战略投资者引入对企业绿色技术创新的影响效应与机制研究

林雁; 李梦韩; 张泽南

doi:10.19571/j.cnki.1000-2995.2024.07.009

PDF(1163 KB)

科研管理 ›› 2024, Vol. 45 ›› Issue (7) : 79-89. DOI: 10.19571/j.cnki.1000-2995.2024.07.009

战略投资者引入对企业绿色技术创新的影响效应与机制研究

林雁 ¹^,² ,
李梦韩 ³ ,
张泽南 ⁴

作者信息 +

A study on the effect and mechanism of the strategic investors on enterprises' green technology innovation

Lin Yan ¹^,² ,
Li Menghan ³ ,
Zhang Zenan ⁴

Author information +

文章历史 +

摘要

从公司治理层面探讨促进企业进行绿色技术创新的机制是理论和实践关注的重要命题。本文选取2011—2020年我国A股上市公司为样本,手工识别样本公司引入战略投资者的数据,运用规范分析和实证研究方法,探索战略投资者对企业绿色技术创新的影响。研究发现:引入战略投资者能够促进企业绿色创新行为,特别是促进了实质性绿色技术创新;机制分析表明,缓解融资约束、增强研发投入、降低企业风险是战略投资者促进企业绿色技术创新的重要机制;异质性分析表明,战略投资者促进企业绿色技术创新的效应在国企及资本密集度高和处于环境不确定性较低的公司中更为显著;另外,环境补贴能显著增强战略投资者对企业绿色技术创新的促进作用,而环境规制抑制了上述效应。本文的研究拓展了企业绿色创新和战略投资者两方面的研究,也为促进战略投资者进入企业和企业积极进行绿色创新提供政策启示。

Abstract

To explore the mechanism of promoting enterprises' green technology innovation from the perspective of enterprise governance is of great theoretical and practical importance. This paper selected China's A-share listed companies from 2011 to 2020 as samples, and the authors manually collected the data of strategic investors and used the normative and empirical research methods to investigate the impact of strategic investors on enterprises' green technology innovation. The results showed that the introduction of strategic investors can promote the green innovation behavior of enterprises, especially promote the substantive green technology innovation. The mechanism analysis showed that alleviating financing constraints, enhancing R&D investment, and reducing enterprise risks are important mechanisms for strategic investors to promote enterprise green technology innovation. The heterogeneity analysis showed that the effect of strategic investors on promoting green technology innovation is more significant in state-owned enterprises, enterprises with high capital intensity and enterprises facing low environmental uncertainty. In addition, environmental subsidies can significantly enhance the role of strategic investors in promoting green technology innovation, while environmental regulations inhibit the above effect. This paper has not only expanded the literature on enterprise green innovation and on strategic investors, but also provided enlightenment for promoting the integration of strategic investors with the behavior of enterprise green innovation.

导出引用

林雁, 李梦韩, 张泽南. 战略投资者引入对企业绿色技术创新的影响效应与机制研究[J]. 科研管理. 2024, 45(7): 79-89 https://doi.org/10.19571/j.cnki.1000-2995.2024.07.009

Lin Yan, Li Menghan, Zhang Zenan. A study on the effect and mechanism of the strategic investors on enterprises' green technology innovation[J]. Science Research Management. 2024, 45(7): 79-89 https://doi.org/10.19571/j.cnki.1000-2995.2024.07.009

中图分类号： F275.1

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]	陈喆, 郑江淮. 绿色技术创新能够促进地区经济高质量发展吗?:兼论环境政策的选择效应[J]. 当代经济科学, 2022, 44(4):43-58. CHEN Zhe, ZHENG Jianghuai. Can green technology innovation promote high-quality regional economic development[J]. Modern Economic Science, 2022, 44(4):43-58. 本文引用 [1]

[2]

张铂晨, 赵树宽. 政府补贴对企业绿色创新的影响研究:政治关联和环境规制的调节作用[J]. 科研管理, 2022, 43(11):154-162.

ZHANG

Bochen

, ZHAO

Shukuan

. Research on the impact of government subsidies on green innovation of enterprises: The moderating effect of political connection and environmental regulation[J]. Science Research Management, 2022, 43(11):154-162.

