空气污染与企业创新相关性的实证分析研究
Empirical Analysis and Research on the Correlation between Air Pollution and Corporate Innovation
摘要: 随着科学技术与化工产业的飞速发展，人们对能源的需求不断提高，因此导致了一系列困扰全人类的社会问题，如环境污染、温室效应等。创新是促进一国社会经济发展的重要驱动因素，也是现代企业提升其经营发展水平的决定性影响力量之一。鉴于现有文献的不足，本文实证研究了空气污染与企业创新的相关性，同时进行了稳定性测试以减轻内生性对结果产生的影响。接下来本文进行了公司异质性检验与中介效应的检验。结果表明，空气污染与企业创新之间存在较强的相关性，并且该关系不会被公司个体异质性所影响。同时，本文证实了创新型文化是影响环境得分与创新之间关系的潜在渠道。
Abstract: With the rapid development of science, technology and chemical industry, people’s demand for energy continues to increase, which has led to a series of social problems that plague all mankind, such as environmental pollution, greenhouse effect, etc. Innovation is an important driving factor in promoting a country’s social and economic development, and is also one of the decisive forces for modern enterprises to improve their business development levels. In view of the shortcomings of the existing literature, this paper empirically studies the correlation between air pollution and corporate innovation, and conducts stability tests to mitigate the impact of endogeneity on the results. Next, this paper conducts a test of company heterogeneity and a test of mediating effects. The results show that there is a strong correlation between air pollution and corporate innovation, and this relationship is not affected by individual company heterogeneity. At the same time, this paper confirms that innovative culture is a potential channel that affects the relationship between environmental scores and innovation.
文章引用：吴韵雯, 仲伟冰. 空气污染与企业创新相关性的实证分析研究[J]. 运筹与模糊学, 2023, 13(6): 7038-7053. https://doi.org/10.12677/ORF.2023.136690

参考文献

[1] Atalay, M., Anafarta, N. and Sarvan, F. (2013) The Relationship between Innovation and Firm Performance: An Empirical Evidence from Turkish Automotive Supplier Industry. Procedia-Social and Behavioral Sciences, 75, 226-235. [Google Scholar] [CrossRef] 
[2] Zivin, J.G. and Neidell, M. (2012) The Impact of Pollution on Worker Productivity. American Economic Review, 102, 3652-3673. [Google Scholar] [CrossRef] [PubMed]
[3] 郭际, 郭莹莹, 吴先华. 空气污染对地方重污染企业的股票收益率及盈余管理的影响[J]. 数理统计与管理, 2019, 38(1): 145-153.
[4] 张谊浩, 任清莲, 汪晓樵. 空气污染、空气污染关注与股票市场[J]. 中国经济问题, 2017(5): 120-135.
[5] 刘运国, 刘梦宁. 雾霾影响了重污染企业醮盈余管理吗?——基于政治成本假说的考察[J]. 会计研究, 2015(3): 26-33.
[6] 李超, 李涵. 空气污染对企业库存的影响——基于我国制造业企业数据的实证研究[J]. 管理世界, 2017(8): 95-105.
[7] 罗开艳, 田启波. 雾霾是否会抑制企业投资支出——来自污染类上市公司的经验证据[J]. 山西财经大学学报, 2019, 41(6): 26-40.
[8] 盛明泉, 汪顺, 张春强. “雾霾”与企业融资——来自重污染类上市公司的经验证据[J]. 经济评论, 2017(5): 28-39, 90.
[9] 谢珺, 林小冲. 空气污染对污染企业投资行为的影响研究——基于“悲观预期”的视角[J]. 经济评论, 2020(5): 124-136.
[10] 张秀敏, 杨连星, 汪瑾. 企业环境信息披露促进了研发创新吗? [J]. 商业研究, 2016(6): 37-43. [Google Scholar] [CrossRef] 
[11] 王晓祺, 郝双光, 张俊民. 新《环保法》与企业绿色创新: “倒逼”抑或“挤出”?[J]. 中国人口∙资源与环境, 2020, 30(7): 107-117.
