Abstract:     In 2021, China explicitly proposed an ambitious goal of "carbon dioxide peaking and carbon neutrality", which means that China will strive to reach the peak of carbon dioxide emissions by 2030 and to become carbon neutral by 2060. Energy saving and environmental protection industry, as an important force guaranteeing green development, is bound to play a key role in the process of realizing the goal of "carbon dioxide peaking and carbon neutrality". However, in the actual situation, the innovation vitality of energy saving and environmental protection enterprises is still insufficient, and the end-of-pipe treatment model still occupies a larger market. At the same time, the emerging service modes represented by the total environmental solution mode lack objective evaluation evidence. Under the background of promoting servitization and realizing the goal of "carbon dioxide peaking and carbon neutrality", it is of great importance for China′s green economic development to clarify the relationship between servitization and enterprise value of energy saving and environmental protection enterprises and help enterprises realize environmental service mode innovation. In reality, enterprises may carry out a variety of innovation activities at the same time, but the existing literature mainly focused on the influence of a single innovation activity on enterprise performance. There are scarce studies focusing on the combined effect of two key innovation activities on enterprise performance. Different from other industries, environmental protection products and services have distinct public product attributes and positive externalities. The service mode and green technology of energy-saving and environmental protection enterprises greatly affect the regional ecological environment quality. However, it has been proved that China′s energy saving and environmental protection enterprises generally face serious resource constraints. Thus, under the condition of limited resources, how should we balance the development of these two important innovation activities? What impact will the simultaneous deployment of environmental service mode innovation and green technology innovation have on corporate performance? These questions have not yet been satisfactorily answered by the existing literature.Based on the demand-based view and the complementarity perspective, with the 237-energy saving and environmental protection listed enterprises from 2010 to 2019 taken as samples, this paper empirically examined the economic effects of environmental service mode innovation, and analyzed the joint effects of environmental service mode innovation and green technology innovation on corporate performance. The main findings of this paper are as follows: first, the product-oriented mode and the customer-oriented mode can significantly improve performance, and the latter can create more marginal benefits for enterprises. The total solution mode has a significant negative effect on the performance. Second, enterprise ownership will affect the relationship between service mode innovation and performance. State-owned enterprises are more sensitive to the modes with a lower level of servitization, while non-state-owned enterprises are more sensitive to the modes with a higher level of servitization. Third, the interplay between the product-oriented mode and green technology innovation can result in complementary benefits to improve performance. The joint effect between the total solution mode and green technology innovation incurs high costs to damage firm′s benefits. The conclusions of this paper are helpful for energy saving and environmental protection enterprises to understand the effects of various environmental service modes, to clarify the risks and benefits between service mode innovation and green technological innovation, and it can also help such enterprises implement business strategies based on their own situation.

Key words: environmental service mode innovation, green technology innovation, enterprise performance, energy saving and environmental protection enterprises