不确定性感知与企业绿色技术创新——基于区域与企业异质性视角的分析
作者:
基金项目:

山东大学国家治理研究院重点项目"共同富裕的实现路径研究:数字金融的作用"(23Z08)


Uncertainty perception and company green technology innovation: An analysis based on regional and company heterogeneity perspectives
Author:
  • 摘要
  • | |
  • 访问统计
  • |
  • 参考文献 [49]
  • |
  • 相似文献 [20]
  • | | |
  • 文章评论
    摘要:

    实现碳达峰碳中和是推动高质量发展的内在要求,企业积极开展绿色技术创新有利于实现经济的绿色可持续发展。在面对宏观环境的经济政策不确定时,企业对不确定性的感知能力能否帮助企业发挥抵抗风险作用?能否将外部经济政策不确定性转化为企业的内在发展动力实现绿色技术创新?文章探究企业经济政策不确定性的感知程度对其绿色技术创新的影响,并分析了其中的作用机制。在此基础上使用2007—2020年中国沪深A股上市公司数据和企业层面经济政策不确定性指标等数据进行实证检验,并提出政策建议。研究发现,企业经济政策不确定性感知程度的增加能够促进企业绿色技术创新水平的提高。机制分析表明,从外部融资视角看,经济政策不确定性感知的增加可以通过缩小信息不对称与减小企业融资约束提高企业的绿色技术创新能力;从企业内部管理视角看,经济政策不确定性感知的增加能够通过增强企业战略积极性和提升绿色认知能力来提高企业的绿色技术创新能力。通过企业外部地区特征与内部自身特征异质性分析发现,企业所在地区经济发展水平、数字经济发展程度与地区创新活力越高,越有利于企业经济政策不确定性感知促进绿色技术创新,对于非重污染、社会责任表现较差、自身风险承担水平较低的企业这一促进作用更为明显。进一步分析政企互动关系发挥的作用发现,国有企业与政府环境规制水平较高地区的企业拥有更强的绿色创新能力,而政府环保补贴在这一过程中发挥的作用并不充分。研究结论对我国企业实现绿色技术创新具有重要的启示:企业需要充分把握市场信息与市场机遇,树立可持续发展目标;政府需要积极缩小企业与市场、企业与政府间的信息不对称,强化地区创新活力,针对不同地区与类型企业实施经济政策;政府应当完善经济政策平稳机制,积极引导企业正确认知经济政策不确定性带给企业的机会与风险,发挥好政府调节作用,加快实现企业的绿色技术创新与绿色转型发展。

    Abstract:

    Achieving peak carbon performance and carbon neutrality is an inherent requirement for promoting high-quality development. Companies' active pursuit of green technological innovation contributes to the realization of a green and sustainable economic development. When faced with uncertain macro-environmental economic policies, can the company's ability to perceive uncertainty help it play a risk-resistant role? Can companies transform external economic policy uncertainty into internal developmental motivation to achieve green technological innovation? This paper explores the impact of companies' perception of economic policy uncertainty on their green technological innovation and analyzes the mechanisms involved. On this basis, it uses the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 and the data of economic policy uncertainty indicators at the company level to carry out empirical tests, and puts forward relevant policy recommendations. It is found that an increase in companies' perception of economic policy uncertainty can promote green technology innovation. Mechanism analysis shows that from the perspective of external financing, the increase in the perception of economic policy uncertainty can improve the green technological innovation ability of companies by narrowing the information asymmetry and reducing the financing constraints of companies, and from the perspective of internal management of companies, it can improve the green technological innovation ability of companies by enhancing the strategic initiative of companies and improving the green cognitive ability. Through the analysis of the heterogeneity of companies' external regional characteristics and internal characteristics, it is found that the higher the regional economy, the degree of development of the digital economy, and the regional innovation dynamism of the companies, the more favorable the perception of economic policy uncertainty is to promote companies' green technological innovation. This facilitation is more pronounced for companies that are not heavy polluters, have poorer social responsibility performance, and have lower levels of their own risk-taking. Further analysis of the moderating effect of government-company interaction shows that state-owned companies and those in areas with higher environmental regulation have stronger green innovation ability, while government environmental protection subsidies play an insufficient role in this process. The findings of the study provide important insights into the realization of green technological innovation by companies in China. Companies need to fully grasp market information and opportunities, and set sustainable development goals. The government should actively reduce the information asymmetry between companies and the market, and between companies and the government, strengthen the vitality of regional innovation, and implement economic policies for different regions and types of companies. The government should improve the economic policy smoothing mechanism, and actively guide companies to correctly perceive the opportunities and risks brought by economic policy uncertainty. It is necessary to play a good role in government regulation to accelerate the realization of green technological innovation and green transformation and development of companies.

