企业绿色创新与企业价值研究:影响效果及机制检验

Enterprise Green Innovation and Corporate Value Research:Influence Effect and Mechanism Inspection

以沪深A股2007-2021年上市公司为研究样本,实证检验了企业绿色创新对企业价值的影响及其作用机制。研究发现:企业绿色创新对企业价值具有显著的正向作用。进一步机制检验表明,企业进行绿色创新能够缓解企业融资约束,获得更多的媒体关注,从而提高公司的价值。采用Bootstrap法和滞后一期解释变量进行稳健性检验,结论一致。进一步研究发现,企业内部控制质量和企业社会责任在企业绿色技术创新对企业价值的影响过程中产生调节效应,内控质量高的企业进行绿色技术创新对该企业价值的正向影响越强;社会责任表现水平高的企业进行绿色创新更能显著提升其价值。

This article uses the Shanghai and Shenzhen A-share 2007-2021 listed companies as a research sample,which empirical testing the impact of green innovation and its mechanism for corporate value and its action mechanism.Studies have found that green innovation has a significant positive effect on corporate value.Further mechanism inspection shows that green innovation in enterprises can alleviate corporate financing constraints and gain more media attention,thereby increasing the company's value.The Bootstrap method and the lagging interpretation variable were used to test the stable test,and the conclusions were consistent.At the same time,further research has found that internal control quality and corporate social responsibility have a regulatory effect on the impact of corporate green technology innovation on corporate value.Enterprises with higher internal control quality,the stronger the positive impact of green technology innovation on the value of the enterprise;Enterprises with high social responsibility performance levels can significantly increase their value.