绿色创新如何影响隐含权益久期?——来自工业企业的证据  

Does Green Innovation Affect the Implied Equity Duration?——Evidence from Industrial Firms

作　　者：徐维东[1] 金书文 朱丹宇 XU Weidong;JIN Shuwen;ZHU Danyu(School of Management,Zhejiang University,Hangzhou,Zhejiang 310058,China;School of Economics,Zhejiang University,Hangzhou,Zhejiang 310058,China)

机构地区：[1]浙江大学管理学院,浙江杭州310058 [2]浙江大学经济学院,浙江杭州310058

出　　处：《财经理论与实践》2024年第4期33-41,共9页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金一般项目(22BGL063)。

摘　　要：基于2008—2019年中国A股上市工业企业数据,运用多元线性回归模型探讨绿色创新对隐含权益久期的影响及其作用机制。研究发现:绿色创新的实施增加了企业的隐含权益久期。机制分析表明,绿色创新在短期内抑制企业的增长,长期内则提高了企业的成长潜力,因此实施绿色创新的企业的现金流将较少集中在近期。此外,国有企业可以更快突破绿色创新短期内的抑制作用,从而减小绿色创新对隐含权益久期的影响。鉴于此,决策部门应充分关注绿色创新的双重外部性,明晰其长短期经济效益差异,助力企业绿色创新。Taking data from industrial companies listed in China’s A-share market from 2008 to 2019,this study uses multiple linear regression model to explore the impact of green innovation on the implied equity duration.The results show that the green innovation increases the implied equity duration.Mechanism analysis shows that green innovation inhibits firms’growth in the short term,but increases the growth potential in the long term.As a result,the cash flows of firms with more green innovation are less concentrated in the near future.In addition,state-owned enterprises can break through the inhibition effect of green innovation in the short term,and thus reduce the increase of implied equity duration caused by green innovation.Authorities should pay full attention to the double externalities of green innovation,clarify the differences in its short-term and long-term economic benefits,and help enterprises with their green innovations.

关 键 词：绿色创新 绿色专利 隐含权益久期 现金流久期 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]