制度压力调节下的企业生态创新与盈利性的关系研究  

Revisiting the Eco-Innovation-Profitability Nexus:The Moderating Effect of Institutional Pressure

作　　者：马玎[1] 叶建木[1] 刘思施[1] 

机构地区：[1]武汉理工大学管理学院

出　　处：《管理学报》2016年第2期275-284,共10页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70871095);湖北省科技支撑计划软科学研究类资助重点项目(20150342)

摘　　要：以2004～2013年沪深两市A股主板非金融公司为样本，研究上市公司生态创新实践对盈利性的影响。为控制样本选择偏误，通过行业、年度和盈利性指标匹配一组与生态创新公司具有相同事前特征，但未在样本期间内进行生态创新的公司，并在此基础上运用较好控制时间序列弄口横截面其他因素的双重差分模型，分析生态创新公司与控制样本在盈利性上的差异。研究结果表明，外部性降低型创新对盈利性产生负面影响，规制强度、出口以及行业竞争度会强化这种负面影响；能源资源效率型创新对盈利性产生正面影响，且在高竞争行业中尤为显著。由此，揭示了生态创新类型以及制度压力对其经济回报的影响，为管理层的生态创新决策提供了依据。Basing on a sample of A-share in the period of 2004 to 2013, we analyze the impact of firm-lev- el eco-innovation on profitability. To control the selection bias, we match every eeo-innovation firm with the non-adopter according to a set of ex ante characteristics such as year, industry and profitability, and apply Difference-in-Difference （DID） method which addresses time series and cross-sectional influences to compare performance between eco-innovation firms and non-adopters. Results indicate that externality reducing innova- tion firms would experience profitability loss while regulation intensity, export status and industry competition intensity strengthen this negative effect; energy and resource efficiency innovation firms are financially rewar- ded, and this is especially the ease for export firms or firms in the highly competitive industry. This study sheds light on the relationship between eco-innovation and profitability from the perspectives of eco-innovation typologies as well as the institutional pressure, thus offering certain reference value to top management in terms of eco-innovation decision.

关 键 词：生态创新 制度压力 盈利性 双重差分 

分 类 号：C93[经济管理—管理学]