绿色创新、企业声誉与盈余信息含量

绿色创新是推动经济高质量发展的重要支撑,然而绿色创新企业短期内却承担着投资者盈余预期偏低的压力,亟须有效的信息传递机制将创新质量及其盈利性及时、可靠地传递给信息使用者。以2010—2017年发布企业社会责任报告的A股上市公司作为研究样本,实证检验了绿色创新对盈余信息含量的影响及其声誉的调节作用。研究发现,绿色创新的高成本和外部性降低了分析师对主营业务收入和每股盈利的预期,导致资本市场短期内的消极反应,从而降低了盈余信息含量;相比于绿色实用新型专利,申请绿色发明专利的企业盈余信息含量更低;良好的声誉能够弱化这种消极反应;相比于非国有企业,声誉的调节作用在国有企业中更为有效;绿色创新能够提高企业的经济可持续性。研究结论表明,资本市场对于企业绿色创新的态度较为消极,利用企业声誉评价机制缓解资本市场对绿色创新成本的负面情绪有助于经济可持续发展。在绿色发展的战略背景下,上述经验证据能够为政府部门制定激励企业绿色创新、驱动绿色发展的政策提供决策参考。

Green Innovation, Corporate Reputation and Earnings Information Content

Green innovation is an important support for promoting high quality development.However,companies that carry out green innovation are under the pressure from investors earnings expectations in the short term,which makes it necessary for an effective information mechanism to deliver innovation quality and profitability information to the users in a timely and reliable manner.Taking the A-share listed companies that issued the Corporate Social Responsibility Report during the years from 2010 to 2017 as samples,this paper empirically tests the impact of green innovation on the earnings information content and the regulatory role of corporate reputation.The results have shown that the high cost and externalities of green innovation reduce analysts earnings expectations,leading to a negative reaction on the capital market,thereby reducing the earnings information content.Compared with the companies which apply for green utility model patents,those which apply for green invention patents would have a lower earnings information content.Good reputation would weaken such a negative impact.Compared with the non-state-owned enterprises,SOEs has a more effective regulatory role of corporate reputation.Green innovation can improve the sustainability of enterprises.The research conclusion shows that on the capital market the attitude is relatively negative to corporate green innovation.Using corporate reputation evaluation mechanism to alleviate the negative sentiment contributes to sustainable economic development.Under the background of green development strategy,the conclusion provides decision-making reference for government to formulate policies that encourage green innovation and drive green development.