Does Green Innovation Affect the Implied Equity Duration?——Evidence from Industrial Firms
Taking data from industrial companies listed in China's A-share market from 2008 to 2019,this study uses multiple linear regression model to explore the impact of green innovation on the implied equity duration.The results show that the green innovation increases the implied equity duration.Mechanism analysis shows that green innovation inhibits firms'growth in the short term,but increases the growth potential in the long term.As a result,the cash flows of firms with more green innovation are less concentrated in the near future.In addition,state-owned enterprises can break through the inhibition effect of green innovation in the short term,and thus reduce the increase of implied equity duration caused by green innovation.Authorities should pay full attention to the double externalities of green innovation,clarify the differences in its short-term and long-term economic benefits,and help enterprises with their green innova-tions.
green innovationgreen patentimplied equity durationcash flow duration
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