企业绿色转型、创新投入与企业成长性的关系研究———基于我国A股上市重污染行业企业数据

A Study on the Relationship between Corporate Green Transformation,Innovation Investment,and Firm Growth

企业成长性对于企业制定未来的发展战略具有重要意义。在经济社会全面绿色转型的关键时期,企业应切实承担起绿色发展的社会责任,研究企业绿色转型对企业成长性的影响机制,具有一定的现实意义。以2016-2020年沪深A股重污染行业179家上市公司作为研究样本,实证分析了企业绿色转型对企业成长性的影响,同时加入了创新投入对二者关系的调节效应。研究发现,企业绿色转型对企业成长性具有显著的负向影响;创新投入有效抑制了企业绿色转型对企业成长性的负向影响,起到正向的调节作用。通过对产权性质、地区差异性、企业规模等异质性分析,相对位于非一线城市企业、民营企业和小规模企业来说,一线城市企业、国有企业和大规模企业创新投入对二者负相关关系的正向调节作用更为显著。研究成果进一步丰富和拓展了关于企业成长性影响因素的研究,对如何处理企业绿色转型与企业成长性之间的关系,提高重污染行业企业成长性及促进绿色转型提供一定依据,同时也可以为上市公司切实承担起经济社会全面绿色转型的社会责任提供一定参考和借鉴。

Business growth holds critical significance in shaping its future development strategies.During a crucial phase of comprehensive economic and societal green transformation,companies are tasked with earnestly embracing the social responsibility of fostering sustainable practices.Investigating the influence mechanisms of enterprise green transformation on a company's growth bears practical significance.This study utilizes data from 179 listed companies in heavily polluting industries within the Shanghai and Shenzhen A-Share markets between 2016 and 2020 to empiri-cally analyze the impact of corporate green transformation on a company's growth.Additionally,it incorporates the moderating effects of innovation investment on the relationship between these factors.The study unveils a notable neg-ative impact of corporate green transformation on a company's growth.However,it indicates that innovation invest-ment effectively mitigates this adverse effect,thereby serving as a positive regulatory factor.Heterogeneity analysis involving property rights,regional disparities,and company sizes suggests that for companies located in non-first-tier cities,privately owned enterprises,and small-scale businesses,the positive regulatory effect of innovation in-vestment on the negative relationship between these factors is less pronounced compared to companies situated in first-tier cities,state-owned enterprises,and large-scale businesses.These research findings further enrich and expand the exploration of factors influencing a company's growth.They offer insights into handling the relationship between corporate green transformation and a company's growth,aiming to provide a foundation for enhancing the growth of companies in heavily polluting industries and fostering green transformation.Additionally,they offer guidance for lis-ted companies in effectively embracing their social responsibility for comprehensive economic and societal green transformation.