公众环境关注、绿色技术创新与企业绩效OACHSSCD

Under the"carbon peaking and carbon neutrality goals",green technological innovation is an important driving force for low-carbon transformation and sustainable development of enterprises.Compared with formal environmental regulations that force enterprises to passively implement green be-haviors,informal monitoring mechanisms such as public environmental concerns can stimulate enterpri-ses'intrinsic motivation to innovate.Based on the data of the heavy polluting enterprises listed in Shanghai and Shenzhen stock exchanges from 2011 to 2020,this paper uses the entropy value method to construct a comprehensive evaluation system of enterprise performance from four dimensions:corpo-rate finance,social responsibility,ecological environment and technological innovation,and empirically tests the impact of public environmental concern on the performance of heavy polluting enterprises and the role of green technological innovation in the relationship between the two.The results show that the increase of public environmental concern can promote the improvement of corporate performance;that green technology innovation plays a partially mediating role between public environmental concern and corporate performance;and market competitiveness plays a positive moderating role between public en-vironmental concern and corporate performance.Heterogeneity studies show that the contribution of public environmental concern to firm performance is more pronounced in non-state-owned firms than in state-owned firms,and that the contribution of public environmental concern to firm performance is more pronounced in firms with lower levels of indebtedness.The findings of the study enrich the related research on the factors influencing enterprise performance,and provide theoretical support and policy recommendations for guiding the public to actively participate in environmental governance and promo-ting the green transformation of heavily polluting enterprises.