[12] 占华. 绿色信贷如何影响企业环境信息披露——基于重污染行业上市企业的实证检验[J]. 南开经济研究, 2021(3): 193-207.
[13] 张月兰, 徐静雅, 沙莹莹. 环境信息披露质量对企业创新的影响研究[J]. 长春师范大学学报(自然科学版), 2021, 40(5): 116-124.
[14] 伍中信, 魏佳佳. 环境信息披露对企业高质量发展的影响[J]. 财会月刊, 2022(8): 7-15.
[15] 张欣. 环境信息披露对债务融资影响的实证研究[D]: [硕士学位论文]. 北京: 中国地质大学, 2023.
[16] 崔秀梅, 温素彬, 李冰冰. 环境信息披露与企业创新: 促进抑或挤出——基于“波特假说”条件下的环境规制调节效应[J]. 财会通讯, 2021(18): 30-35.
[17] 王晓祺, 宁金辉. 强制社会责任披露能否驱动企业绿色转型?——基于我国上市公司绿色专利数据的证据[J]. 审计与经济研究, 2020, 35(4): 69-77.
[18] Chen, J.J., Cheng, X., Gong, S.X. and Tan, Y.C. (2014) Do Higher Value Firms Voluntarily Disclose More Information? Evidence from China. The British Accounting Review, 46, 18-32. [Google Scholar] [CrossRef] 
[19] Xiang, X., Liu, C., Yang, M. and Zhao, X.M. (2020) Confession or Justification: The Effects of Environmental Disclosure on Corporate Green In-novation in China. Corporate Social Responsibility and Environmental Management, 27, 2735-2750. [Google Scholar] [CrossRef] 
[20] Jiang, C.L., Zhang, F.Y. and Wu, C. (2021) Environmental Information Disclosure, Political Connections and Innovation in High-Polluting Enterprises. Science of the Total Environment, 764, Article ID: 144248. [Google Scholar] [CrossRef] [PubMed]
[21] Zhang, S., Zhang, M., Qiao, Y., et al. (2022) Does Im-provement of Environmental Information Transparency Boost Firms’ Green Innovation? Evidence from the Air Quality Monitoring and Disclosure Program in China. Journal of Cleaner Production, 357, Article ID: 131921. [Google Scholar] [CrossRef] 
[22] Mårtensson, F. and Westberg, E. (2021) Prioritization of Informative Regions in PET Scans for Classification of Alzheimer’s Disease.
[23] 李青原, 肖泽华. 异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据[J]. 经济研究, 2020, 55(9): 192-208.
[24] 张克钦, 潘安娥. 上市公司漂绿行为的市场反应——基于环境信息披露视角[J]. 财会通讯, 2018(10): 57-60.
[25] 李慧云, 刘倩颖, 欧倩, 等. 产品市场竞争视角下信息披露与企业创新[J]. 统计研究, 2020, 37(7): 80-92.
[26] 武剑锋, 叶陈刚, 刘猛. 环境绩效, 政治关联与环境信息披露——来自沪市A股重污染行业的经验证据[J]. 山西财经大学学报, 2015, 37(7): 99-110.
