企业绿色创新对企业价值的影响机制——合法性的中介效应与行为可见性的调节作用  

The Influence Mechanism of Green Innovation on Enterprise Value:The Mediating Effect of Legitimacy and the Moderating Role of Behavioral Visibility

作　　者：郑海东[1] 姚尚堃 高学贤[1] 曹宇 ZHENG Haidong;YAO Shangkun;GAO Xuexian;CAO Yu(School of Economics and Management,China University of Petroleum(East China),Qingdao 266580,Shandong China)

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266580

出　　处：《河南科学》2021年第4期633-642,共10页Henan Science

基　　金：山东省自然基金项目(ZR2017MG024);人文社科重点研究基地—企业社会责任研究基地(19CX05025B)。

摘　　要：基于制度理论构建了企业绿色创新影响企业价值的作用机制模型,考察了合法性的中介效应与行为可见性的调节效应.以100家上市公司为样本进行实证分析,结果表明:①绿色创新显著正向影响企业价值;②合法性在绿色创新影响企业价值的过程中起到完全中介作用;③行为可见性能够正向调节绿色工艺创新与合法性之间的关系.为了实现企业与社会的双赢,企业在绿色创新过程中应注重提升实用合法性与道德合法性,同时在绿色工艺创新过程中,注重提升行为可见性.Drawing on institutional theory,the authors develop a model to investigate how enterprise green innovation affect enterprise value,and study the mediating effect of legitimacy and the moderating role of behavioral visibility.The results of empirical analysis of 100 listed companies indicate that:①Green innovation has a significant positive impact on enterprise value;②The relationship between green innovation and enterprise value is mediated by legitimacy;③Behavioral visibility can positively regulate the relationship between green innovation and legitimacy.In order to achieve a win-win situation between enterprises and society,enterprises should pay attention to improving the practical legitimacy and moral legitimacy in the process of green innovation,and at the same time,pay attention to improving the behavioral visibility in the process of green technological innovation.

关 键 词：绿色创新 公司价值 合法性 可见性 

分 类 号：F570.6[经济管理—产业经济]