财务宽裕对企业绿色创新的影响机制与实证检验——兼论社会责任与管理决断权的调节作用
The Impact Mechanism and Empirical Examination of Financial Excesses on Green Innovation in Enterprises:The Moderating Role of Social Responsibility and Managerial Discretion
张聪 1代飞 1张黎鑫1
作者信息
摘要
企业是绿色创新的重要主体,资金是绿色创新不可或缺的要素.本文以 2011-2020年我国沪深A股 1 395 家上市公司为样本,运用固定效应模型和两阶段检验法,实证检验财务宽裕对绿色创新的影响及作用机制.研究发现,财务宽裕显著促进绿色创新.机制检验结果表明,财务宽裕通过促进企业数字化转型和提高风险承担能力助推企业绿色创新.进一步研究发现,企业社会责任和管理决断权在财务宽裕对绿色创新的影响中发挥反向调节作用;财务宽裕对绿色创新的驱动作用仅存在于成熟期,在成长期与衰退期无明显促进作用.本研究为财务宽裕企业合理利用冗余资源、提高绿色创新水平提供了思路与启示.
Abstract
Enterprises serve as pivotal entities in green innovation,with financial resources being an indis-pensable element.This paper takes 1 395 listed companies on the Shanghai and Shenzhen stock exchanges in China from 2011 to 2020 as samples and employs fixed-effects models and two-stage tests to empirically examine the influence of financial excesses on green innovation and its mechanisms.The study reveals that fi-nancial excesses significantly fosters green innovation.Mechanism test results indicate that financial excesses facilitates green innovation by promoting enterprise digital transformation and enhancing risk-taking capacity.Further investigation suggests that corporate social responsibility and managerial discretion play a reverse moderating role in the impact of financial excesses on green innovation.The driving effect of financial excess-es on green innovation exists only in the mature stage,with no apparent promotion effect during the growth and decline stages.The research conclusion provides insights and guidance for enterprises to enhance the level of green innovation by utilizing redundant resources effectively.
关键词
财务宽裕/绿色创新/数字化转型/风险承担能力/企业社会责任/管理决断权Key words
Financial excesses/Green innovation/Digital transformation/Risk-taking capacity/Corporate social responsibility/Managerial discretion引用本文复制引用
基金项目
云南省哲学社会科学规划项目(YB2022050)
云南省教育科学规划课题(高等学校教师教育联盟)教师教育专项(GJZ2201)
云南师范大学研究生科研创新基金(YJSJJ23-B23)
出版年
2024
NETL
NSTL
万方数据