数量或质量:环境信息披露对绿色创新的影响

刘祎; 尹云龙; 杨旭

doi:10.19571/j.cnki.1000-2995.2024.04.018

PDF(1199 KB)

科研管理 ›› 2024, Vol. 45 ›› Issue (4) : 166-174. DOI: 10.19571/j.cnki.1000-2995.2024.04.018

数量或质量:环境信息披露对绿色创新的影响

刘祎 ¹ ,
尹云龙 ² ,
杨旭 ³

作者信息 +

Quantity or quality: The impact of environmental information disclosure on green innovation

Liu Yi ¹ ,
Yin Yunlong ² ,
Yang Xu ³

Author information +

文章历史 +

摘要

绿色创新是“实现经济发展、减少污染”双赢目标的关键。本文以沪深A股重污染上市公司为样本,从“数量”和“质量”两个视角出发,并结合中介效应模型和调节效应模型,考察环境信息披露对绿色创新的影响。研究发现:环境信息披露在推动绿色创新数量提高的同时,对绿色创新质量产生了抑制效应。作用机制方面,环境信息披露对数量和质量的不同影响是通过诱发企业短期化行为传递的。进一步分析显示,提高管理层能力和加大长期机构投资者持股比例能够对企业绿色创新短期化行为进行纠偏。本文的研究有助于更为全面地理解环境信息披露与绿色创新之间的逻辑关系,并为政府环境治理机制的进一步优化以及提升企业核心竞争力提供实践证据。

Abstract

Green innovation is the key to achieving the win-win goal of fostering economic development and reducing environmental pollution. This paper innovatively took the "green innovation quantity" and "green innovation quality" as different representations of the green innovation. On this basis, we took China's Shanghai and Shenzhen A-share heavy polluting listed companies as a sample, and studied the impact of environmental information disclosure on firms' green innovation by using the mediating effect model and moderating effect model. The results showed that: (1) Environmental information disclosure forces the listed companies to increase the number of green innovations, but reduces the quality of green innovation. This conclusion is still valid after a series of robustness tests. (2) Environmental information disclosure exacerbates short-termism, which crowds out high-quality green innovations. (3) Improving the management ability and increasing the shareholding ratio of long-term institutional investors can correct the green innovation formalism of enterprises. Our results will not only contribute to a more comprehensive understanding of the logical relationship between environmental information disclosure and green innovation, but also provide practical evidence for further optimization of environmental governance and promotion of enterprises' core competitive capability.

导出引用

刘祎, 尹云龙, 杨旭. 数量或质量:环境信息披露对绿色创新的影响[J]. 科研管理. 2024, 45(4): 166-174 https://doi.org/10.19571/j.cnki.1000-2995.2024.04.018

Liu Yi, Yin Yunlong, Yang Xu. Quantity or quality: The impact of environmental information disclosure on green innovation[J]. Science Research Management. 2024, 45(4): 166-174 https://doi.org/10.19571/j.cnki.1000-2995.2024.04.018

中图分类号： F273.4

参考文献

列表( 原文顺序 | 文献年度倒序 | 文中引用次数倒序 ) 可视化分析

[1]	HUANG X, LIU W, ZHANG Z, et al. Quantity or quality: Environmental legislation and corporate green innovations[J]. Ecological Economics, 2023, 204(PB): 107684. 本文引用 [1]

[2]	JIANG LI, BAI YU. Strategic or substantive innovation? The impact of institutional investors' site visits on green innovation evidence from China[J]. Technology in Society, 2022, 68: 101904. 本文引用 [1]

[3]	DING J, LU Z, YU C H. Environmental information disclosure and firms' green innovation: Evidence from China[J]. International Review of Economics & Finance, 2022, 81: 147-159. 本文引用 [1]

[4]	PETRONI G, BIGLIARDI B, GALATI F. Rethinking the Porter hypothesis: The underappreciated importance of value appropriation and pollution intensity[J]. Review of Policy Research, 2019, 36(1): 121-140. 本文引用 [1]

[5]	LUO Y, SALMAN M, LU Z. Heterogeneous impacts of environmental regulations and foreign direct investment on green innovation across different regions in China[J]. Science of the Total Environment, 2021, 759: 143744. 本文引用 [1]

[6]	SHANG L, TAN D, FENG S, et al. Environmental regulation, import trade, and green technology innovation[J]. Environmental Science and Pollution Research, 2022, 29(9): 12864-12874. 本文引用 [1]

[7]	熊广勤, 石大千, 李美娜. 低碳城市试点对企业绿色技术创新的影响[J]. 科研管理, 2020, 41(12): 93-102. XIONG Guangqin, SHI Daqian, LI Meina. The effect of low-carbon pilot cities on the green technology innovation of enterprises[J]. Science Research Management, 2020, 41(12): 93-102. 本文引用 [1]

[8]	XU Y, LIU S, WANG J. Impact of environmental regulation intensity on green innovation efficiency in the Yellow River Basin, China[J]. Journal of Cleaner Production, 2022, 373: 133789. 本文引用 [1]

[9]	BLACKMAN A, LI Z, LIU A A. Efficacy of command-and-control and market-based environmental regulation in developing countries[J]. Annual Review of Resource Economics, 2018, 10: 381-404. 本文引用 [1]

[10]

陈宇科, 刘蓝天, 董景荣. 环境规制工具、区域差异与企业绿色技术创新:基于系统GMM和动态门槛的中国省级数据分析[J]. 科研管理, 2022, 43(4): 111-118.

