Sustaining the sustainable development: How do firms turn government green subsidies into financial performance through green innovation?
Sustaining the sustainable development: How do firms turn government green subsidies into financial performance through green innovation?
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DOI：
10.1002/bse.2746
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发表时间：
2021-02-07
影响因子：
13.4
通讯作者：
Wang, Yu
中科院分区：
文献类型：
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作者：
Hu, Die;Qiu, Lu;Wang, Yu
政府绿色补贴对企业绿色创新行为和可持续发展的影响在现有文献中已得到认可，但其深层关系仍知之甚少。本研究旨在探讨政府绿色补贴通过绿色创新影响企业财务绩效的机制，以及在不同的权变条件下，政府绿色补贴的中介效应如何变化。基于2006 - 2018年中国上市公司数据的实证结果表明，绿色补贴对绿色工艺和产品创新均具有正向影响，但只有绿色产品创新才能提升财务绩效，进一步验证了绿色补贴是通过绿色产品创新而非绿色工艺创新来正向影响财务绩效的。此外，较高的吸收能力和较高的市场动荡都加强了绿色补贴通过绿色产品创新对企业财务绩效的间接影响。本文的研究揭示了在不同内外部杠杆水平下，绿色补贴通过绿色创新对企业财务绩效的影响机制，为企业提供了有益的启示。并为政府制定相关环境政策提供依据。
The impact of government green subsidies on firms' green innovation behaviors and sustainable development has been recognized in the existing literature, but the deep relationship remains poorly understood. This study aims to examine the mechanism of how government green subsidies influence firms' financial performance via green innovation and how the mediating effect varies under different contingent conditions. Empirical results based on data of Chinese listed companies between 2006 and 2018 reveal that green subsidies have positive effects on green process and product innovation, but only green product innovation can rise higher financial performance, which further verifies that green subsidies positively influence financial performance through green product innovation rather than green process innovation. In addition, both higher absorptive capacity and higher market turbulence strengthen the indirect effect of green subsidies on firms' financial performance via green product innovation. Our study provides useful implications for enterprises by revealing the influence mechanism of green subsidies on financial performance through green innovation under different leveraging levels of internal and external conditions. It also provides basis for the government to formulate relevant environmental policies.