Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Research on the Impact of BYD Group’s Green Innovation on Corporate Financial Performance under the Background of“Dual Carbon”

With the increasingly severe global climate change problem,the“dual carbon”goals(peak carbon emissions and carbon neutrality)have become a common focus of international attention.The report of the 20th National Congress of the Communist Party of China clearly emphasizes the need to accelerate the green transformation of development models,implement comprehensive strategies for frugal development,support the growth of green and low-carbon industries,and promote the concept of green consumption.At the same time,“Made in China 2025”also elaborates on the strategic concept of innovation-driven and green development centered,and strives for breakthroughs in key industries such as new energy vehicles.In such a macro environment,adopting green innovation measures by enterprises not only contributes to ecological protection but also has an undeniable impact on their economic performance and overall value.This article takes BYD Group as a case study to explore in detail the positive effects of green innovation on its economic performance.We first systematically organized and analyzed BYD’s specific practices in green innovation;Then,by examining three key financial indicators,BYD’s current financial situation was analyzed in depth;On this basis,combined with research data,the positive impact of green innovation on BYD’s financial performance was revealed;Finally,based on the analysis results,relevant suggestions are proposed to provide reference for the sustainable development of enterprises in the context of“dual carbon.”

Corporate Social Responsibility Practices in Hong Kong Green Minibus Industry

Green Mini Bus is one of the popular public transport modes. Research provided comprehensive literature to the Corporate Social Responsibility （hereafter called ＂CSR＂） issue in Green Mini Bus industry. After comparing different CSR models, the stakeholder view approach is selected for the research in order to evaluate the performance of the operator. The CSR performance of the operator could not satisfy the stakeholders. The effort made by the operator itself could not solve all problems. The government plays a determinant role of CSR performance in Green Mini Bus industry. Recommendations would be made for problem solving and future development for the company. Academic and managerial implications are provided in the study.

Corporate Social Responsibility and Green Innovation-The Mediating Effect of Financing Constraints

Green innovation has become a strategic direction for the country and enterprises,and it is an important facet in achieving high-quality economic development.Whether corporate social responsibility(CSR),as a key competitive strategy for achieving sustainable economic development,can promote corporate green innovation and the path of evolution has become a hot topic of current research.This paper takes Chinese manufacturing A share listed companies as its sample and uses Stata sofware to conduct regression analysis to test the relationship between CSR,financing constraints,and green innovation,respectively.It further distinguishes the sample into different technological properties and different regions to study the degree of differentiation of the mediating effect on financing constraints.The results show that CSR can not only directly promote corporate green innovation,but that it also can further positively influence corporate green innovation by alleviating financing constraints.Financing constraints play a mediating role in the relationship between CSR and green innovation,especially in enterprises with strong innovation demand and in regions with high levels of regional economic development.The findings enrich the research perspective on the relationship between CSR and green innovation and provide realistic data support for subsequent studies.

Do companies influenced by smart cities pay more attention to green governance?Mechanism and optimal spatial correlation

Smart cities are a way for China to construct an innovative and environmentally conscious nation.The paper examines the impact of smart cities on corporate green governance and provides a theoretical foundation for formulating and executing smart city policy in China.Based on panel data from Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2020,this study constructs a multiperiod double-difference model to examine the influence of smart cities on corporate green governance.Additionally,it uses a spatial double-difference model to investigate the spatial spillover effect of smart cities on neighboring areas.The findings indicate that smart cities effectively enhance corporate green governance.Analyzing the influencing mechanisms reveals that resource allocation efficiency,technological innovation,management environmental awareness,and regional environmental enforcement efforts act as mediators.Furthermore,the study reveals that the impact of smart cities on promoting corporate green governance is more pronounced in regions with lower levels of marketization and resource-based cities.Moreover,the research explores the spatial spillover effects of smart cities,with an effective radius of approximately 350 km.The optimal spatial correlation zone for green governance of businesses in neighboring areas in relation to smart cities is within a range of 250-350 km.This is manifested by the significant promotion of green governance in neighboring area businesses facilitated by smart cities.