[27] Cameron, K.S., Quinn, R.E., DeGraff, J. and Thakor, A.V. (2006) Competing Values Leadership. Edward Elgar Publishing, Cheltenham. [Google Scholar] [CrossRef] 
[28] Hartnell, C.A., Ou, A.Y. and Kinicki, A. (2011) Organizational Culture and Organizational Effectiveness: A Meta-Analytic Investigation of the Competing Values Framework’s Theoretical Suppositions. Journal of Applied Psychology, 96, 677-694. [Google Scholar] [CrossRef] [PubMed]
[29] Fiordelisi, F. and Ricci, O. (2014) Corporate Culture and CEO Turnover. Journal of Corporate Finance, 28, 66-82. [Google Scholar] [CrossRef] 
[30] Audi, R., Loughran, T. and McDonald, B. (2016) Trust, But Verify: MD&A Language and the Role of Trust in Corporate Culture. Journal of Business Ethics, 139, 551-561. [Google Scholar] [CrossRef] 
[31] Hanley, K.W. and Hoberg, G. (2010) The Information Con-tent of IPO Prospectuses. The Review of Financial Studies, 23, 2821-2864. [Google Scholar] [CrossRef] 
[32] Hoberg, G. and Phillips, G. (2010) Product Market Synergies and Competition in Mergers and Acquisitions: A Text- Based Analysis. The Review of Financial Studies, 23, 3773-3811. [Google Scholar] [CrossRef] 
[33] Loughran, T. and McDonald, B. (2011) When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks. The Journal of Finance, 66, 35-65. [Google Scholar] [CrossRef] 
[34] Bushman, R.M., Hendricks, B.E. and Williams, C.D. (2016) Bank Competition: Measurement, Decision-Making, and Risk-Taking. Journal of Accounting Research, 54, 777-826. [Google Scholar] [CrossRef] 
[35] Fiordelisi, F., Renneboog, L., Ricci, O. and Lopes, S.S. (2019) Creative Corporate Culture and Innovation. Journal of International Financial Markets, Institutions and Money, 63, Article ID: 101137. [Google Scholar] [CrossRef] 
[36] Andreou, P.C., Harris, T. and Philip, D. (2020) Measuring Firms’ Market Orientation Using Textual Analysis of 10-K Filings. British Journal of Management, 31, 872-895. [Google Scholar] [CrossRef] 
[37] Jiang, X. and Yuan, Q. (2018) Institutional Investors’ Corporate Site Visits and Corporate Innovation. Journal of Corporate Finance, 48, 148-168. [Google Scholar] [CrossRef] 
[38] Hirshleifer, D., Hsu, P.H. and Li, D. (2013) Innovative Efficiency and Stock Returns. Journal of Financial Economics, 107, 632-654. [Google Scholar] [CrossRef] 
[39] Hall, B.H., Jaffe, A. and Trajtenberg, M. (2005) Market Value and Patent Citations. The RAND Journal of Economics, 36, 16-38.
[40] Hall, B.H. and Ziedonis, R.H. (2001) The Patent Paradox Revisited: An Empirical Study of Patenting in the US Semiconductor Industry, 1979-1995. Rand Journal of Economics, 32, 101-128. [Google Scholar] [CrossRef] 
[41] Mazouz, K. and Zhao, Y. (2019) CEO Incentives, Takeover Protection and corporate Innovation. British Journal of Management, 30, 494-515. [Google Scholar] [CrossRef] 
[42] Lev, B. and Sougiannis, T. (1999) Penetrating the Book-to-Market Black Box: The R&D Effect. Journal of Business Finance & Accounting, 26, 419-449. [Google Scholar] [CrossRef] 
[43] Mazouz, K. and Zhao, Y. (2019) CEO Incentives, Takeover Protection and Corporate Innovation. British Journal of Management, 30, 494-515. [Google Scholar] [CrossRef] 
[44] Cao, X., Cumming, D. and Zhou, S. (2020) State Ownership and Corporate Innovative Efficiency. Emerging Markets Review, 44, Article ID: 100699. [Google Scholar] [CrossRef] 
[45] Coad, A., Segarra, A. and Teruel, M. (2013) Like Milk or Wine: Does Firm Performance Improve with Age? Structural Change and Economic Dynamics, 24, 173-189. [Google Scholar] [CrossRef] 
[46] Cumming, D., Peter, R., Sannajust, A. and Tarsalewska, M. (2019) Pre-Going Private Ownership around the World. British Journal of Management, 30, 692-711. [Google Scholar] [CrossRef] 
[47] Oster, E. (2019) Unobservable Selection and Coefficient Sta-bility: Theory and Evidence. Journal of Business & Economic Statistics, 37, 187-204. [Google Scholar] [CrossRef] 
[48] Nelson, B. and Behar, A. (2009) Natural Resources, Growth and Spatially-Based Development: A View of the Literature. World Bank, Washington DC.
[49] Veenstra, E.M. and Ellemers, N. (2020) ESG Indicators as Organizational Performance Goals: Do Rating Agencies Encourage a Holistic Approach? Sustainability, 12, Article 10228. [Google Scholar] [CrossRef] 

为你推荐