企业绿色创新与股票流动性:基于风险补偿视角

Company Green Innovation and Stock Liquidity:From the Perspective of Risk Compensation

坚持市场导向是新时代构建现代环境治理体系的基本原则之一,也是顺利实现绿色创新战略目标的基本要求。已有关于绿色创新促进机制的研究多聚焦于外部利益相关者的制度合法性压力,以及组织内部资源和能力方面,而作为支持企业绿色转型的重要制度安排,资本市场能否运用价值信号为企业提供绿色创新补偿是值得深入探讨的问题。在信号传递理论框架下,基于风险补偿视角,以股票流动性为切入点,选取2007年至2022年中国A股制造业上市企业为研究样本,将为企业带来技术升级和竞争优势的高质量绿色发明型专利授权行为认定为实质性绿色创新,将为追求速度和数量的低水平绿色实用新型专利授权行为认定为策略性绿色创新,系统考察企业实质性绿色创新和策略性绿色创新在资本市场中的表现及其差异,并进一步分析该微观影响的异质属性、潜在作用渠道、动量提供者和外部基础条件。研究结果表明,无论是企业实质性还是策略性的绿色创新均能显著提升其股票流动性,与策略性绿色创新相比,实质性绿色创新对股票流动性的提升作用更为明显;异质性分析表明,当企业信息透明程度低和内部控制质量高时,绿色创新的风险补偿效应更为显著;机制检验表明,企业绿色创新通过内部信号“提高环境信息披露质量”和外部信号“吸引媒体环境报道”双渠道强化了市场对其绿色发展的正面预期,进而提升其股票流动性;流动性来源检验表明,散户交易者是绿色创新提升股票流动性的主要提供者;进一步分析发现,金融科技是赋能企业提升绿色创新风险补偿绩效的重要外部基础条件。研究结果揭示了绿色创新的风险补偿效应,对于找准刺激企业自主开展绿色创新的发力点、充分发挥市场导向配置创新资源,以及促进“以金融助实体、以改革促发展”长期目标的实现具有重要的理论和现实意义。

Adhering to market orientation is a fundamental principle for establishing a modern environmental governance system and driving green innovation in the new era.However,existing study on green innovation promotion primarily emphasizes external stakeholder pressures for system legitimacy and internal organizational resources and capabilities.Therefore,as an important institutional arrangement to support company green transformation,whether the capital market can use value signals to provide company green innovation compensation is issues worthy of in-depth discussion.Under the theoretical framework of signal transmission and focusing on risk compensation,the study takes stock liquidity as the breakthrough point,examines the performance and distinctions between substantial and strategic green innovation in manufacturing listed companies on the Chinese A-share market from 2007 to 2022.Substantial green innovation is defined as the"high-quality"grant behavior of green invention patents that contributes to technological upgrading and competitive ad-vantage for companies.Strategic green innovation,on the other hand,refers to the"low-level"grant behavior of green utility model patents that prioritize speed and quantity.The study systematically investigates the differences in performance between these two types of green innovation in the capital market and analyzes their heterogeneous attributes,potential action channels,sources of momentum,and external conditions.This study reveals several key findings.First,both substantial and strategic green innovation significantly enhance stock liquidity,with substantial green innovation exhibiting a more pronounced effect.Second,the analysis of heterogeneity indicates that the risk compensation effects of green innovation are particularly notable in cases of lower information transparency and higher internal control quality.Third,the channel analysis highlights that company green innovation reinforces positive market expectations through internal signals such as"improving the quality of environmental information disclosure"and external signals like"attracting media environment coverage",consequently bolstering stock liquidity.Furthermore,the invest-igation on liquidity sources indicates that individual investors play a primary role in driving the enhancement of stock liquidity through green innovation.Additionally,the study unveils that fintech serves as a crucial external condition,empowering companies to improve the risk compensation performance of green innovation.This study highlights the risk compensation effect of company green innovation,which is of great theoretical and practical importance in stimulating independent green innovation within companies.It supports the market-oriented allocation of innovation resources and contributes to achieving the long-term goal of"assisting entities through finance and promoting development through reform."