ESG信息披露双元动机对企业绿色创新绩效的影响——绿色形象的中介作用与价值认知的调节作用

ESG信息披露是驱动企业绿色创新发展的重要动力。由此,如何通过激发企业ESG信息披露动机促进其绿色创新绩效提升引起学界关注。基于动机理论、信号传递理论与环境心理学理论,构建ESG信息披露双元动机、绿色形象、价值认知与绿色创新绩效关系概念模型,以绿色形象为中介变量,以管理层价值认知为调节变量,探讨ESG信息披露双元动机对企业绿色创新绩效的作用机制。通过对254份企业问卷调查数据进行实证分析,结果发现:ESG信息披露的利己性动机与利他性动机对企业绿色创新绩效具有显著正向影响;绿色形象在ESG信息披露双元动机与企业绿色创新绩效间发挥中介作用;价值认知正向调节ESG信息披露双元动机与绿色创新绩效的关系。结论可为企业绿色创新提供指导,为政府制定ESG信息披露政策提供参考。

高管绿色认知对企业漂绿行为的影响——兼论女性高管的调节作用

“漂绿”行为的扩散正在阻碍我国实现绿色发展的目标,而企业作为市场的重要参与者,在环境保护中产生关键作用,尤其是高管绿色认知可能对企业的漂绿行为产生积极的抑制作用。以重污染行业上市公司2012—2022年的数据为研究样本,实证检验了高管绿色认知对企业漂绿行为的影响。研究结果表明,高管绿色认知能够显著抑制企业漂绿行为,该结论经过一系列稳健性检验后依然成立;女性高管的参与在高管绿色认知对企业漂绿行为的抑制中发挥了强化作用;异质性分析结果表明,在低行业竞争度和低审计质量的企业中,高管绿色认知对企业漂绿的抑制作用更加明显。

数字化转型对企业环境绩效影响的实证研究——兼论环境信息披露的调节作用

选取2007—2022年我国沪深A股上市企业作为研究对象,实证考察了数字化转型对企业环境绩效的影响及其作用机制,并分析环境信息披露的调节作用。研究发现:数字化转型有助于提升企业环境绩效,环境信息披露发挥了正向调节作用。作用机制分析表明,数字化转型对企业环境绩效的助力作用主要是通过政府环保补助和绿色技术创新得以实现的。此外,基于产权性质、企业行业属性、企业技术特征的异质性分析发现,在国有企业、重污染企业、高新技术企业中企业环境绩效的提升与数字化转型有着密切的联系。研究结果可为企业更好地利用数字化转型赋能生态文明建设、实现国家经济社会发展的全面绿色转型等提供决策参考。

供应链集中度视角下ESG表现对企业经营风险的影响研究

本文以2012—2022年度中国A股上市公司数据为基础,对企业ESG表现对经营风险之间的作用及供应链集中度的中介效应分析进行探讨。研究显示,ESG表现与经营风险之间存在明显联系,这一结论也得到进一步的稳健性检验。影响ESG表现的关键因素是供应链集中度,ESG业绩有效降低运营风险的关键路径是降低供应商和客户集中度。企业要将ESG融入核心战略,政府应该出台相应的ESG标准和奖励办法,为企业的可持续发展保驾护航。本文对企业行为、优化政策和推动经济系统健康发展具有一定的参考意义。

Digital Transformation, Market Competition, and Corporate Green Technology Innovation

This paper selects China's A-share listed companies from 2012 to 2021 as the research sample and explores the impact of digital transformation on corporate green technology innovation and the moderating role of corporate competitive position in this relationship.The research findings are as follows:Digital transformation plays a significant role in promoting corporate green technology innovation.The improvement of corporate competitive position weakens the promoting effect of digital transformation on corporate green technology innovation.The moderating effect of the corporate competition position is more pronounced in the enterprises of the eastern and western regions,as well as in the listed companies in the manufacturing industry.The promoting effect of digital transformation on utility model patent innovation is dramatically attenuated when the corporate competitive position is strengthened.However,the weakening effect on invention patent innovation is not statistically significant.

ESG责任履行对企业风险的影响研究

ESG责任履行是“双碳”目标框架的应有之义,更是企业防范化解金融风险、绿色发展提质增效的必由之路。基于2009—2020年中国A股上市公司样本,构建双重固定模型实证检验了ESG责任履行对企业风险的影响。研究发现:ESG责任履行和企业风险之间存在显著的U形关系,其中该U形关系在社会责任和公司治理维度、非国际“四大”会计师事务所审计的企业和处在成熟期和衰退期的企业中更加显著。进一步研究发现:融资约束和代理冲突在ESG责任履行和企业风险的U形关系中发挥传导作用;同时,分析师关注度和机构投资者持股比例可以负向调节ESG责任履行与企业风险二者之间的U形关系;而ESG评级不确定性和“漂绿”策略会抑制ESG责任履行的风险防治作用。据此,应构建并完善与我国国情相适应的ESG信息披露制度,引导企业适度履行ESG责任,在ESG转型过程中注重内部监管和风险管控,助力经济绿色转型深入推进。