CHEN

Yuke

, LIU

Lantian

, DONG

Jingrong

. Environmental regulation tools, regional differences and green technology innovation of enterprises: An analysis of China's provincial panel data based on the system GMM and dynamic threshold[J]. Science Research Management, 2022, 43(4): 111-118.

本文引用 [1]

[11]	LUO Y, SALMAN M, LU Z. Heterogeneous impacts of environmental regulations and foreign direct investment on green innovation across different regions in China[J]. Science of the Total Environment, 2021, 759: 143744. 本文引用 [1]

[12]	王营, 冯佳浩. 政府环境信息公开的绿色创新效应研究[J]. 科研管理, 2023, 44(6): 117-125. WANG Ying, FENG Jiahao. A study of the green innovation effect of government environmental information disclosure[J]. Science Research Management, 2023, 44(6): 117-125. 本文引用 [1]

[13]	TAN X, PENG M, YIN J, et al. Does local governments' environmental information disclosure promote corporate green innovations?[J]. Emerging Markets Finance and Trade, 2022 58(11): 3164-3176. 本文引用 [1]

[14]	XIANG X, LIU C, YANG M, et al. Confession or justification: The effects of environmental disclosure on corporate green innovation in China[J]. Corporate Social Responsibility and Environmental Management, 2020, 27(6): 2735-2750. 本文引用 [1]

[15]	许林, 林思宜, 钱淑芳. 环境信息披露、绿色技术创新对融资约束的缓释效应[J]. 证券市场导报, 2021(9): 23-33. XU Lin, LIN Siyi, QIAN Shufang. Slow-release effect of environmental information disclosure and green technology innovation on financing constraints[J]. Securities Market Herald, 2021(9): 23-33. 本文引用 [1]

[16]	SCHERER F M, HARHOFF D. Technology policy for a world of skew-distributed outcomes[J]. Research Policy, 2000, 29(4-5): 559-566. 本文引用 [1]

[17]

竺李乐, 吴福象, 范衍玮. “专利泡沫”与“创新假象”:国有企业民营化改革及其真实创新产出[J]. 山西财经大学学报, 2021, 43(12): 82-95.

ZHU

Lile

, WU

Fuxiang

, FAN

Yanwei

. "Patent Bubble" and "Innovation Illusion": Privatization reform of state-owned enterprises and their real innovation output[J]. Journal of Shanxi University of Finance and Economics, 2021, 43(12): 82-95.

本文引用 [1]

[18]	LANJOUW J O, SCHANKERMAN M. Patent quality and research productivity: Measuring innovation with multiple indicators[J]. The Economic Journal, 2004, 114(495): 441-465. 本文引用 [1]

[19]	黎文靖, 郑曼妮. 实质性创新还是策略性创新?:宏观产业政策对微观企业创新的影响[J]. 经济研究, 2016, 51(4): 60-73. LI Wenjing, ZHENG Manni. Is it substantive innovation or strategic innovation? Impact of macroeconomic policies on micro-enterprises' innovation[J]. Economic Research Journal, 2016, 51(4): 60-73. 本文引用 [1]

[20]	SHA Y, ZHANG P, WANG Y, et al. Capital market opening and green innovation: Evidence from Shanghai-Hong Kong stock connect and the Shenzhen-Hong Kong stock connect[J]. Energy Economics, 2022, 111: 106048. 本文引用 [1]

[21]	AKCIGIT U, BASLANDZE S, STANTCHEVA S. Taxation and the international mobility of inventors[J]. American Economic Review, 2016, 106(10): 2930-2981. 本文引用 [1]

[22]	张杰, 郑文平. 创新追赶战略抑制了中国专利质量么?[J]. 经济研究, 2018, 53(5): 28-41. ZHANG Jie, ZHENG Wenping. Has catch-up strategy of innovation inhibited the quality of China's patents?[J]. Economic Research Journal, 2018, 53(5): 28-41. 本文引用 [1]

[23]

蔡春, 郑开放, 陈晔, 等. 政府环境审计对企业环境责任信息披露的影响研究:基于“三河三湖”环境审计的经验证据[J]. 审计研究, 2019(6): 3-12.

