School of Management, Shandong University, Jinan 250100, China.
The Center for Economic Research, Shandong University, Jinan 250100, China.
Int J Environ Res Public Health. 2021 Mar 25;18(7):3412. doi: 10.3390/ijerph18073412.
Corporate green innovation is an effective way to achieve energy conservation and emission reduction. Enterprises' willingness to pursue green innovation is increasingly affected by external factors. By using a quasi-natural experiment of China's Stock Connect program, we investigate the impact of stock market liberalization on corporate green innovation. We find that stock market liberalization increases enterprises' green innovation, especially for state-owned enterprises. We also find that stock market liberalization plays a stronger role in promoting the green invention patents of enterprises whose managers have overseas experience and enterprises in areas with a higher degree of openness. Our mechanism analysis suggests that stock market liberalization attracts the attention of securities analysts and increases managers' focus on environmental protection, thereby promoting corporate green innovation. Our findings show that stock market liberalization plays an important role in the governance of firms' non-financial behavior, which has important theoretical and practical implications.
企业绿色创新是实现节能减排的有效途径。企业追求绿色创新的意愿越来越受到外部因素的影响。本文利用中国“股票通”计划的准自然实验，考察了股票市场自由化对企业绿色创新的影响。研究发现，股票市场自由化提高了企业的绿色创新水平，特别是对国有企业而言。我们还发现，对于那些管理人员具有海外经验和处于开放程度较高地区的企业，股票市场自由化在促进企业绿色发明方面发挥了更强的作用。我们的机制分析表明，股票市场自由化吸引了证券分析师的关注，并增加了管理人员对环境保护的重视，从而促进了企业的绿色创新。研究结果表明，股票市场自由化在企业非财务行为的治理中发挥了重要作用，具有重要的理论和实践意义。