ESG表现如何赋能企业绿色技术创新?--来自中国上市公司的微观证据

经济新发展阶段下ESG是可持续导向下企业运营的重要理念。在绿色发展导向下,如何将企业环境、社会与公司治理(ESG)等多重责任嵌入到企业创新体系之中,驱动传统创新向绿色创新与绿色发展转型,成为了学界关注的焦点议题。本文以2011年—2019年中国沪深A股上市公司为研究样本,考察了上市公司ESG表现对企业绿色技术创新的影响及其内在作用机制。研究结果表明:(1)企业ESG表现驱动了企业绿色技术创新,对企业绿色技术创新具有显著的促进效应,在考虑内生性问题后研究结论依然稳健;区分ESG表现各类维度,企业环境责任、社会责任与公司治理表现对企业绿色技术创新均产生显著的促进效应。(2)内在机制检验结果表明,ESG表现主要通过强化企业环保投入、缓解企业融资约束以及提高企业内部控制质量以促进企业绿色技术创新。(3)调节机制检验结果表明,外部环境规制(环保补助与排污收费)与内部高管激励(薪酬激励与股权激励)在ESG表现与企业绿色技术创新之间产生显著的正向调节效应,即在ESG表现驱动企业绿色技术创新过程中,外部环境规制与内部高管激励制度具有外部的资源补偿效应、合法性倒逼效应以及内部激励效应。(4)异质性分析结果表明,ESG表现对企业绿色技术创新的驱动效应在国有企业、通过国际ISO14001环境认证企业与制造业企业中更为明显。而且经济效应检验结果表明,ESG表现驱动企业绿色技术创新有助于企业改善经济绩效。本研究为绿色发展导向下强化企业ESG理念,基于可持续导向与企业社会责任融入企业创新体系驱动企业绿色转型发展,最终实现企业与社会环境的共生融合发展提供政策启示。

ESG评级是否促进了企业绿色技术创新——来自中国上市公司的微观证据

绿色技术创新是实现碳达峰和碳中和目标的关键驱动力,企业如何利用好ESG提升绿色技术创新水平是当前热门话题。基于商道融绿首次公布上市公司ESG评级事件的准自然实验,以2010—2020年沪深A股上市公司为样本,采用多期双重差分法实证检验ESG评级对企业绿色技术创新的影响。研究结论如下:整体上看,ESG评级事件能显著提升企业绿色技术创新数量和质量,且该结论在平行趋势检验、动态性检验、内生性讨论以及一系列稳健性分析后仍然成立。同时,ESG评级分值越高,企业绿色技术创新水平也越高,但随着ESG评级分值不确定性程度的提高,其对企业绿色技术创新水平的提升作用也有所削弱。通过异质性探究发现,ESG评级更能诱发污染行业和处于成长期、衰退期的企业绿色技术创新水平;位于环境规制较强和市场化程度较高地区的企业,ESG评级对企业绿色技术创新水平影响的边际效应更大。从机制分析结果来看,ESG评级通过降低代理成本、缓解融资约束以及提高管理层环保意识三条途径提升企业绿色技术创新水平。本文拓展了ESG评级经济后果的相关研究,在理论上为第三方评级机构在促进企业绿色技术创新方面的作用提供了新的视角,在实践上为上市公司主动进行ESG评级、投资者利用ESG评级进行决策、政府部门完善ESG评级体系提供了经验依据。

绿色金融、数字化转型与企业ESG表现

本文以2013—2021年沪深两市A股上市公司为研究对象,揭示绿色金融、数字化转型与企业ESG表现的关系。研究发现,绿色金融总体上促进企业ESG表现提升,但二者间并非线性关系,而是呈现动态的“潜力滞后—缓慢释放”的非线性变化轨迹。绿色金融发展对数字化转型的影响具有非线性特征,数字化转型在绿色金融与企业ESG表现间起中介作用,但这种中介作用体现为遮掩效应;数字化转型导致绿色金融对企业ESG的推动作用是非线性的,随着数字化转型提升,绿色金融对企业ESG表现的促进作用缓慢释放。进一步分析发现,绿色金融对企业ESG表现的促进作用在信息不对称较低组、金融基础较高组、重污染行业与国有企业中更显著;绿色金融同群效应显著促进企业ESG表现提升;ESG表现同群效应显著改善环境绩效,但对财务绩效短期无显著影响。

智慧城市建设对企业绿色创新的影响——基于准自然实验的实证研究

基于2007—2020年A股上市公司与地级市的年度面板数据,运用多期双重差分法实证检验智慧城市试点政策对企业绿色创新的影响,研究发现:(1)智慧城市试点政策显著提升了企业绿色创新数量和绿色创新质量,且该结论经过PSM-DID及安慰剂等一系列稳健性检验后依然成立;(2)智慧城市试点政策通过增强城市财政支持、缓解企业融资约束进而促进企业绿色创新的“增量提质”;(3)微观层面异质性分析结果表明,智慧城市试点政策对成长期、非重污染企业绿色创新的“增量提质”作用更显著;宏观层面表明,试点政策对企业绿色创新的“增量提质”效应在低市场化进程、东中部地区企业中更加明显。

