环境规制、环保投资与企业可持续性商业模式创新--以股权融资为调节变量  

Environmental Regulation, Environmental Investment and Sustainable Business Model Innovation of Enterprises --Taking Equity Financing as the Moderating Variable

作　　者：王炳成[1] 麻汕 马媛[1] WANG Bing cheng;MA Shan;MA Yuan(College of Economic and Management,Shandong University of Science and Technology,Qingdao 266590)

机构地区：[1]山东科技大学经济管理学院,山东青岛266590

出　　处：《软科学》2020年第4期44-50,共7页Soft Science

基　　金：国家社会科学基金项目(17BGL037);山东省自然科学基金项目(ZR2019MG025);青岛市社会科学规划研究项目(QDSKL1901129、QDSKL1901127)。

摘　　要：基于创业板制造业上市公司2013~2017年的数据,构建并检验了环境规制和环保投资与可持续性商业模式创新的关系模型,并将股权融资纳入到模型中,探讨其调节作用。研究发现:环境规制负向影响企业可持续性商业模式创新;环保投资正向影响企业可持续性商业模式创新;股权融资作为调节变量,能够强化环保投资与可持续性商业模式创新的关系,而对环境规制与可持续性商业模式创新之间的关系未起到强化作用。Based on the data of GEM manufacturing listed enterprises from 2013 to 2017, the paper constructs and tests the relationship model between environmental re gulation, environmental investment and sustainable business model innovation, andexplores its regulating effect by taking equity financing as a moderating variable. Result shows that environmental regulation negatively affects the sustainable business models innovation of enterprises. Environmental investment positively affects the sustainable business models innovation of enterprises. As a moderating variable, equity financing could strengthen the relationship between environmental investment and sustainable business model innovation, but does not strengthen the relationship between environmental regulation and sustainable business model innovation.

关 键 词：环境规制 环保投资 股权融资 可持续性商业模式创新 

分 类 号：F273.1[经济管理—企业管理]