企业绿色创新战略的价值研究

将环境问题置于战略层面的高度考虑在企业环境管理研究领域得到广泛认可。然而,当前关注绿色创新战略实施积极作用的权变性的文献十分有限。本文整合Hart(1995)的自然资源基础理论以及Teece(1986)的互补性资产理论,实证检验绿色创新战略对企业价值的影响,进一步揭示绿色创新战略提升企业价值所需的内部关键能力与资源(创新能力和组织冗余)及其作用机制。运用内容分析法(Content analysis)收集江苏省上市公司公开数据库绿色数据,实证研究表明:(1)现阶段中国企业绿色创新战略与价值呈显著负相关;(2)创新能力对绿色创新战略与企业价值之间关系具有调节效应;(3)冗余资源中,非沉淀性冗余资源能够正向调节绿色创新战略与企业价值的关系,而沉淀性冗余资源的调节效应不显著;(4)进一步的三项交互(Three-way Interaction)分析表明企业的非沉淀性冗余资源较充足时,能够增强创新能力对绿色创新战略与企业价值之间关系的正向调节效应。该研究结论深化、拓展了自然资源基础理论,为企业践行绿色提供有益参考。

The value of corporate green innovation strategy

In the field of corporate environment management research, it is widely recognized to consider environment issues on the corporate strategy level. However, the literature about contingency of positive effect of green innovation strategy is very limited. Based on the natural resource based theory of Hart (1995) and the complementary assets theory of Teece (1986), we empirically studied the impact of corporate green innovation strategy on enterprise value, furthermore, we explored the influence mechanism of internal critical capabilities and resources (innovation ability and organization redundancy) on impact of corporate green innovation strategy on enterprise value. Using method of content analysis, we collected the public available data of listed companies in Jiangsu Province. The empirical results showed that: (1) at this period in China, green Innovation strategy and enterprise value was negatively correlated significantly; (2) innovation ability had positive moderate effect on the relationship between green Innovation strategy and enterprise value; (3) for the relationship between green Innovation strategy and enterprise value, non-precipitation redundant resources had positive moderate effect, while precipitation redundant resources had no significant moderate effect; (4) further three-way interaction analysis found out that with more non-precipitation redundant resources, the positive moderating effect of innovation ability on the relationship between green Innovation strategy and enterprise value became stronger. The conclusion of this study deepened and expanded the natural resource based theory, provided a useful reference for the green practice of enterprises.