Interconnection of Green Marketing and Green Human Resource Management Functions

Over the globe,we are moving to industrialization,which expands business creation,innovation,and different business exercises.This also expands human comfort,yet in addition,builds its way of life.In any case,on the opposite side,it likewise increments environmental danger that came about biological dangers to person.This article highlights the importance of green HRM practices for effective green marketing.The green human asset(the executives)has to make green mindfulness among the new ability and the current representative working for the association,energize their workers for helping the association to lessen the reasons for ecological debasement through green development,green projects and practices,hold the assets for the group of people yet to come.Based on extensive literature review,it is found that green HRM can create readiness,motivation and pledge to workers to contribute their endeavors and thoughts to the greening of their association for real reflection to the consumers in endeavors to cope with green skepticism and greenwash for effective green marketing and corporate social identity.

数字金融的绿色效应:数字普惠金融与企业绿色技术创新

在新发展理念下,基于绿色导向与创新导向系统实现企业的绿色技术创新成为企业绿色转型与创新驱动发展的重要突破口。本文选取中国沪深A股上市公司数据,考察了数字普惠金融对企业绿色技术创新的具体影响效应及其机制。研究结果表明:数字普惠金融及其覆盖广度、使用深度和数字化程度均显著促进企业绿色技术创新,数字普惠金融主要通过提高企业创新投入、降低企业风险水平以及增强企业治理水平的三重机制促进企业绿色技术创新,数字普惠金融对企业绿色技术创新的促进效应在融资约束程度高与市场化程度低地区的企业中更为明显。因此,政府要深化金融供给侧结构性改革,推动数字普惠金融发展;企业要高度重视数字普惠金融的赋能效应,完善数字普惠金融助力企业绿色技术创新的协同机制,通过实施绿色技术创新战略实现企业绿色低碳转型升级。

红色文化与企业绿色创新——基于国家级烈士纪念设施地理位置数据的研究

基于制度理论,并基于277个国家级烈士纪念设施的地理位置数据,以2009—2020年中国沪深两市A股上市公司为研究样本,实证检验了红色文化对企业绿色创新的影响。研究发现:红色文化能够显著促进企业绿色创新,而外来文化的冲击和正式制度环境的完善会削弱红色文化对企业绿色创新的促进作用。机制检验表明:管理者的绿色创新意识和奉献精神是红色文化促进企业绿色创新的两条作用机制。进一步研究发现:红色文化对企业绿色创新的促进作用在国有企业和所在地公众环保意识更强的企业中更显著,而企业所属行业是否亲近消费者对此促进作用的影响并未有显著不同。研究结论从微观企业角度揭示了红色文化对企业绿色创新影响的作用机理,为解决红色文化“本体论”困境提供了理论支持与经验证据,亦为政府部门重视红色文化等非正式制度的社会治理功能提供了管理启示。

地区空气污染的“压力”与企业绿色转型的“动力”——基于城市PM2.5和公司并购的实证发现

地区空气污染会影响域内各类市场主体行为,包括微观企业决策。碳达峰、碳中和的提出要求各地加强空气污染治理,推动企业绿色转型,而绿色并购是企业绿色转型的重要方式。利用2013—2018年我国A股上市的污染企业发起的并购为样本,并手动搜集整理确定绿色并购样本,实证研究地区空气污染对域内企业绿色转型的影响。研究发现,地区空气污染加剧会提升域内污染企业绿色并购的意愿。在此基础上,通过并购前后企业信息披露质量和社会责任承担变化,研究发现地区空气污染加剧下的企业绿色转型并非源于自主绿色转型发展的内生“动力”,更多是外部“压力”下的“工具主义”行为。从影响路径来看,地区空气污染引致的压力会通过行业竞争和融资约束这两个途径影响污染企业绿色转型的“动力”。最后,异质性检验发现在市场化程度高和非国有企业样本,地区空气污染加剧对企业绿色并购的促进作用更为显著。

固定资产加速折旧政策与企业环境社会责任表现

环境资源问题可能制约我国经济可持续发展,而税收政策能够调节经济健康发展、引导企业行为。本文以2010—2019年我国A股上市公司为样本,运用交叠双重差分模型检验了固定资产加速折旧政策变革对企业环境社会责任表现的影响。研究发现,固定资产加速折旧政策有效提升了企业环境社会责任表现;作用渠道探索显示,固定资产投资与绿色研发活动是上述影响发挥作用的重要渠道;异质性分析结果显示,固定资产加速折旧政策对于劳动密集型企业、衰退期企业、位于中西部地区企业和污染行业企业环境社会责任表现的提升效果更为明显。本研究对于引导企业参与环保行为、促进环境社会责任表现具有一定的现实意义。