环境绩效、绿色创新与企业财务业绩——基于风险投资视角  

Environmental Performance,Green Innovation and Corporate Financial Performance:Based on the Perspective of Venture Capital

作　　者：赵颖岚[1] 黄雨萱 ZHAO Ying-lan;HUANG Yu-xuan

机构地区：[1]四川大学经济学院

出　　处：《科学决策》2023年第11期21-47,共27页Scientific Decision Making

摘　　要：尽管企业环境绩效与财务业绩、企业创新与财务业绩之间的关系得到了广泛关注,但这两个因素如何共同作用于企业财务业绩的综合影响尚未明确。通过对2002-2019年中国上市风险投资公司数据的实证分析,进一步探究了环境绩效和绿色创新与企业财务业绩之间的相互作用。研究发现,环境绩效的提升和绿色创新的增加均能对企业财务业绩产生积极的推动作用。特别是在碳排放减少和绿色创新并行实施的情境下,对企业财务业绩的正向影响更为显著,并随时间推移而增强。此外,绿色创新水平较高的企业往往展示出更优越的财务表现。本研究不仅在理论上首次明确了环境绩效、绿色创新与企业财务业绩的综合关系,而且为管理层、投资者、监管机构和政策制定者在推动企业绿色创新战略方面提供了有力的学术支持。Although the relationship between corporate environmental performance and financial performance,corporate innovation and financial performance has received widespread attention,how these two factors work together to have a comprehensive impact on corporate financial performance has not yet been clarified.Through an empirical analysis of data from China’s listed venture capital companies from 2002 to 2019,the interaction between environmental performance and green innovation and corporate financial performance is further explored.The study found that improvements in environmental performance and increases in green innovation can have a positive impact on corporate financial performance.Especially in the context of parallel implementation of carbon emission reduction and green innovation,the positive impact on corporate financial performance is more significant and increases over time.In addition,companies with higher levels of green innovation tend to demonstrate superior financial performance.This study not only theoretically clarifies the comprehensive relationship between environmental performance,green innovation and corporate financial performance for the first time,but also provides strong academic support for managers,investors,regulators and policymakers in promoting corporate green innovation strategies.

关 键 词：绿色创新 环境绩效 风险投资 企业财务业绩 

分 类 号：F842[经济管理—保险]