促进还是倒逼:环境不确定性对企业绿色创新的影响

Facilitating or Pushing Back: the Impact of Environmental Uncertainty on Corporate Green Innovation

摘要:

本文以沪深A股2016-2020年上市企业为样本，分析环境不确定性对企业绿色创新的影响关系。研究发现:环境不确定性显著降低了企业绿色创新能力。影响路径结果得出，环境不确定性会导致企业创新投资和创新效率下降，但这种消极效应在重污染行业中并不显著。作用机制表明，环境不确定性会降低企业家信心，同时还会提高企业面临的融资约束，进而削弱企业绿色创新。进一步分析表明，数字化转型能抵御环境不确定性给企业绿色创新带来的消极影响。

Abstract:

This paper analyzes the relationship between the impact of environmental uncertainty on corporate green innovation using a sample of listed companies in Shanghai and Shenzhen A-shares from 2016 to 2020. It is found that environmental uncertainty significantly reduces the ability of corporate green innovation. The impact path results conclude that environmental uncertainty leads to a decrease in corporate innovation investment and innovation efficiency, but this negative effect is not significant in heavy pollution industries. The mechanism of action suggests that environmental uncertainty reduces entrepreneurial confidence and also increases the financing constraints faced by firms, which in turn weakens their green innovation. Further analysis shows that digital transformation can counteract the negative effects of environmental uncertainty on firms' green innovation.