战略差异度能促进企业绿色创新吗？

摘要/Abstract

摘要： 绿色创新是实现经济向高质量发展转变的重要推动力，而企业战略差异是否有助于推动企业绿色创新？利用2010—2023年沪深A股上市公司的样本数据，实证考察了企业战略差异度对企业绿色创新的影响及其作用机制，结果表明：（1）企业战略差异度越大，则企业绿色创新水平越低。（2）中介机制检验发现，企业战略差异度越大，越会增加第一类代理成本。同时，战略差异度越大，越会加剧外部融资约束，并导致企业债务违约风险上升，从而对上述关系发挥着部分中介作用。（3）异质性检验发现，企业战略差异度对绿色创新的负向影响主要存在于非国有企业、成长性较低企业、战略保守型企业，以及非高污染行业企业中。上述研究结论丰富了企业绿色创新驱动因素及战略差异度经济后果的相关文献，对于地方政府实施针对性绿色创新激励政策，以及企业根据自身特质与战略定位抓住市场机遇提升绿色创新能力等有重要启示。

关键词: 战略差异度, 绿色创新, 代理成本, 融资约束, 违约风险

Abstract: Green innovation is an important driving force for the high-quality transformation and development of the economy. But can corporate strategic differences promote corporate green innovation? Using sample data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2023, this paper empirically examines the impact of corporate strategic differences on corporate green innovation and its mechanism, the results show that：(1) Corporate strategic differentiation has a significant negative impact on green innovation, and the greater the strategic differentiation, the lower the green innovation；(2) Intermediary mechanism test finds that the higher the strategic differentiation, the higher the first agency cost and external financing constraints. At the same time, it will lead to an increase in the risk of debt default, thereby suppressing the green innovation capability of enterprises；(3) Heterogeneity tests show that, the negative impact of strategic differentiation on green innovation mainly exists in non-state-owned enterprises, low growth enterprises, strategic conservative enterprises, and non high pollution industries. The conclusions of the above research enrich the literature on the driving factors of corporate green innovation and the economic consequences of strategic differences, and provide important insights for local governments in implementing targeted green innovation incentive and guidance policies, and for enterprises to seize market opportunities and enhance their green innovation capabilities based on their own characteristics and strategic positioning.

Key words: strategic differentiation, green innovation, agency cost, financing constraint, default risk

张安军, 曹光辉. 战略差异度能促进企业绿色创新吗？[J]. 管理评论, 2025, 37(10): 100-114.

Zhang Anjun, Cao Guanghui. Does Strategic Differentiation Facilitate Green Innovation of Enterprises?[J]. Management Review, 2025, 37(10): 100-114.

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