联系我们

论文查询结果	返回搜索

论文编号：	16027
作者编号：	1120201079
上传时间：	2026/6/3 11:12:32
中文题目：	绿色创新模式对企业财务绩效的差异化影响及其作用机制研究
英文题目：	The Differential Effects of Green Innovation Modes on Corporate Financial Performance and Their Underlying Mechanisms
指导老师：	刘志远
中文关键字：	绿色创新模式；绿色协同创新；绿色自主创新；财务绩效；环境绩效
英文关键字：	Green Innovation Organizational Modes; Collaborative Green Innovation; Independent Green Innovation; Financial Performance; Environmental Performance
中文摘要：	在资源环境约束日益强化、“双碳”目标持续推进与绿色发展理念不断深化的背景下，企业绿色创新已成为推动经济社会绿色低碳转型的重要微观基础。现有研究普遍认为，绿色创新能够降低污染排放、提高资源利用效率，从而改善企业环境绩效；但其对企业财务绩效的影响始终存在明显分歧，既有研究或强调绿色创新能够通过提升生产效率、增强产品差异化优势和塑造市场竞争力来改善企业财务绩效，或指出绿色创新具有高投入、高风险和长回报周期等特征，可能对企业财务绩效形成挤压。事实上，仅有环境绩效改善并不足以说明绿色创新具有可持续性。若企业长期无法从绿色创新中获得必要的财务回报，便难以持续投入绿色创新活动，进而削弱其持续改善环境绩效的动力与能力，最终使既有环境绩效改善难以稳定维持。因此，绿色创新研究不能停留于环境绩效是否改善这一单一层面，而应进一步关注企业能否在改善环境绩效的同时实现财务绩效提升，即实现环境绩效与财务绩效的协同提升。 围绕这一问题，既有研究主要从技术类型、创新属性等维度展开分析，试图识别何种绿色创新更有可能兼顾环境目标与经济目标，但现有结论仍未充分揭示一条清晰、稳定且具有普遍解释力的实现路径。在此基础上，本文从绿色创新模式视角切入。企业开展绿色创新主要包括两类绿色创新模式：一是依托内部研发资源独立推进的绿色自主创新模式，二是与高校、科研机构、供应链伙伴等外部主体合作开展的绿色协同创新模式。两类绿色创新模式在资源获取方式、成本分担机制、风险承担结构以及创新收益实现条件等方面存在显著差异，因此可能对企业环境绩效和财务绩效产生不同影响。由此，本文试图回答：在环境绩效改善的前提下，何种绿色创新模式更有可能同时带来财务绩效改善，并由此支撑绿色创新活动的持续开展。 基于此，本文以中国A股上市公司为研究样本，系统比较绿色自主创新模式与绿色协同创新模式对企业环境绩效和财务绩效的不同影响，并进一步分析不同绿色创新模式影响企业财务绩效的传导机制及其实现条件。具体而言，本文首先构建绿色自主创新模式与绿色协同创新模式的量化指标，对两类绿色创新模式影响企业环境绩效的效果进行基础性检验；在此基础上，重点考察两类绿色创新模式对企业财务绩效的差异化影响，并通过协同创新模式虚拟变量和协同创新占比指标，进一步检验绿色协同创新模式相对于绿色自主创新模式在环境绩效改善和财务绩效提升上的相对优势。进一步地，本文从融资约束、人力资本结构和技术突破四个维度，检验绿色创新模式影响企业财务绩效的内在传导机制；并从技术基础、组织特征和外部制度环境三个维度，选取人工智能应用水平、绿色技术积累、业绩期望差距、组织冗余、环境规制强度和知识产权保护强度六个变量，考察不同情境条件下绿色协同创新模式相对于绿色自主创新模式的财务绩效促进作用是否存在系统差异。 研究发现：第一，绿色自主创新模式与绿色协同创新模式均能显著改善企业环境绩效。第二，绿色自主创新模式与绿色协同创新模式对企业财务绩效的影响存在显著分化：绿色自主创新模式对企业财务绩效呈显著抑制作用，而绿色协同创新模式对企业财务绩效呈显著促进作用。第三，企业当期存在绿色协同创新，且绿色协同创新在全部绿色创新中的占比越高，企业环境绩效改善程度越大，财务绩效提升幅度也越高，表明绿色协同创新模式相较于绿色自主创新模式更有利于推动环境绩效改善与财务绩效提升的统一。第四，缓解融资约束、优化人力资本结构和促进关键绿色技术突破，是绿色协同创新模式相对于绿色自主创新模式形成财务绩效优势的主要传导路径。第五，企业人工智能应用水平、绿色技术积累、组织冗余、环境规制强度和知识产权保护强度越高，绿色协同创新模式相对于绿色自主创新模式的财务绩效促进作用越强；而业绩期望差距越大，绿色协同创新模式相对于绿色自主创新模式的财务绩效促进作用越弱。 本文从绿色创新模式视角揭示了绿色自主创新模式与绿色协同创新模式在财务绩效结果上的显著分化及其形成机制。研究表明，绿色创新能否真正支撑企业持续绿色转型，关键不只在于其是否改善环境绩效，更在于其能否同时形成可持续的财务回报；相较于绿色自主创新模式，绿色协同创新模式更有利于企业在改善环境绩效的同时提升财务绩效。本文的研究结论为企业绿色转型过程中绿色创新模式的选择提供了经验证据，也为理解企业实现绿色发展目标的微观机制提供了新的解释。
英文摘要：	Against the backdrop of increasingly stringent resource and environmental constraints, the continued advancement of the “dual-carbon” goals, and the deepening of the green development agenda, corporate green innovation has become an important micro-level foundation for promoting the green and low-carbon transformation of the economy and society. Existing studies generally agree that green innovation can reduce pollutant emissions and improve resource-use efficiency, thereby enhancing firms’ environmental performance. However, its impact on financial performance remains subject to substantial debate. Some studies argue that green innovation can improve financial performance by raising production efficiency, strengthening product differentiation, and enhancing market competitiveness, whereas others contend that the high investment requirements, high risks, and long payback periods associated with green innovation may crowd out firms’ financial returns. In fact, improvement in environmental performance alone is insufficient to demonstrate the sustainability of green innovation. If firms are unable to obtain adequate financial returns from green innovation over the long run, they will find it difficult to sustain continued investment in green innovation activities, which in turn will weaken both their incentives and capabilities to continuously improve environmental performance, ultimately making earlier environmental gains difficult to maintain. Therefore, research on green innovation should not remain confined to the single question of whether environmental performance improves; rather, it should further examine whether firms can enhance financial performance while improving environmental performance, that is, whether environmental and financial performance can be improved in a coordinated manner. To address this issue, prior studies have mainly examined green innovation from the perspectives of technological type and innovation attributes, attempting to identify which forms of green innovation are more likely to reconcile environmental and economic objectives. However, existing findings have yet to reveal a clear, stable, and broadly generalizable pathway. Building on this literature, this study adopts the perspective of green innovation modes. Firms primarily engage in green innovation through two modes. The first is green independent innovation, under which firms rely on internal R&D resources to advance green innovation on their own. The second is green collaborative innovation, under which firms cooperate with external actors such as universities, research institutes, and supply chain partners. These two green innovation modes differ substantially in terms of resource acquisition, cost-sharing mechanisms, risk-bearing structures, and the conditions under which innovation returns are realized. They may therefore generate different effects on firms’ environmental and financial performance. Accordingly, this study seeks to answer the following question: under the premise of environmental performance improvement, which green innovation mode is more likely to also improve financial performance and thereby support the sustained implementation of green innovation activities? Based on this motivation, using Chinese A-share listed firms as the research sample, this study systematically compares the effects of green independent innovation and green collaborative innovation on firms’ environmental and financial performance, and further explores the transmission mechanisms and boundary conditions through which different green innovation modes affect financial performance. Specifically, this study first constructs quantitative measures of green independent innovation and green collaborative innovation, and conducts baseline tests of their effects on environmental performance. On this basis, it then focuses on the differential effects of the two green innovation modes on financial performance, and further examines the relative advantages of green collaborative innovation over green independent innovation in improving environmental and financial performance by using both a collaborative innovation dummy and a collaborative innovation share indicator. In addition, this study investigates the internal transmission mechanisms through which green innovation modes affect financial performance from four dimensions: financing constraints, human capital structure, operational risk, and technological breakthroughs. Finally, from the perspectives of technological foundations, organizational characteristics, and the external institutional environment, this study selects six moderating variables—AI application level, green technological accumulation, performance aspiration gap, organizational slack, environmental regulation intensity, and intellectual property protection strength—to examine whether the financial performance advantage of green collaborative innovation over green independent innovation varies systematically across different contextual conditions. The results show that, first, both green independent innovation and green collaborative innovation significantly improve firms’ environmental performance. Second, the two green innovation modes exert significantly different effects on financial performance: green independent innovation significantly suppresses firms’ financial performance, whereas green collaborative innovation significantly enhances it. Third, when firms engage in green collaborative innovation in a given year, and when the share of green collaborative innovation in total green innovation is higher, firms experience greater improvements in environmental performance and larger gains in financial performance. This finding suggests that, compared with green independent innovation, green collaborative innovation is more conducive to achieving the alignment of environmental improvement and financial enhancement. Fourth, alleviating financing constraints, optimizing human capital structure, reducing operational risk, and promoting key green technological breakthroughs are the main transmission channels through which green collaborative innovation develops a financial performance advantage over green independent innovation. Fifth, higher levels of AI application, green technological accumulation, organizational slack, environmental regulation intensity, and intellectual property protection strengthen the positive effect of green collaborative innovation relative to green independent innovation on financial performance, whereas a larger performance aspiration gap weakens this relative advantage. From the perspective of green innovation modes, this study reveals the significant divergence in financial performance outcomes between green independent innovation and green collaborative innovation, as well as the mechanisms through which such divergence arises. The findings indicate that whether green innovation can truly support firms’ sustained green transformation depends not only on whether it improves environmental performance, but also on whether it can simultaneously generate sustainable financial returns. Compared with green independent innovation, green collaborative innovation is more conducive to improving financial performance while enhancing environmental performance. The findings of this study provide empirical evidence for firms’ choice of green innovation modes in the process of green transformation and offer a new explanation for understanding the micro-level mechanisms through which firms achieve green development goals.
查看全文：	预览  下载(下载需要进行登录)