    参考文献
    [1] 解学梅,韩宇航.本土制造业企业如何在绿色创新中实现"华丽转型":基于注意力基础观的多案例研究[J].管理世界,2022(3):76-106.
    [2] 谭小芬,张文婧.经济政策不确定性影响企业投资的渠道分析[J].世界经济,2017(12):3-26.
    [3] 刘贯春,张军,刘媛媛.宏观经济环境、风险感知与政策不确定性[J].世界经济,2022(8):30-56.
    [4] 张成思,刘贯春.中国实业部门投融资决策机制研究:基于经济政策不确定性和融资约束异质性视角[J].经济研究,2018(12):51-67.
    [5] 余靖雯,郭凯明,龚六堂.宏观政策不确定性与企业现金持有[J].经济学(季刊),2019(3):987-1010.
    [6] 宋全云,李晓,钱龙.经济政策不确定性与企业贷款成本[J].金融研究,2019(7):57-75.
    [7] 宫汝凯,徐悦星,王大中.经济政策不确定性与企业杠杆率[J].金融研究,2019(10):59-78.
    [8] 李增福,陈俊杰,连玉君,等.经济政策不确定性与企业短债长用[J].管理世界,2022(1):77-89,143,90.
    [9] 张峰,刘曦苑,武立东,等.产品创新还是服务转型:经济政策不确定性与制造业创新选择[J].中国工业经济,2019(7):101-118.
    [10] YANG X A,MAO S H,SUN L X,et al.The effect of economic policy uncertainty on green technology innovation: Evidence from China’s enterprises[J].Sustainability,2022,14(18):11522. https://doi.org/10.3390/su141811522.
    [11] 顾夏铭,陈勇民,潘士远.经济政策不确定性与创新:基于我国上市公司的实证分析[J].经济研究,2018(2):109-123.
    [12] CHEN P F,LEE C C,ZENG J H.Economic policy uncertainty and firm investment:Evidence from the U.S. market[J].Applied Economics,2019,51(31):3423-3435.
    [13] 何超,李延喜,徐润香.企业不确定性感知对创新决策的影响研究[J].管理学报,2023(4):543-557.
    [14] CAI X,ZHU B Z,ZHANG H J,et al.Can direct environmental regulation promote green technology innovation in heavily polluting industries?Evidence from Chinese listed companies[J].Science of the Total Environment,2020,746:140810.
    [15] 万攀兵,杨冕,陈林.环境技术标准何以影响中国制造业绿色转型:基于技术改造的视角[J].中国工业经济,2021(9):118-136.
    [16] 邓慧慧,杨露鑫.雾霾治理、地方竞争与工业绿色转型[J].中国工业经济,2019(10):118-136.
    [17] 于法稳,林珊."双碳"目标下企业绿色转型发展的促进策略[J].改革,2022(2):144-155.
    [18] 斯丽娟,曹昊煜.绿色信贷政策能够改善企业环境社会责任吗:基于外部约束和内部关注的视角[J].中国工业经济,2022(4):137-155.
    [19] 王馨,王营.绿色信贷政策增进绿色创新研究[J].管理世界,2021(6):173-188,11.
    [20] 陆菁,鄢云,王韬璇.绿色信贷政策的微观效应研究:基于技术创新与资源再配置的视角[J].中国工业经济, 2021(1):174-192.
    [21] GULEN H,ION M.Policy uncertainty and corporate investment[J].The Review of Financial Studies,2016,29(3): 523-564.
    [22] WU J,ZHANG J,ZHANG S Y,et al.The economic policy uncertainty and firm investment in Australia[J].Applied Economics,2020,52(31):3354-3378.
    [23] 刘兴华,洪攀."量"的积累还是"质"的飞跃:经济政策不确定性有助于推动企业绿色创新吗[J].江西财经大学学报,2022(5):25-41.
    [24] BELDERBOS R,TONG T W,WU S B.Multinational investment and the value of growth options:Alignment of incremental strategy to environmental uncertainty[J].Strategic Management Journal,2019,40(1):127-152.
    [25] 李恩极,张晨,万相昱.经济政策不确定性下的创新决策:企业韧性视角[J].当代财经,2022(10):102-114.
    [26] HE F,MA Y M,ZHANG X J.How does economic policy uncertainty affect corporate Innovation? Evidence from China listed companies[J].International Review of Economics & Finance,2020,67:225-239.
