School of Economics and Management, Taiyuan University of Technology

“双碳”目标下,绿色技术创新是企业低碳转型和可持续发展的重要驱动力。正式的环境规制迫使企业被动实施绿色行为,而非正式的监督机制如公众环境关注更能够激发企业的内在创新动力。以2012—2021年沪深A股上市重污染企业为样本,利用熵值法从企业财务、社会责任、生态环境与技术创新4个维度构建企业绩效综合评价体系,实证检验公众环境关注对重污染企业绩效的影响以及绿色技术创新在两者之间的作用机制。研究结果表明,公众环境关注的增加能够促进企业绩效的提升;绿色技术创新在公众环境关注与企业绩效之间发挥部分中介作用;市场竞争性在公众环境关注与企业绩效之间发挥正向调节作用。异质性研究表明,相比于国有企业,公众环境关注对企业绩效的促进作用在非国有企业中更明显;在负债水平较低的企业,公众环境关注对企业绩效的促进作用更明显。研究结论丰富了企业绩效影响因素的相关研究,能够为引导公众积极参与环境治理、推动重污染企业绿色转型提供理论支持和政策建议。

Under the “ carbon peaking and carbon neutrality goals” , green technological innovation isan important driving force for low-carbon transformation and sustainable development of enterprises.Compared with formal environmental regulations that force enterprises to passively implement green behaviors, informal monitoring mechanisms such as public environmental concerns can stimulate enterprises’ intrinsic motivation to innovate. Based on the data of the heavy polluting enterprises listed inShanghai and Shenzhen stock exchanges from 2011 to 2020, this paper uses the entropy value methodto construct a comprehensive evaluation system of enterprise performance from four dimensions: corporate finance, social responsibility, ecological environment and technological innovation, and empiricallytests the impact of public environmental concern on the performance of heavy polluting enterprises andthe role of green technological innovation in the relationship between the two. The results show that theincrease of public environmental concern can promote the improvement of corporate performance; thatgreen technology innovation plays a partially mediating role between public environmental concern andcorporate performance; and market competitiveness plays a positive moderating role between public environmental concern and corporate performance. Heterogeneity studies show that the contribution ofpublic environmental concern to firm performance is more pronounced in non-state-owned firms than instate-owned firms, and that the contribution of public environmental concern to firm performance ismore pronounced in firms with lower levels of indebtedness. The findings of the study enrich the relatedresearch on the factors influencing enterprise performance, and provide theoretical support and policyrecommendations for guiding the public to actively participate in environmental governance and promoting the green transformation of heavily polluting enterprises.

教育部人文社会科学研究青年基金项目(22YJC630059)