A Study On The Impact Of Low-carbon Economy Listed Companies’ Technological Innovation On Financial Performance

Currently, low-carbon economy has become the trend of the global economy, and itsdevelopment will surely usher "a new industrial revolution ". Faced with a bright future andtremendous business opportunities, the Chinese enterprises’ primary task are absorbing newtechnologies and building low-carbon core competitiveness. In the development oflow-carbon economy, domestic and foreign scholars basically have achieved a consensus:Through the development and use of low-carbon technologies is a key way to reduceemissions. Therefore, technological innovation is the most important way to developlow-carbon economy, and to improve enterprises’ low-carbon core competitiveness. In viewof this, with the purpose to make enterprises realize the urgency of developing a low-carboneconomy, encourage them to implement low-carbon technological innovation, and achieveeconomic and environmental benefits, the article selected the representative of low-carbonenterprises–the listed companies in low-carbon economy plate to analyze the impact oftechnological innovation on financial performance, in order to find motivation and base forenterprises to develop low-carbon economy.Firstly, on the basis of literature research, the article established the financialperformance indicators system for low-carbon enterprises, selected a representative of thefinancial performance indicators and technological innovation indicators, and put forward thehypotheses from five aspects. Then, according to the types of indicators, it built the modifiedCobb - Douglas (Cobb-Douglas) production function model and multiple linear regressionmodel two mathematical models. The last is the empirical analyses. The article selected 44listed companies in Low-carbon economy Plate as the research object, used 2006-2010 paneldata ,applied SPSS 17.0and Excel 2003 statistical analysis software, and saw socialresponsibility factors as independent variable, the financial performance factor as thedependent variable. The relationship between financial performance factors and low-carbon technological innovation was achieved through multiple linear regression analysis at the end,to solve the impact of their social responsibility on current and later financial performance.Research found: In the short term, the R&D investment only impacted on profitability andsolvency. The R&D personnel investment did not affect all aspects of the current financialperformance, but affected the future financial performance. In addition, the effect of R&Dinvestment existed a certain lag, and the effect of two years lag was better than the effect of ayear lag. Besides it, the R&D investment also had a significant cumulative effect: R&Dinvestment in each year will have an effect on corporate performance in next years.