企业绿色转型的同群效应:竞争机制和学习机制OA北大核心

Corporate green transformation is an inevitable requirement for achieving high-quality economic development.However,most existing relevant studies assume that the decision-making of enterprises is not affected by the behaviors of other enterprises in the same region or industry,thereby ignoring the important role of peer effects in corporate green transformation.Using data from China's listed companies from 2011 to 2022,this study explored the mechanisms of action,imitation principles,and economic effects of peer ef-fects in corporate green transformation.The results of the study showed that:① Enterprises within the same region or industry exhibited peer effects in the green transformation process,and this conclusion still held after endogeneity analyses and multiple robustness tests.② The peer effects in corporate green transformation came from both the mechanism of mutual competition among enterprises and the mechanism of learning from the leading enterprises by the follower enterprises.③ Enterprises followed the'law of logical imitation'and the'law of internal before external'during their green transformation process and were more likely to imitate those within their peer group that demonstrated high levels of green transformation and shared the same nature of property rights.④ Heterogeneity analy-ses showed that the weaker the financing constraints faced by enterprises,the higher their level of green technological innovation,the stronger environmental regulations they were subject to,and the more pronounced the peer effects of their green transformation.Addi-tionally,the peer effects of green transformation in non-heavy-polluting enterprises were more significant than those observed in heavy-polluting enterprises.⑤ Expansive analyses showed that peer effects could achieve a win-win situation for both environmental and eco-nomic performance objectives by facilitating corporate green transformation and thus improving the economic performance of enterpris-es,industries,and regions.This study suggests that enterprises should follow the principles of peer-effect imitation and adjust their green transformation strategies and imitation targets in a timely manner according to the level of green transformation in the region and in the same industry.This approach can help reduce the costs and risks associated with the transformation while maintaining their com-petitive advantages.The government should foster a favorable environment for green transformation,implement differentiated incentive policies at different stages of green transformation,and encourage healthy competition among enterprises.In addition,the government should alleviate financing constraints faced by enterprises through targeted fiscal and tax policies,promote corporate green technologi-cal innovation,and improve environmental regulations to further enhance the peer effects of corporate green transformation.