创新科技2025，Vol.25Issue(4)：45-61,17.DOI:10.19345/j.cxkj.1671-0037.2025.4.4
"双碳"目标下绿色技术创新如何影响企业价值
How Green Technology Innovation Affects Enterprise Value Un-der the"Dual Carbon"Goals
摘要
Abstract
The introduction of the"dual carbon"goals has promoted a comprehensive green transformation of China's economy and society,and enterprise-led green technological innova-tion has become a key path to realizing the goals.How should enterprises implement green tech-nological innovation?What impact will these innovations have on enterprise value?What mecha-nisms are at play,and to what extent do these impacts occur?By deconstructing these questions,this paper aims to guide enterprises to invest in green technological innovation scientifically and effectively,enhance their value,and contribute to the realization of the"dual carbon"goals with the help of enterprise green value creation.In this paper,green technological innovation is subdi-vided into three areas:green products,green processes,and end-of-pipe treatment technological innovation.Utilizing data from listed companies in heavy pollution industries from 2018 to 2022,we apply the panel threshold model to explore the effects of these innovations on enterprise value and the underlying mechanisms involved. The study finds that:①green products,green processes,and end-of-pipe treatment techno-logical innovations all contribute to enhancing enterprise value.These three types of green inno-vations work together in different ways.Green product innovation brings long-term economic benefits by expanding markets and increasing revenues;green process innovation provides both short-term and long-term benefits by optimizing production processes;and end-of-pipe innova-tion enhances the sustainable development capacity of enterprises by reducing emissions and lowering environmental costs.②The results from estimating the threshold effect show that:the impact of green product innovation on enterprise value is inverted"U"shape.Initially,as invest-ment in green product innovation increases,companies experience significant advantages and re-ceive strong market support,which boosts their enterprise value.However,once the investment reaches a certain peak,continued investment in innovation leads to higher costs and more in-tense competition.In this scenario,the benefits diminish due to the technology spillover effects,resulting in a decrease in the marginal contribution of green product innovation to enterprise value.③Green process innovation and enterprise value exhibit positively increasing stage char-acteristics,demonstrating a persistent and cumulative impact.④The impact of end-of-pipe technological innovation on enterprise value follows a"V"shape.The initial investment in-creases costs and diminishes value.However,in the long run,effective end-of-pipe innovation can reduce environmental pollution and compliance risks,enhance corporate image and market competitiveness,and ultimately promote the growth of enterprise value.⑤The threshold effect relationship between green technology innovation and enterprise value is heterogeneous among enterprises located in pilot and non-pilot cities for carbon peaking.In pilot cities,the supportive policies and favorable market environment provide better conditions for enterprises'green tech-nological innovation,which promotes the process of transforming green technological innovation into increased enterprise value. These findings provide empirical evidence for enterprises undergoing green transformation and development.By segmenting green technological innovation according to its threshold char-acteristics,enterprises can allocate resources scientifically and effectively to promote the innova-tion process,enhance enterprise value,and realize green and high-quality development.Addi-tionally,this research supports government departments in formulating relevant policies to help realize the"dual carbon"goals.关键词
绿色技术创新/企业价值/门槛效应/"双碳"目标/上市企业Key words
green technological innovation/enterprise value/threshold effects/"dual carbon"goals/listed companies分类
经济学引用本文复制引用
苏利平,于慧杰.."双碳"目标下绿色技术创新如何影响企业价值[J].创新科技,2025,25(4):45-61,17.基金项目
国家自然科学基金项目"环境信息披露质量、绿色技术创新与企业价值"(72062025) （72062025）
国家自然科学基金项目"业绩考核与激励、管理者特征对国有企业研发投资的影响研究"(71962028). （71962028）
