“双碳”目标下绿色技术创新如何影响企业价值——基于门槛效应的研究  

How Green Technology Innovation Affects Enterprise Value Un⁃der the"Dual Carbon"Goals-A Study Based on Threshold Effects

作　　者：苏利平[1] 于慧杰 Su Liping;Yu Huijie(College of Economics and Management,Inner Mongolia University of Science and Technology,Baotou 014010,China)

机构地区：[1]内蒙古科技大学经济与管理学院,内蒙古包头014010

出　　处：《创新科技》2025年第4期45-61,共17页Innovation science and technology

基　　金：国家自然科学基金项目“环境信息披露质量、绿色技术创新与企业价值”(72062025);国家自然科学基金项目“业绩考核与激励、管理者特征对国有企业研发投资的影响研究”(71962028)。

摘　　要：“双碳”目标的提出推动了我国经济社会的绿色转型。在此背景下,企业主导的绿色技术创新成为实现这一目标的关键路径。将绿色技术创新分为绿色产品创新、绿色工艺创新和末端治理技术创新等3类,依托2018—2022年重污染行业上市公司的数据展开实证分析。研究发现:绿色产品创新、绿色工艺创新、末端治理技术创新均对企业价值提升有促进作用。门槛效应估计结果显示:绿色产品创新对企业价值的影响呈倒“U”形;绿色工艺创新对企业价值的影响呈正向递增的阶段性特征;末端治理技术创新与企业价值呈“V”形关系。异质性分析表明,绿色技术创新与企业价值的门槛效应在碳达峰试点城市企业与非碳达峰试点城市企业中存在差异。研究结论为企业在进行绿色转型时,通过细分绿色技术创新类型并依据其门槛特性有效提高企业价值,进而实现绿色高质量发展提供了经验证据。The introduction of the"dual carbon"goals has promoted a comprehensive green transformation of China's economy and society,and enterprise-led green technological innovation has become a key path to realizing the goals.How should enterprises implement green technological innovation?What impact will these innovations have on enterprise value?What mechanisms are at play,and to what extent do these impacts occur?By deconstructing these questions,this paper aims to guide enterprises to invest in green technological innovation scientifically and effectively,enhance their value,and contribute to the realization of the"dual carbon"goals with the help of enterprise green value creation.In this paper,green technological innovation is subdivided into three areas:green products,green processes,and end-of-pipe treatment technological innovation.Utilizing data from listed companies in heavy pollution industries from 2018 to 2022,we apply the panel threshold model to explore the effects of these innovations on enterprise value and the underlying mechanisms involved.The study finds that:①green products,green processes,and end-of-pipe treatment technological innovations all contribute to enhancing enterprise value.These three types of green innovations work together in different ways.Green product innovation brings long-term economic benefits by expanding markets and increasing revenues;green process innovation provides both short-term and long-term benefits by optimizing production processes;and end-of-pipe innovation enhances the sustainable development capacity of enterprises by reducing emissions and lowering environmental costs.②The results from estimating the threshold effect show that:the impact of green product innovation on enterprise value is inverted"U"shape.Initially,as investment in green product innovation increases,companies experience significant advantages and receive strong market support,which boosts their enterprise value.However,once the investment reaches a certain peak,continued investment in innovation

关 键 词：绿色技术创新 企业价值 门槛效应 “双碳”目标 上市企业 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济]