    [27] WANG F R,MBANYELE W,MUCHENJE L.Economic policy uncertainty and stock liquidity:The mitigating effect of information disclosure[J].Research in International Business and Finance,2022,59:101553.
    [28] 彭俞超,韩珣,李建军.经济政策不确定性与企业金融化[J].中国工业经济,2018(1):137-155.
    [29] BAI X,HAN J M,MA Y Z,et al.ESG performance,institutional investors’ preference and financing constraints:Empirical evidence from China[J].Borsa Istanbul Review,2022,22:S157-S168.
    [30] 万赫,钟熙,彭秋萍.以变应万变?经济政策不确定性对企业战略变革的影响探析[J].管理工程学报,2021(5): 52-63.
    [31] XIAO J,ZENG P,REN G,et al.How to drive strategic green innovation behavior?A qualitative comparative analysis (QCA) based on Chinese manufacturing enterprises[J].Environmental Science and Pollution Research,2023,30(31):77784-77797.
    [32] 陈泽文,陈丹.新旧动能转换的环境不确定性背景下高管环保意识风格如何提升企业绩效:绿色创新的中介作用[J].科学学与科学技术管理,2019(10):113-128.
    [33] WANG L P,ZENG T,LI C.Behavior decision of top management team and enterprise green technology innovation[J].Journal of Cleaner Production,2022,367:133120.
    [34] 李文洲,冉茂盛,黄俊.所有制、政治关联与企业超额信贷[J].经济评论,2014(2):77-89.
    [35] 吴绪成,陈诗一,李诗涵.政府补贴对高新技术企业创新的促进效果研究[J].复旦学报(社会科学版),2023(2):119-128.
    [36] 徐佳,崔静波.低碳城市和企业绿色技术创新[J].中国工业经济,2020(12):178-196.
    [37] 聂辉华,阮睿,沈吉.企业不确定性感知、投资决策和金融资产配置[J].世界经济,2020(6):77-98.
    [38] 周茜,许晓芳,陆正飞.去杠杆,究竟谁更积极与稳妥?[J].管理世界,2020(8):127-148.
    [39] 翟光宇,武力超,唐大鹏.中国上市银行董事会秘书持股降低了信息披露质量吗:基于2007—2012年季度数据的实证分析[J].经济评论,2014(2):127-138.
    [40] 潘红波,杨海霞.竞争者融资约束对企业并购行为的影响研究[J].中国工业经济,2022(7):159-177.
    [41] 王百强,侯粲然,孙健.公司战略对公司经营绩效的影响研究[J].中国软科学,2018(1):127-137.
    [42] HUO P,WANG L X.Digital economy and business investment efficiency:Inhibiting or facilitating?[J].Research in International Business and Finance,2022,63:101797.
    [43] PAN W R,XIE T,WANG Z W,et al.Digital economy:an innovation driver for total factor productivity[J].Journal of Business Research,2022,139:303-311.
    [44] 赵涛,张智,梁上坤.数字经济、创业活跃度与高质量发展:来自中国城市的经验证据[J].管理世界,2020(10):65-76.
    [45] 余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013(1):149-163.
    [46] YAN X,ZHANG Y,PEI L L.The impact of risk-taking level on green technology innovation: evidence from energy-intensive listed companies in China[J].Journal of Cleaner Production,2021,281:124685.
    [47] 陈诗一,陈登科.雾霾污染、政府治理与经济高质量发展[J].经济研究,2018(2):20-34.
    [48] 于芝麦.环保约谈、政府环保补助与企业绿色创新[J].外国经济与管理,2021(7):22-37.
    [49] 王则仁,刘志雄.环境不确定性对软件与信息技术服务企业创新绩效的影响:创新注意力的中介作用和政府补助的调节作用[J].科技进步与对策,2021(15):82-89.
    引证文献
    网友评论
    网友评论
    分享到微博
    发 布
引用本文

魏建,李世杰.不确定性感知与企业绿色技术创新——基于区域与企业异质性视角的分析[J].重庆大学学报社会科学版,2024,30(1):33-52. DOI:10.11835/j. issn.1008-5831. jg.2023.12.001

复制
分享
文章指标
  • 点击次数:1322
  • 下载次数: 733
  • HTML阅读次数: 1103
  • 引用次数: 0
历史
  • 在线发布日期: 2024-03-15
文章二维码