirical Evidence from China’s Heavily Polluted Listed Companies

“双碳”目标下,面对生态环境恶化、资源消耗过度、极端天气频发等环境问题,政府与企业都在寻求经济效益与环境保护双赢的方法。以2016—2020年340家重污染上市公司为研究对象,构建多元线性回归方程和有调节的中介效应模型,实证分析了我国重污染行业在补贴政策扶持下绿色投入通过技术创新对企业环境绩效与财务绩效的影响路径。研究发现:绿色投入既能够显著促进企业环境绩效的提升,还能加快企业技术创新产出。技术创新在绿色投入与双绩效的关系中起中介作用,政府补助对技术创新在绿色投入与双绩效的关系中起调节作用。在此基础上,从企业内部创新与外部政策制订两方面给出提高企业双绩效的建议,助推重污染行业绿色低碳发展。

Under the“dual carbon”targets,faced with environmental problems such as ecological environment deterioration,excessive resource consumption and frequent extreme weather,both the government and enterprises are seeking a win-win method for economic benefits and environmental protection.This paper takes 340 heavily polluting listed companies from 2016 to 2020 as research objects,constructs multiple linear regression equation and moderated mediation effect model,and empirically analyzes the impact path of green input supported by subsidies on enterprise environmental performance and financial performance through technological innovation in China’s heavily polluting industries.It is found that green input can not only significantly promote the improvement of enterprise environmental performance,but also accelerate the output of enterprise technological innovation.Technological innovation plays a mediating role in the relationship between green input and dual performance,and government subsidy plays a moderating role in the relationship between technological innovation and green input and dual performance.On this basis,suggestions are given to improve the double performance of enterprises from the aspects of internal innovation and external policy formulation,so as to promote the green and low-carbon development of heavily polluting industries.