环境责任、技术创新与公司绩效——来自中国上市公司的证据

 Environmental Responsibility,
 Technological Innovation and CorporatePerformance:
 Evidence from Chinese Listed Companies

Zhou Fangzhao and Dai Yijie

摘要：十三届全国人大一次会议政府工作报告强调“出重拳强化污染防治，对于雾霾等污染治理，要像对贫困宣战一样，坚决向污染宣战”。作为市场经济主体的企业，其环境责任履行具有重要的意义，特别是在当前技术创新已经成为企业成长和国家竞争的最重要驱动力之时，企业环境责任履行和技术创新之间关系愈发受到社会各界关注。基于此，本文利用2011-2017年中国A股上市公司专利数据，结合企业环境责任履行表现的评价信息，具体考察了企业环境责任履行对技术创新的影响。研究发现：在排除了环境规制的影响以及控制内生性基础上，企业履行环境责任表现越好则公司创新专利产出水平越高。进一步地，企业环境责任履行可以通过缓解外部融资约束和拓宽机构投资者参与的渠道来发挥促进技术创新的作用。同时，上市公司的企业环境责任履行更好时，技术创新对公司未来财务绩效和股票收益的提升影响更大。综合本文的研究结果，考虑到技术创新和环境治理的紧迫性和重要性，应更加强化上市公司的环境责任履行评价与信息披露机制，并从融资和上市制度方面精准发力提高扶持力度。
关键词：企业环境责任；技术创新；市场价值

Abstract: The government work report to the first session of the 13th National People's Congress stressed that we should intensify efforts to prevent and control pollution and resolutely declare war on pollution as we have declared war on poverty. As the main body of market economy, it is of great significance for enterprises to fulfill their environmental responsibilities. Especially at present, when technological innovation has become the most important driving force for enterprises' growth and national competition, the relationship between environmental responsibility fulfillment and technological innovation has attracted increasing attention from all walks of life. Based on this, this paper makes use of the patent data of Chinese a-share listed companies from 2011 to 2017, and combines with the evaluation information of the performance of enterprises' environmental responsibility, to specifically investigate the impact of the performance of enterprises' environmental responsibility on technological innovation. The research found that：on the basis of excluding the influence of environmental regulation and controlling endogeneity, the better the performance of enterprises in fulfilling environmental responsibility, the higher the level of innovation patent output. Furthermore, the fulfillment of corporate environmental responsibility can play a role in promoting technological innovation by easing external financing constraints and improving the channels for institutional investors to participate. At the same time, when listed companies perform their corporate environmental responsibilities better, technological innovation has a greater impact on the company's future financial performance and stock returns. Based on the research results of this paper, considering the urgency and importance of technological innovation and environmental governance, the environmental responsibility performance evaluation and information disclosure mechanism of listed companies should be strengthened, and the support from the financing and listing system should be precisely enhanced.

Keywords:Corporate Environmental Responsibility; Technical Innovation; Market Value

基金资助：国家自然科学基金项目“基于产权配比的高管同辈薪酬选择策略研究：内在机理及其经济后果”（71602077）。

全文：环境责任、技术创新与公司绩效——来自中国上市公司的证据.pdf

DOI:10.19511/j.cnki.jee.2020.01.003