信息不对称对企业绿色创新影响——基于管理层非理性特征

On the Impact of Information Asymmetry on Corporate Green Innovation Based on the Irrational Characteristics of Management

基于2012年—2021年A股上市企业数据,实证检验信息不对称对企业绿色创新的影响。基准回归结果表明,企业内外部的信息不对称显著抑制企业绿色创新水平的提高;管理层风险偏好与绿色认知在信息不对称与企业绿色创新中发挥显著的负向调节作用;信息不对称可以通过管理层过度自信抑制企业绿色创新。进一步分析结果表明,在信息不对称环境下,非国有、两职合一企业的绿色创新活动被抑制得更为严重。

Based on the data of A-share listed companies from 2012 to 2021,this paper empirically tests the impact of information asymmetry on corporate green innovation.The results of the benchmark regression show that information asymmetry significantly inhibits the green innovation level of enterprises;management risk preference and green cognition play a significant negative moderating role in information asymmetry and enterprise green innovation.Information asymmetry can inhibit corporate green innovation through management overconfidence.Further analysis results show that under the environment of information asymmetry,the green innovation activities of non-state-owned and two-inone enterprises are more severely inhibited.