绿色创新对企业投资效率的影响研究

Research on the Impact of Green Innovation on Corporate Investment Efficiency

在我国致力于实现“碳达峰”“碳中和”目标的背景下,绿色创新作为一种新型创新技术,对企业实现高质量发展及可持续发展至关重要。本文以2012—2021年我国A股上市公司为研究样本,实证检验绿色创新对企业投资效率的影响及融资约束与代理问题在其中的作用机制。研究发现,绿色创新能显著提高企业的投资效率,具体表现为抑制过度投资与缓解投资不足。机制检验发现,绿色创新能通过缓解融资约束与降低代理问题两条路径,提高企业的投资效率。异质性分析发现,在非重污染行业以及东部地区,绿色创新对投资效率的提升作用更显著。本文研究有助于推动企业与经济社会可持续发展。

Against the backdrop of China's commitment to achieving the"carbon peak and carbon neutrality"goals,green innovation,as a novel innovative technology,is crucial for enterprises to achieve high-quality and sustainable development.This paper empirically examines the impact of green innovation on corporate investment efficiency using a sample of A-share listed companies in China from 2012 to 2021.It also explores the roles of financing constraints and agency costs in this process.The study finds that green innovation significantly improves corporate investment efficiency,specifically by curbing over-investment and alleviating under-investment.Mechanism tests reveal that green innovation enhances investment efficiency through two pathways:mitigating financing constraints and reducing agency problems.Heterogeneity analysis indicates that the positive impact of green innovation on investment efficiency is more pronounced in non-heavily polluting industries and in the eastern regions of China.This research contributes to promoting sustainable development for enterprises and the broader economy and society.