本文引用 [1]

[3]

欧阳晓灵, 张骏豪, 杜刚. 环境规制与城市绿色技术创新:影响机制与空间效应[J]. 中国管理科学, 2022, 30(12):141-151.

https://doi.org/10.16381/j.cnki.issn1003-207x.2022.0642

摘要

环境规制的绿色技术创新效应研究具有重要理论价值和现实意义。在有效测度环境规制强度和城市绿色技术创新的基础上，本文选取2005至2020年全国274个地级及以上城市的面板数据，基于异质性效应和空间溢出视角，探究了环境规制对绿色技术进步的影响及其机制。研究结果表明，环境规制显著激励了绿色技术创新，但其边际效应受到城市创新能力的调节作用。在此基础上，本文采用部分线性函数型系数模型进一步考察了环境规制对绿色技术创新的非线性影响。环境规制政策效应存在空间溢出现象，受规制地区环境政策强度提升可以通过地区间产业转移影响其相邻地区的产业结构与工业化进程，推动产业承接地区的经济增长和研发投入扩张，进而提高相邻地区的绿色创新产出。

OUYANG

Xiaoling

, ZHANG

Junhao

, DU

Gang

. Environmental regulation and green technological innovation: Impact mechanism analysis and spatial spillover effects[J]. Chinese Journal of Management Science, 2022, 30(12):141-151.

https://doi.org/10.16381/j.cnki.issn1003-207x.2022.0642

本文引用 [1] 摘要

How to achieve high-quality development with low carbon emission, one of the most important challenges for environmental regulation (ER) design, has attracted increasing attention from researchers and policymakers. On the basis of scientifically measuring the stringency of ER and the green technological innovation, the panel data of 274 cities at the prefecture level and above from 2005 to 2020 are used to examine the impact of ER on green technological progress and its mechanisms from the perspectives of heterogeneous effects and spatial spillovers.

[4]

盛清慧, 熊艳. 情绪宣泄、信息挖掘还是决策参与:投资者绿色互动“画像”与企业绿色创新[J/OL]. 财经研究, 1-21[2024-04-05]. https://doi.org/10.16538/j.cnki.jfe.20231120.102.

https://doi.org/10.16538/j.cnki.jfe.20231120.102

SHENG

Qinghui

, XIONG

Yan

. Emotional venting, information mining, or decision-making: Investor green interaction “portraits” and corporate green innovation[J/OL]. Journal of Finance and Economics,1-21[2024-04-05]. https://doi.org/10.16538/j.cnki.jfe.20231120.102.

https://doi.org/10.16538/j.cnki.jfe.20231120.102

本文引用 [1]

[5]	戴翔, 杨双至. 数字赋能、数字投入来源与制造业绿色化转型[J]. 中国工业经济, 2022(9):83-101. DAI Xiang, YANG Shuangzhi. Digital empowerment, source of digital input and green manufacturing[J]. China Industrial Economics, 2022 (9): 83-101. 本文引用 [1]

[6]

李井林, 阳镇, 陈劲. 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[J/OL]. 管理工程学报:1-17[2024-02-12].http://doi.org.cxsh.vpn358.com/10.13587/j.cnki.jieem.2024.05.001.

http://doi.org.cxsh.vpn358.com/10.13587/j.cnki.jieem.2024.05.001

Jinglin

, YANG

Zhen

, CHEN

Jin

. Will ESG performance drive green technology innovation? Micro evidence from Chinese listed companies[J/OL]. Journal of Industrial Engineering and Engineering Management:1-17[2024-02-12].http://doi.org.cxsh.vpn358.com/10.13587/j.cnki.jieem.2024.05.001.

http://doi.org.cxsh.vpn358.com/10.13587/j.cnki.jieem.2024.05.001

本文引用 [1]

[7]	郭晔, 黄振, 姚若琪. 战略投资者选择与银行效率:来自城商行的经验证据[J]. 经济研究, 2020, 55(1):181-197. GUO Ye, HUANG Zhen, YAO Ruoqi. The selection of strategic investors and bank efficiency: Empirical evidence from city commercial banks[J]. Economic Research Journal, 2020, 55(1): 181-197. 本文引用 [2]

[8]

刘家松, 聂宝平. 商业银行境外引资、股权结构与经营绩效:基于2007-2015年62家商业银行的经验证据[J]. 会计研究, 2016(10):34-41+96.

