绿色创新与企业财务绩效的耦合：利益相关者与吸收能力的影响机理研究

Whether it pays to be green is disputable over time in academia. As an effective way to improvee corporate environmental performance, green innovation attracts increasing interests from firms and their stakeholders. Based on an integration of instrumental stakeholder theory, resource slack perspective, and absorptive capacity theory, this study develops a theoretical model of coupling mechanism between green innovation and firm's financial performance based on explorative case studies. Using a sample of Chinese Listed Companies, the crucial data is extracted from media reports and patent documents and integrated with the corresponding financial data of the listed companies. The Dynamic Panel Data Model (DPDM) is employed to empirically analyze the coupling relationship between green innovation and corporate financial performance and the mechanism how the dynamic interactions between stakeholder cooperation,stakeholder salience and firm's absorpative capacity impinge on the coupling relationship between green innovation and firm's financial performance. This study has implications to further develop stakeholder theory, absorptive capacity theory,and resource slack theory ,as well as provides further understanding on whether it pay to be green innovatio.Research results will provide a guideline for firms' green innovation decision and a basic theory for gorvenment' policy making of green innovation.

绿色投入是否值得，长期以来理论界存在争议。绿色创新作为改进企业环境绩效的有效手段受到企业以及企业利益相关者越来越多的关注。本研究基于工具性利益相关者理论、资源松弛观以及吸收能力理论，借助于探索性案例，构建绿色创新和企业财务绩效耦合机理的理论模型。以中国上市公司为研究对象，通过对媒体报道、专利文献等文本资料的挖掘获取课题研究的关键数据，并将其与上市公司的财务数据进行整合，利用动态面板数据分析技术，分析、验证绿色创新与企业财务绩效的耦合关系，分析利益相关者合作、利益相关者显著性以及吸收能力的动态交互作用对绿色创新与企业财务绩效耦合关系的作用机理。研究结论将丰富利益相关者理论、吸收能力理论以及资源松弛观的成果，并将深化对绿色创新是否是值得的认识。课题的成果将对企业绿色创新战略的制定提供指导，为政府绿色创新政策的制定提供理论支撑。

绿色投入是否值得，长期以来理论界存在争议。绿色创新作为改进企业环境绩 效的有效手段受到企业以及企业利益相关者越来越多的关注。本研究基于利益相关者理论、制度理论、信号理论、资源松弛观以及吸收能力等理论，利用中国上市公司的专利数据以及中国企业的调查数据等多来源数据，研究了绿色创新与企业财务绩效的耦合关系及其调节效用、验证了利益相关者对企业创新以及绿色创新的影响机理、探讨了吸收能力对企业绿色创新的影响。研究结论将丰富利益相关者理论、吸收能力理论以及资源松弛观的成果，并将深化对绿色创 新是否是值得的认识。课题的成果将对企业绿色创新战略的制定提供指导，为政府绿色创新 政策的制定提供理论支撑。