The Impact Of Green Technological Innovation On Financial And Social Performance Of A-Share Listed Companies

Recent years,rapid economic growth has led to over-exploitation of resources,which has a serious negative impact on the environment.The international community has gradually realized this situation,and has proposed to achieve sustainable economic development through green means.In this context,some enterprises began to incorporate green innovation into their strategic plans,trying to achieve the harmonious development of enterprises and the environment through the implementation of technological innovation.According to endogenous economic growth theory,technological progress caused by technological innovation is an important source of economic growth(Romer 1986;Zhu Naiping et al.2014),and technological progress can be neutral or biased,that is,technological progress may aggravate environmental pollution,but also provide an important tool to solve environmental pollution.Academia has different opinions on whether green innovation is conducive to the development of enterprises.One view holds that green innovation is bound to increase the operating burden of enterprises and reduce the economic performance of enterprises.The other view,based on Porter hypothesis,holds that innovation can improve productivity,thereby offset the cost of innovation and enhance the profitability of enterprises.But after years of empirical testing,more than two opinions have been put forward.The problem is still more complex than the consensusBased on the relevant research results of technology economy,green economics and corporate strategic management,this paper puts forward reasonable assumptions through literature review.Secondly,based on the theory of green technology innovation and corporate social responsibility,taking the data of listed companies from 2013 to 2017 as samples,the paper establishes green technology innovation and corporate social responsibility,respectively.The theoretical model of corporate financial performance,using OLS method,verifies the relationship between different types of green technology innovation,corporate social responsibility and corporate financial performance.Finally,the conclusion of this study is analyzed and summarized,and the theoretical significance and practical value of this study are summarized.On this basis,the shortcomings of this paper and possible future directions are put forward.Through the above work,the main conclusions of this paper include:(1)green incremental technology innovation based on practical patents has a significant positive impact on corporate financial performance and corporate social responsibility;(2)green breakthrough technology innovation based on inventive patents has no significant impact on corporate performance and social responsibility in the short term.(3)the impact of green technology innovation on enterprises is lagging behind.Overall,based on the relevant theories of technological innovation,this study explores how Chinese enterprises invest in green technological innovation to promote corporate performance and corporate image,and provides new evidence for deconstructing the myth of the relationship between green technological innovation,corporate social responsibility and corporate performance.