CAI

Chun

, ZHENG

Kaifang

, Chen

, et al. Research on the effect of environmental audit on corporate environment information disclosure: Empirical evidence from the environmental audit of "Three Rivers and Three Lakes"[J]. Auditing Research, 2019(6): 3-12.

本文引用 [1]

[24]	ZHANG Z, SU Z, WANG K, et al. Corporate environmental information disclosure and stock price crash risk: Evidence from Chinese listed heavily polluting companies[J]. Energy Economics, 2022, 112: 106116. 本文引用 [1]

[25]	李哲, 王文翰. “多言寡行”的环境责任表现能否影响银行信贷获取:基于“言”和“行”双维度的文本分析[J]. 金融研究, 2021(12): 116-132. LI Zhe, WANG Wenhan. Corporate environmental responsibility and bank credit: Text analysis of words and deeds[J]. Journal of Financial Research, 2021(12): 116-132. 本文引用 [1]

[26]	刘金科, 肖翊阳. 中国环境保护税与绿色创新:杠杆效应还是挤出效应?[J]. 经济研究, 2022, 57(1): 72-88. LIU Jinke, XIAO Yiyang. China's environmental protection tax and green innovation: Incentive effect or crowding-out effect?[J]. Economic Research Journal, 2022, 57(1): 72-88. 本文引用 [1]

[27]	MA Y, ZHANG Q, YIN Q. Top management team faultlines, green technology innovation and firm financial performance[J]. Journal of Environmental Management, 2021, 285: 112095. 本文引用 [1]

[28]	曹虹剑, 张帅, 欧阳峣, 等. 创新政策与“专精特新”中小企业创新质量[J]. 中国工业经济, 2022(11): 135-154. CAO Hongjian, ZHANG Shuai, OU Yangyao, et al. Innovation policy and the innovation quality of specialized and sophisticated SMEs that produce novel and unique products[J]. China Industrial Economics, 2022(11): 135-154. 本文引用 [1]

[29]	HUANG X, LIU W, ZHANG Z, et al. Quantity or quality: Environmental legislation and corporate green innovations[J]. Ecological Economics, 2023, 204: 107684. 本文引用 [1]

[30]	JIANG Cailou, ZHANG Fuyu, WU Chong. Environmental information disclosure, political connections and innovation in high-polluting enterprises[J]. Science of the Total Environment, 2021, 764: 144248. 本文引用 [1]

[31]	胡楠, 薛付婧, 王昊楠. 管理者短视主义影响企业长期投资吗?:基于文本分析和机器学习[J]. 管理世界, 2021, 37(5): 139-156+11+19-21. HU Nan, XUE Fujing, WANG Haonan. Does managerial myopia affect long-term investment? Based on text analysis and machine learning[J]. Journal of Management World, 2021, 37(5): 139-156+11+19-21. 本文引用 [1]

[32]	GAREL A. Myopic market pricing and managerial myopia[J]. Journal of Business Finance & Accounting, 2017, 44(9-10): 1194-1213. 本文引用 [1]

[33]	DEMERJIAN P R, LEV B, LEWIS M F, et al. Managerial ability and earnings quality[J]. The Accounting Review, 2013, 88(2): 463-498. 本文引用 [1]

[34]	LIN Z, PATEL P, OGHAZI P. The value of managerial ability and general ability for inventor CEOs[J]. Journal of Business Research, 2021, 135: 78-98. 本文引用 [1]

[35]	YUNG K, CHEN C. Managerial ability and firm risk-taking behavior[J]. Review of Quantitative Finance and Accounting, 2018, 51: 1005-1032. 本文引用 [1]

[36]	CHEN Y, PODOLSKI E J, VEERARAGHAVAN M. Does managerial ability facilitate corporate innovative success?[J]. Journal of Empirical Finance, 2015, 34: 313-326. 本文引用 [1]

[37]	CHEN X, WAN P, SIAL M S. Institutional investors' site visits and corporate social responsibility: Implications for the extractive industries[J]. The Extractive Industries and Society, 2021, 8(1): 374-382. 本文引用 [1]

[38]	BENKRAIEM R, GOUTTE S, SAADI S, et al. Investor heterogeneity and negative skewness in stock returns: Evidence from institutional investors[J]. Journal of International Financial Markets, Institutions and Money, 2022, 81: 101690. 本文引用 [1]

[39]	BAILEY J, GODSALL J. Short-termism: Insights from business leaders, findings from a global survey of business leaders commissioned by McKinsey & Company and CPP Investment Board[J]. dezembro de, 2013. 本文引用 [1]

[40]	XU J, ZENG S, QI S, et al. Do institutional investors facilitate corporate environmental innovation?[J]. Energy Economics, 2023, 117: 106472. 本文引用 [1]