CEO公共环保经历多样性与企业绿色技术创新

Green Effect of Public Experience:CEO Public Environmental Protection Experience Diversity and Enterprise Green Technology Innovation

新发展阶段下如何驱动经济绿色转型与微观企业的高质量发展成为实现生态文明以及建设科技创新强国的必由之路。企业绿色技术创新顺应了创新与绿色的新发展理念,如何驱动企业绿色技术创新成为学界热议的研究话题,既有的研究对战略决策视角下高管可持续导向与战略驱动的绿色创新决策呈现出较大程度上的忽视。基于2007—2019年中国沪深A股上市公司为研究样本,实证分析了CEO公共环保经历多样性对企业绿色技术创新的影响及其内在影响机理。结果表明:(1)CEO公共环保经历多样性对企业绿色技术创新产生显著地驱动效应,即CEO公共价值与环境保护价值导向的经历越丰富,对企业绿色技术创新的驱动效应更强,在考虑内生性问题后研究结果依然成立;(2)传导机制检验结果表明,企业社会责任与环保投资在CEO公共环保经历多样性与企业绿色技术创新之间产生部分中介效应,即公共环保经历通过利益相关方价值回应与资源配置两种路径改善企业绿色技术创新绩效;(3)调节效应检验结果表明,外部环境规制中的约束型政府规制与激励型政府规制分别在CEO公共环保经历多样性与企业绿色技术创新之间分别产生替代效应与协同互补效应,且考虑政治关联,中央政治关联背景下在CEO公共环保经历多样性对企业绿色技术创新产生正向促进效应,但是地方政治关联产生负向抑制效应;(4)异质性分析结果表明CEO公共环保经历多样性对技术密集型企业、大规模企业与非国有企业的绿色技术创新驱动效应更为明显。

Since the 19th National Congress of the Communist Party of China,the"Two Mountains Theory"has re-ceived unprecedented attention from the Party Central Committee and governments at all levels.The report of the 19th Na-tional Congress of the Communist Party of China further proposed to build a market-oriented green technology innovation system.In the new development stage,how to drive the green economic transformation and the high-quality development of micro enterprises has become the only way to realize ecological civilization and build a powerful country with scientific and technological innovation.Enterprise green technology innovation conforms to the new development concept of innovation and green.How to drive enterprise green technology innovation has become a hot research topic in academic circles.The existing research shows a great degree of neglect of executive sustainable oriented and strategy driven green innovation deci-sion-making from the perspective of strategic decision-making.Based on the research sample of A-share listed companies in Shanghai and Shenzhen from 2007 to 2017,this paper em-pirically analyzes the impact of CEO public environmental protection experience diversity on enterprise green technology in-novation and its internal impact mechanism.On the one hand,expand the research sample of green technology innovation,build a large sample of enterprise green technology innovation based on the perspective of enterprise green patents,compre-hensively investigate the impact of CEO's diversity of public environmental protection experience on enterprise green tech-nology innovation from the perspective of senior executives'strategic decision-making,and enrich the bias of existing re-search on enterprise green innovation measurement or the drawbacks of too narrow sample.On the other hand,it enriches the antecedents of enterprise green technology innovation from the perspective of strategic decision-making,constructs the theoretical logic transmission framework of"senior executives'sustainable orientation-corporate social responsibility-en-terprise green technology innovation",and further enriches the traditional research on the driving effect of external institu-tional legitimacy pressure on enterprise green technology innovation from the perspective of organizational institutionalism.The research finds that:(1)CEO's diversity of public environmental protection experience has a significant driving effect on corporate green technology innovation;(2)The results of the transmission mechanism test show that corporate social re-sponsibility and environmental protection investment have a partial intermediary effect between the diversity of CEO's public environmental protection experience and corporate green technology innovation;(3)The results of the regulation effect test show that the restrictive government regulation and the incentive government regulation in the external environmental regula-tion produce the substitution effect and the synergistic complementary effect respectively between the diversity of CEO's pub-lic environmental protection experience and the enterprise's green technology innovation;(4)The results of heterogeneity analysis show that the diversity of CEO's public environmental protection experience has more obvious driving effect on green technology innovation of technology intensive enterprises,large-scale enterprises and non-state-owned enterprises.The policy and management implications of the study mainly focus on two levels.First,for enterprises,they attach great importance to the strategic value of green transformation and green innovation in the new development stage.In this process,they need to effectively promote the transformation of traditional innovation system to green technology innovation system with sustainable strategic orientation from the strategic decision-making level of senior executives,optimize the con-struction of enterprise green innovation management system,and give better play to the strategic decision-making value of strategic decision-makers under the principal-agent problem.Secondly,the sustainable orientation of enterprises is an impor-tant cognitive basis for the transformation of the enterprise innovation system to a green oriented sustainable innovation sys-tem.Under the background of the unprecedented strengthening of green development oriented regulation in the current exter-nal institutional environment,enterprises need to pay more attention to the concept of green environmental value creation for stakeholders.Second,for the government,the external system can better play the role of regulation,guidance and gover-nance of enterprise green technology innovation.For the negative environmental problems arising from the negative corpo-rate social responsibility practices or the production and operation of enterprises,it is necessary to strengthen the construc-tion of the negative list system of environmental regulation,give play to the binding effect of external formal systems and regulations,and rely more on the government environmental subsidies under industrial policies for the positive behavior of enterprises to carry out green innovation to generate environmental value,the construction of sustainable incentive mecha-nism for green technology innovation of enterprises is realized by policy incentives under the government.