双维异质亲环境创新与企业价值新质成长--基于环境社会共治的分析

Two-dimensional heterogenous pro-environmental innovation and new qualitative growth of enterprise value--Analysis based on environmental and social co-governance

新质生产力思想及环境社会共治理念,要求企业价值成长恪守创新驱动与绿色底色。亲环境创新作为企业高质量发展创新性要素的绿色配置,是实现新质生产力跃迁的重要途径。考虑到企业亲环境创新践行的异质性,分别探讨工具型和规范型亲环境创新对企业价值新质成长的影响机制,揭示市场竞争力和融资约束在其关系中的内在影响机理,并研究了媒体关注在上述关系中的调节作用。基于中国沪深A股中制造业上市公司微观数据,研究发现:①工具型亲环境创新、规范型亲环境创新均能促进企业价值新质成长,但前者更有利于提升经济价值,后者更倾向于改善环境价值;②市场竞争力和融资约束,在亲环境创新与企业价值新质成长关系的不同维度间均起到一定的中介作用,相较而言,前者更多地发挥部分中介效应,后者则主要表现为完全中介;③媒体关注能够有效引发公众监督力、激发流量导向,在亲环境创新与企业价值新质成长的关系中,发挥显著的正向过程调节作用。研究结果揭示了异质性亲环境创新对企业价值新质成长的多维影响机理、内在机制和边界条件,对环境社会共治企业高质量发展具有一定启示。

The idea of new quality productivity and the concept of environmental and social co-governance require the growth of enterprise value to abide by innovation-driven and green background.As the green allocation of innovative elements of high-quality development of enterprises,pro-environmental innovation is an important way to achieve a leap in new quality productivity.Considering the heterogeneity of the practice of corporate pro-environmental innovation,this paper explores the influencing mechanism of instrumental and normative pro-environmental innovation on the new qualitative growth of enterprise value,reveals the intrinsic influence mechanism of market competitiveness and financing constraints in the relationship,and studies the moderating role of media attention in the above relationship.Based on the micro data of China’s Shanghai and Shenzhen A-share manufacturing listed companies,the results show that:①Both instrumental and normative pro-environmental innovation can promote the qualitative growth of enterprise value,but the former is more conducive to enhancing economic value,while the latter is more inclined to improve environmental value;②Market competitiveness and financing constraints play a certain mediating role in different dimensions of the relationship between pro-environmental innovation and the new qualitative growth of enterprise value,and the former plays more of a partial intermediary effect,while the latter mainly shows a complete mediation;③Media attention can effectively trigger public supervision and stimulate flow-oriented,and play a significant positive process moderating effect in the relationship between pro-environmental innovation and the new qualitative growth of corporate value.The results reveal the multi-dimensional influence mechanism,internal mechanism and boundary conditions of heterogeneous pro-environmental innovation on the new qualitative growth of enterprise value,and have certain implications for the high-quality development of environmental-social co-governance enterprises.