中国企业绿色投资同群效应研究

王玉涛, 王松, 段梦然

系统工程理论与实践 ›› 2024, Vol. 44 ›› Issue (3) : 874-892.

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系统工程理论与实践 ›› 2024, Vol. 44 ›› Issue (3) : 874-892. DOI: 10.12011/SETP2023-0011
论文

中国企业绿色投资同群效应研究

    王玉涛1, 王松1, 段梦然2
作者信息 +

The peer effect of green investment activities of China’s listed firms

    WANG Yutao1, WANG Song1, DUAN Mengran2
Author information +
文章历史 +

摘要

推动经济社会发展绿色化、低碳化是实现经济高质量发展的关键环节. 当前, 在政府部门提供政策支持的基础上, 单个企业的绿色投资意愿仍然不高, 这导致宏观经济高质量发展需求与微观企业绿色投资不足的现实矛盾愈发凸显. 本文试图从“同群效应”来探索这一矛盾的解决之道, 或许可以为提升企业绿色投资意愿提供新的思路. 基于此, 本文以中国沪深A股上市公司为样本, 对上市公司绿色投资行业同群效应的存在性、作用机制以及经济后果展开研究. 研究发现:企业绿色投资存在显著的同群效应;机制检验表明企业绿色投资同群效应存在学习机制与压力机制, 即同行业的跟随者会更愿意向领导者学习, 外部压力更大时企业绿色投资同群效应更为明显;进一步分析表明, 企业绿色投资同群效应实现了企业生产的降本增效和公司价值的提升. 本文的研究结论不仅有助于厘清企业实施绿色投资的真实动因, 也为行业绿色投资联动和政府相关部门政策制定提供有力依据.

Abstract

Green and low-carbon economic and social development is a key factor to achieve high-quality development. Although there is a plenty of relevant policies support till now, the green investment willingness of individual enterprises is not enough, which causes a contradiction between the demand for high-quality economic development and the insuffcient green investment willingness of enterprises. This paper tries to explore the solution from the view of “peer effect” of corporate green investment and hence could provide a new incentive to lead enterprises more resources to green investment. This study uses the data of A-share listed companies in Shanghai and Shenzhen to explore the existence, mechanism and economic consequences of industrial peer effect of green investment behavior of listed companies in China. The results show that there is a significant peer effect on corporate green investment. There are learning mechanism and pressure mechanism in the peer effect of enterprises’ green investment. The peer effect of corporate green investment is more pronounced when followers in the same industry are more willing to learn from leaders and when the enterprises facing higher external pressure. The additional analysis show that the peer effect of corporate green investment reduces the operating cost and hence increases firms’ valuation. The study not only helps to clarify the potential real motivation of corporate green investment, but also provides strong empirical evidences for the formulation of the relative policy and regulation.

关键词

绿色投资 / 同群效应 / 学习机制 / 压力机制 / 经济后果

Key words

green investment / peer effect / learning mechanism / pressure mechanism / economic consequence

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导出引用
王玉涛 , 王松 , 段梦然. 中国企业绿色投资同群效应研究. 系统工程理论与实践, 2024, 44(3): 874-892 https://doi.org/10.12011/SETP2023-0011
WANG Yutao , WANG Song , DUAN Mengran. The peer effect of green investment activities of China’s listed firms. Systems Engineering - Theory & Practice, 2024, 44(3): 874-892 https://doi.org/10.12011/SETP2023-0011
中图分类号： F123.9   

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基金

国家自然科学基金(71972179,72302009)；北京工商大学国有资产管理协同创新中心项目(GZGL202206)；北京市教育委员会科学研究计划(SM202310011003)
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