战略管理研究中的机器学习:研究述评与展望  

Will Capital Market Liberalization Promote Corporate Green Innovation?

作　　者：吴建祖[1] 郑朝杰 Wu Jianzu;Zheng Chaojie(School of Management,Lanzhou University,Lanzhou 730030,China)

机构地区：[1]兰州大学管理学院,甘肃兰州730030

出　　处：《外国经济与管理》2025年第3期119-136,共18页Foreign Economics & Management

基　　金：国家自然科学基金项目(71972094)。

摘　　要：机器学习为战略管理研究带来了新的方法论和机遇。本文基于1999-2022年间发表在国际顶尖战略管理期刊的27篇文献,系统梳理了机器学习在战略管理研究中的四个应用:变量测量、特征选择、模型估计和因果推断。本文分析了每个维度的代表性文献,详述了其所用机器学习算法的原理和应用,并探讨了未来的研究方向。研究发现,自然语言处理技术和分类算法不仅提高了变量测量精度,也增强了特征选择方面的能力,从而加深了研究者对战略管理研究对象的理解。同时,随机森林、支持向量机等机器学习算法,在提升模型估计的稳健性方面有显著效果。另外,双重套索、双重机器学习和广义随机森林等方法,为因果关系推断提供了技术支持。本文旨在为运用机器学习技术深化战略管理研究提供指导和建议,同时为战略管理领域的未来研究奠定了方法论基础。In the era of China's high-quality opening up and green economic transformation,the enabling role of capital market liberalization on corporate green innovation has received increasing attention.Existing studies on the economic effect of capital market liberalization are relatively extensive,but most of them focus on the overall level of innovation,and a few based on corporate green innovation only extend to heterogeneity analysis,without in-depth exploration of interaction effects and other contents.Using data from China's A-share listed companies from 2007 to 2021,this paper takes the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Program as the event entry point to construct a heterogeneous timing DID model,and tests the effect and mechanism.The study finds that capital market liberalization will promote enterprises to carry out green innovation,especially highquality substantive green innovation.With the improvement of capital market liberalization,the green innovation level of enterprises will increase,and ultimately improve corporate value.Although capital market liberalization will promote green innovation,this promotion effect will disappear with the rerestriction of liberalization.Within the industry,green innovation shows a siphon effect of resource competition among the target enterprises of the“Chinese Mainland-Hong Kong Stock Connect Program”,while it shows a spillover effect within the region.Path testing shows that capital market liberalization will promote corporate green innovation through the two paths of green guidance effect and resource support effect.Environmental regulatory tools and capital market liberalization play a complementary role in promoting corporate green innovation.The promotion effect of capital market liberalization on corporate green innovation is based on non-state-owned economic development,market competition relationships,and a relatively complete internal governance structure.In terms of theoretical significance,this paper opens the“black box”of the impa

关 键 词：机器学习 战略管理 方法综述 未来展望 

分 类 号：F270[经济管理—企业管理]