LIU

Jiasong

, NIE

Baoping

. The introduction of overseas investor, ownership structure and business performance of commercial banks: Based on the empirical evidence of 62 commercial banks from 2007 to 2015[J]. Accounting Research, 2016 (10): 34-41+96.

本文引用 [1]

[9]

GUO

, XU

, JACOBS

. Managerial political ties and firm performance during institutional transitions: An analysis of mediating mechanisms[J]. Journal of Business Research, 2014, 67(2): 116-127.

https://doi.org/10.1016/j.jbusres.2012.11.009

https://linkinghub.elsevier.com/retrieve/pii/S0148296312003190

本文引用 [1]

[10]	蒋艺翅, 姚树洁. 组织资本、利益相关者压力与企业绿色创新[J]. 科研管理, 2023, 44(12):71-81. JIANG Yichi, YAO Shujie. Organizational capital, stakeholder pressure and green innovation of enterprises[J]. Science Research Management, 2023, 44(12): 71-81. 本文引用 [1]

[11]	WIESMETH H. Stakeholder engagement for environmental innovations[J]. Journal of Business Research, 2020, 119: 310-320. https://doi.org/10.1016/j.jbusres.2018.12.054 https://linkinghub.elsevier.com/retrieve/pii/S0148296318306726 本文引用 [1]

[12]	孙灵燕, 李荣林. 融资约束限制中国企业出口参与吗?[J]. 经济学(季刊), 2012, 11(1):231-252. SUN Lingyan, LI Ronglin. Do financing constraints restrain Chinese firms' export participation?[J]. China Economic Quarterly, 2012, 11(1): 231-252. 本文引用 [2]

[13]	王昶, 焦娟妮. 国际战略投资者引进对国有企业绩效影响的评价与实证研究[J]. 南开管理评论, 2009, 12(2):11-19. WANG Chang, JIAO Juanni. Appraisal and empirical research on the impact of international strategic investors upon state-owned enterprise performance[J]. Nankai Business Review, 2009, 12(2): 11-19. 本文引用 [1]

[14]	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]

[15]	徐辉, 周孝华. 外部治理环境、产融结合与企业创新能力[J]. 科研管理, 2020, 41(1):98-107. XU Hui, ZHOU Xiaohua. A research on the impact of external governance environment and financial-industrial integration on enterprise innovation ability[J]. Science Research Management, 2020, 41 (1): 98-107. 本文引用 [1]

[16]	葛永盛, 张鹏程. 家族企业资源约束、外部投资者与合同剩余[J]. 南开管理评论, 2013, 16(3):57-68. GE Yongsheng, ZHANG Pengcheng. Resources restriction of family business, outside investor and contract surplus[J]. Nankai Business Review, 2013, 16(3): 57-68. 本文引用 [1]

[17]

LAWRENCE

, MINUTTI-Meza

, ZHANG

. Can Big 4 versus non-Big 4 differences in audit-quality proxies be attributed to client characteristics?[J]. The Accounting Review, 2011, 86(1): 259-286.

https://doi.org/10.2308/accr.00000009

https://publications.aaahq.org/accounting-review/article/86/1/259/3206/Can-Big-4-versus-Non-Big-4-Differences-in-Audit

本文引用 [1] 摘要

This study examines whether differences in proxies for audit quality between Big 4 and non-Big 4 audit firms could be a reflection of their respective clients’ characteristics. In our analyses, we use three audit-quality proxies—discretionary accruals, the ex ante cost-of-equity capital, and analyst forecast accuracy—and employ propensity-score and attribute-based matching models in attempt to control for differences in client characteristics between the two auditor groups while estimating the audit-quality effects. Using these matching models, we find that the effects of Big 4 auditors are insignificantly different from those of non-Big 4 auditors with respect to the three audit-quality proxies. Our results suggest that differences in these proxies between Big 4 and non-Big 4 auditors largely reflect client characteristics and, more specifically, client size. We caution the reader that this study has not resolved the question, although we hope that it encourages other researchers to explore alternative methodologies that separate client characteristics from audit-quality effects.

