| In the past,during the period of rapid economic growth,the manufacturing industry was "full but not strong","large but not excellent",excessive energy consumption and environmental pollution were prominent problems.In order to realize the transformation of high quality development of manufacturing industry,intellectual capital and ecological capital are becoming the leading factors of enterprise value creation.However,the mechanism of its impact on corporate financial performance is still unclear,especially ecological capital.How to balance environmental expenditure and economic income has become a problem of widespread concern in academia and industry.Most of the existing researches focus on the direct impact of ecological capital on corporate financial performance,which leads to inconsistent conclusions.At present,green development is widely advocated by all walks of life,and the environmental performance of enterprises has become the focus of attention.At the same time,it also provides a new idea for the transformation of ecological capital into financial performance.Therefore,this paper chooses to study how ecological capital affects corporate financial performance from the perspective of environmental performance.It is generally recognized that intellectual capital is a strategic resource which is difficult to imitate and irreplaceable in enterprises and plays an important role in the improvement of financial performance.As an important way to change the low-end development of manufacturing industry,innovation and development may become the internal mechanism of intellectual capital to improve financial performance.Therefore,from the perspective of innovation performance,this paper further defines how intellectual capital affects corporate financial performance.At the same time,the rapid development of the new generation of digital technologies with the Internet,big data and artificial intelligence as the core plays an important role in realizing industrial transformation and upgrading and reducing environmental pollution.It also provides a possibility for promoting the transformation of intellectual capital and ecological capital into corporate financial performance.It has become a general trend for manufacturing enterprises to realize digital transformation and upgrading through digital investment.In this context,it is of great significance to study how intellectual capital and ecological capital affect the financial performance of enterprises in order to better exert the capital value and create income.However,it is not clear whether digital investment can promote the transformation of intellectual capital and ecological capital to corporate financial performance.Therefore,this paper introduces digital investment as a moderating variable,and further explores the moderating mediating effect of digital investment.Based on the above background analysis,this paper,based on capital value theory,combined with resource-based theory and natural-resource-based theory,and with innovation performance,environmental performance and digital investment as the entry point,builds a theoretical model of the impact of intellectual capital and ecological capital on the financial performance of manufacturing enterprises,and tries to answer the following six questions:(1)How does intellectual capital affect corporate financial performance through innovation performance?(2)How does ecological capital affect corporate financial performance through environmental performance?(3)Can digital investment enhance the influence of intellectual capital on innovation performance?(4)Can digital investment enhance the impact of ecological capital on environmental performance?(5)Can digital investment enhance the mediating effect of innovation performance on the relationship between intellectual capital and corporate financial performance?(6)Can digital investment enhance the mediating effect of environmental performance on the relationship between ecological capital and corporate financial performance?Based on the panel data of Shanghai and Shenzhen A-share manufacturing listed companies from 2012 to 2020,this paper empirically tests the proposed research hypothesis.Using Stata 15.1 software as an analysis tool,the main and mediating effects of intellectual capital,ecological capital and corporate financial performance were analyzed respectively.Explore the moderating effect and moderated mediating effect of digital investment.The empirical results show that:(1)Intellectual capital has a significant positive impact on corporate financial performance,and innovation performance plays a partial intermediary role between intellectual capital and financial performance.(2)Ecological capital has a significant positive impact on corporate financial performance,and environmental performance plays a partial intermediary role between ecological capital and financial performance.(3)Digital investment can strengthen the positive impact of intellectual capital on innovation performance.(4)Digital investment can strengthen the mediating effect of innovation performance on the relationship between intellectual capital and corporate financial performance.(5)The moderating effect of digital investment on the relationship between ecological capital and environmental performance is not significant.(6)Digital investment can weaken the mediating effect of environmental performance on the relationship between ecological capital and corporate financial performance.The above research has the following theoretical significance: First,according to the realistic background of high-quality development of manufacturing industry,from the perspective of innovation performance and environmental performance,it enriches the transformation path of intellectual capital and ecological capital to corporate financial performance.Second,the influences of intellectual capital on innovation performance and ecological capital on environmental performance are clarified in the context of digital investment.Thirdly,from the perspective of digital investment,the paper effectively identifies the specific paths from intellectual capital and innovation performance to corporate financial performance,and from ecological capital and environmental performance to corporate financial performance,which enriches the theoretical boundaries of intellectual capital and ecological capital researchBased on the above conclusions,this paper obtains the following management inspirations: First,enterprises should pay attention to the cultivation of intellectual capital and the development of innovation activities to enhance the core competitiveness of enterprises.Second,enterprises should fully realize the importance of environmental protection and identify the requirements of the government and consumers for enterprises to assume green responsibilities,so as to give consideration to the simultaneous growth of environmental benefits and economic benefits by increasing ecological capital investment.Third,enterprises should speed up digital transformation and promote the transformation of intellectual capital and ecological capital into corporate financial performance through the application of digital technology. |
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