媒体关注、环境政策不确定性与企业绿色技术创新--来自中国A股上市公司的经验证据

Media attention,environmental policy uncertainty and firm′s green technology:Empirical evidence from Chinese A-share listed firms

绿色发展是新发展阶段的重要理念,也是驱动产业绿色转型与微观企业高质量发展的必备理念,如何驱动企业从传统要素驱动走向基于绿色导向的创新要素驱动实现真正意义上的创新引领成为企业高质量发展过程中不可回避的重大现实问题。本文以2010—2019年中国A股上市公司为实证研究样本,实证分析了媒体关注对企业绿色技术创新的实际影响以及内在机理,从异质性合法性的视角分析了不同媒体关注类型(政策类媒体与市场导向型媒体)对企业绿色技术创新的异质性影响,并进一步分析了环境政策不确定性在媒体关注与企业绿色技术创新中的调节效应。研究结果表明:(1)媒体关注对企业绿色技术创新具有显著的促进效应,不管是对企业绿色专利申请还是绿色专利授权都产生显著的正向驱动效应;区分媒体类型,不管是政策导向型媒体还是市场导向型媒体关注都对企业绿色技术创新产生显著的促进效应。(2)机制检验表明,媒体关注通过强化企业社会责任促进企业绿色技术创新,即企业社会责任在媒体关注与企业绿色技术创新之间产生显著的中介效应,且细分企业社会责任内容维度,企业环境责任在媒体关注与企业绿色技术创新之间产生显著的中介效应;调节效应检验结果表明,环境政策不确定性强化了企业绿色创新导向,在媒体关注与企业绿色技术创新之间产生显著的正向调节效应。(3)异质性分析结果表明:媒体关注驱动企业绿色技术创新在大规模企业、强制性披露环境以及市场化环境更弱的地区中更为明显。

Since the 18th CPC National Congress,the concept of green and innovative development has become the guiding ideology to guide the transformation of the whole macroeconomic structure and the innovation and development of micro enterprises.Accordingly,green innovation has also become an important innovation direction of micro enterprises.In essence,green innovation is to give play to the innovation attribute and social environment attribute of enterprise technological innovation and realize the effective integration of economic efficiency orientation and social environment orientation.At the level of innovation orientation,process and output,it not only focuses on the economic effect or economic value under the market logic,but also focuses on the positive impact of innovation on the environment,including resource consumption,resource allocation efficiency Positive externalities and spillovers of knowledge and positive environmental effects on natural environmental pollution emissions.Especially in the high-quality development stage,the value of ecological civilization construction in the whole modernization construction is prominent.Realizing the green technology innovation system guided by sustainable social and environmental value creation and driving China to achieve scientific and technological self-reliance and self-improvement is the key choice to build a socialist modern innovation power.In recent years,scholars have carried out a lot of research around the policy system of green innovation,the driving factors of green innovation and the value effect of green innovation.The existing research on the transmission driving effect of the legitimacy pressure of stakeholders outside the government on enterprise green innovation and transformation,and the research samples for enterprise green technology innovation are also concentrated in small samples.There is a large deviation in the measurement and estimation results of enterprise green technology innovation.Based on the above research gaps,this paper takes China′s A-share listed companies from 2010 to 2019 as the empirical research sample,empirically analyzes the actual impact and internal mechanism of media attention on enterprise green technology innovation based on OLS estimation method,and analyzes the heterogeneous impact of different media attention types(policy media and market-oriented media)on enterprise green technology innovation from the perspective of legitimacy,It further analyzes the regulatory effect of environmental policy uncertainty in media attention and enterprise green technology innovation.The research contribution of this paper lies in:at the theoretical level,on the one hand,based on large sample data,this paper comprehensively investigates the impact of media attention on enterprise green innovation performance,enriches the measurement of enterprise green innovation performance and avoids the bias of estimation results caused by too narrow samples,and investigates the specific effects of different types of media attention heterogeneity legitimacy on enterprise green technology innovation,It expands the current research on the factors driving enterprise green technology innovation based on external environmental regulation.Secondly,from the perspective of corporate social responsibility,the transmission framework of“external legitimacy pressure-corporate green technology innovation”is built,which provides basic empirical evidence for confirming the green sustainable orientation driven by media attention and strengthening the stakeholder network and social support effect of corporate green technology innovation based on corporate social responsibility.The results show that:first,media attention has a significant promoting effect on enterprise green technology innovation,which has a significant positive driving effect on enterprise green patent application and green patent authorization;Distinguishing media types,whether policy oriented media or market-oriented media,has a significant promoting effect on enterprise green technology innovation;Second,the mechanism test shows that media attention promotes corporate green technology innovation by strengthening corporate social responsibility,that is,corporate social responsibility has a significant intermediary effect between media attention and corporate green technology innovation,and subdivides the content dimension of corporate social responsibility.Corporate environmental responsibility has a significant intermediary effect between media attention and corporate green technology innovation;The regulatory effect test results show that environmental policy uncertainty strengthens the orientation of enterprise green innovation,and produces a significant positive regulatory effect between media attention and enterprise green technology innovation,indicating that environmental policy uncertainty in transition countries helps to strengthen the risk seeking attribute of enterprise green innovation.Third,the results of heterogeneity analysis show that media attention drives enterprise green technology innovation is more obvious in large-scale enterprises,mandatory disclosure environment and areas with weaker marketization environment.Based on the above research,this paper has three management and policy implications.First,give full play to the external governance effect and institutional legitimacy transmission effect of media on enterprise green innovation,and optimize enterprise green technology innovation orientation and technology innovation performance based on stakeholder pressure mechanism and signal mechanism.And different types of media have different types of attention.Therefore,for negative corporate social responsibility practices or negative environmental problems derived from enterprises,it is necessary to strengthen the pressure driving mechanism of the regulatory legitimacy of official media,For the positive practice of corporate social responsibility,we need to rely more on the normative legitimacy and signal mechanism under the market incentive to realize the sustainable incentive mechanism construction of enterprise green technology innovation.Second,enterprises need to attach great importance to their own sustainable concept and sustainable value creation,and based on the design of long-term oriented incentive system,promote the better embedding of corporate social responsibility into the enterprise′s technological innovation process and business model innovation,so as to realize the effective integration of green technology innovation strategic orientation and sustainable business model into the enterprise innovation system,Finally,promote the symbiotic development of enterprises and stakeholders.Third,environmental protection supervision and policy-making departments need to formulate environmental policies for the region according to time and place,avoid the pressure of enterprise green transformation and upgrading caused by excessive enterprise uncertainty,and maintain the dynamic balance between short-term operation pressure and long-term transformation.