[18]

李晓伟, 聂淑君, 王伟平. 创业投资对异质性创新的甄别效应及作用机制[J]. 科技进步与对策, 2019, 36(16):9-18.

https://doi.org/10.6049/kjjbydc.2019020143

摘要

企业创新活动在质量上存在异质性，采用渐进式创新与突破式创新二分法，利用2009-2016年创业板上市公司数据探究创业投资的影响。使用创业投资哑变量进行Tobit估计和PSM检验，发现创业投资对于突破式创新具有明显的额外激励效应，再使用创业投资持股比例进行Tobit估计和Heckman两阶段模型的内生性检验，发现创业投资显著抑制了渐进式创新，却与突破式创新呈现出“倒U型”关系，体现了非控股性质的创业投资对于异质性创新的甄别效应。进一步，中介效应模型显示,缓解融资约束起到了完全中介作用，交互效应模型表明吸收能力起到了平滑的调节作用。

Xiaowei

, NIE

Shujun

, WANG

Weiping

. The identifying effect of venture capital on heterogeneous innovation and its influence mechanism[J]. Science & Technology Progress and Policy, 2019, 36(16): 9-18.

本文引用 [1]

[19]	唐松莲, 林圣越, 高亮亮. 机构投资者持股情景、自由现金与投资效率[J]. 管理评论, 2015, 27(1):24-35. TANG Songlian, LIN Shengyue, GAO Liangliang. Institutional ownership, free cash and investment efficiency[J]. Management Review, 2015, 27(1): 24-35. 本文引用 [1]

[20]

潘克勤, 李雨霏, 潘潇阳. 非国有战略投资者与非国有大股东控制权水平:来自竞争性地方上市国企的证据[J]. 南开管理评论, 2022, 25(3):139-150.

PAN

Keqin

, LI

Yufei

, PAN

Xiaoyang

. The existence of non-state-owned strategic investors and the control level of non-state-owned major shareholders: Evidence from locally competitive listed state-owned enterprises[J]. Nankai Business Review, 2022, 25(3):139-150.

本文引用 [1]

[21]	ZHANG D, YUE J. R&D and environmentally induced innovation: Does financial constraint play a facilitating role?[J]. International Review of Financial Analysis, 2021, 78, 101918. https://doi.org/10.1016/j.irfa.2021.101918 https://linkinghub.elsevier.com/retrieve/pii/S1057521921002441 本文引用 [1]

[22]	CHENG M, GENG H, ZHANG J. Chinese commercial banks: Benefits from foreign strategic investors?[J]. Pacific-Basin Finance Journal, 2016, 40: 147-172. https://doi.org/10.1016/j.pacfin.2016.10.011 https://linkinghub.elsevier.com/retrieve/pii/S0927538X16302116 本文引用 [1]

[23]	温忠麟. 张雷, 侯杰泰, 等. 中介效应检验程序及其应用[J]. 心理学报, 2004(5):614-620. WEN Zhonglin. ZHANG Lei, HOU Jietai, et al. Testing and application of the mediating effects[J]. Acta Psychologica Sinica, 2004(5):614-620. 本文引用 [1]

[24]	陈丰龙, 徐康宁. 本土市场规模与中国制造业全要素生产率[J]. 中国工业经济, 2012(5):44-56. CHEN Fenglong, XU Kangning. Home market size and TFP of China's manufacturing sector[J]. China Industrial Economics, 2012(5): 44-56. 本文引用 [1]

[25]	申慧慧, 于鹏, 吴联生. 国有股权、环境不确定性与投资效率[J]. 经济研究, 2012, 47(7):113-126. SHEN Huihui, YU Peng, WU Liansheng. State ownership, environment uncertainty and investment efficiency[J]. Economic Research Journal, 2012, 47(7): 113-126. 本文引用 [1]

[26]	余泳泽, 尹立平. 中国式环境规制政策演进及其经济效应:综述与展望[J]. 改革, 2022(3):114-130. YU Yongze, YIN Liping. The evolution of Chinese environmental regulation policy and its economic effects: A summary and prospect[J]. Reform, 2022(3):114-130. 本文引用 [1]