政府财政激励下的绿色工艺创新与企业绩效：基于内容分析法的实证研究

摘要/Abstract

摘要：

已有绿色工艺创新研究存在“黑箱”，忽视了绿色工艺创新和企业绩效关系的情景因素。本文整合资源基础观和高阶理论，运用内容分析法对208家制造业上市公司2013—2017年共五年的《社会责任报告》和《年度报告》进行数据挖掘，通过构建计量经济学模型探究绿色工艺创新的前因后果，检验财务约束和高管团队异质性的调节作用。研究结果表明：（1）绿色补贴是推动企业绿色工艺创新的重要因素；（2）绿色工艺创新对企业环境绩效具有正向影响；（3）绿色工艺创新对企业财务绩效的作用具有滞后效应；（4）财务约束在绿色工艺创新和财务绩效、环境绩效关系中没有显著调节作用；（5）高管团队异质性正向调节绿色工艺创新和财务绩效、环境绩效的关系。研究结论有助于全面地了解绿色工艺创新理论，深化绿色工艺创新的调节机制，为政府和企业的绿色工艺创新实践提供建议和启示。

关键词: 绿色工艺创新, 绿色补贴, 财务约束, TMT异质性, 内容分析法

Abstract:

There are “black boxes” in the previous studies of green process innovation, which ignore the impact of contingent factors on the relationship between green process innovation and corporate performance. Integrating resource-based theory and upper echelons theory, using a content analysis of 208 listed manufacturers’ Corporate Responsibility Reports and Annual Reports (2013-2017), this paper constructs econometrics models and explores the antecedents and consequences of green process innovation and the moderating effects of financial constraints and top management team (TMT) heterogeneity. The results show that: (1) green subsidies are crucial in promoting green process innovation; (2) green process innovation has a positive impact on environmental performance; (3) green process innovation has a lag effect on financial performance; (4) the moderating effects that financial constraints have on the relationships between green process innovation and financial and environmental performance are not significant; (5) TMT heterogeneity positively moderates the relationship between green process innovation and financial and environmental performance. These findings provide a better understanding for green process innovation theory and deepen the contingent mechanism of green process innovation, so they can be used as reference for government and companies to develop green process innovation strategies.

Key words: green process innovation, green subsidies, financial constraints, TMT heterogeneity, content analysis

解学梅, 王若怡, 霍佳阁. 政府财政激励下的绿色工艺创新与企业绩效：基于内容分析法的实证研究[J]. , 2020, 32(5): 109-124.

Xie Xuemei, Wang Ruoyi, Huo Jiage. Green Process Innovation and Corporate Performance in the Context of Government's Financial Incentive: An Empirical Study Based on Content Analysis[J]. , 2020, 32(5): 109-124.

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