科研管理

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

• 论文 • 上一篇    下一篇

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   

  1. 1.云南财经大学会计学院，云南 昆明650221；
    2.云南省服务计算重点实验室，云南 昆明650221； 
    3.西南财经大学会计学院，四川 成都611130；
    4.江南大学商学院，江苏 无锡214122

  • 收稿日期:2022-08-27 修回日期:2024-04-25 出版日期:2024-07-20 发布日期:2024-07-09
  • 通讯作者: 张泽南
  • 基金资助:
    教育部人文社科规划基金项目：“区域经济一体化对企业创新行为的影响研究：效应、机制与政策优化”（23YJA630056，2023.10—2026.10）；云南省科技厅基础研究专项面上项目：“重大公共卫生危机、战略投资者引入与民营企业社会责任履行”（202101AT070205，2021.04—2024.04）；教育部人文社科规划基金：“数字金融对企业绿色高质量发展的影响机理与作用机制研究”（22YJA630116，2022.09—2025.09）。

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

Lin Yan1,2, Li Menghan3, Zhang Zenan4   

  1. 1. School of Accounting, Yunnan University of Finance and Economics, Kunming 650221, Yunnan, China;
    2. Yunnan Key Laboratory of Service Computing, Kunming 650221, Yunnan, China;
    3. School of Accounting, Southwestern University of Finance and Economics, Chengdu 611130, Sichuan, China;
    4. School of Business, Jiangnan University, Wuxi 214122, Jiangsu, China
  • Received:2022-08-27 Revised:2024-04-25 Online:2024-07-20 Published:2024-07-09

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。

关键词: 战略投资者, 绿色技术创新, 实质性创新

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.

Key words: strategic investor, green technological innovation, substantive innovation