2025年7月25日 周五
Uncertainty perception and company green technology innovation: An analysis based on regional and company heterogeneity perspectives
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    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.

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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,(1):33~52

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  • Online: March 15,2024
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