Research On The Impact Of Corporate Social Responsibility On Green Innovation

At the historic juncture of the two centenary goals,building a new development pattern is undoubtedly a far-sighted move by the CPC Central Committee to seize the initiative in development.In this context,how to balance the reconstruction of growth drivers and the pressure on resources and environment to achieve sustainable economic and social development is the focus of both the practical and academic circles.Enterprise green innovation,as the initiative to change and advance the layout of China’s coordinated and sustainable economic development,is conducive to activating new kinetic energy,casting new brand value,and realizing the transformation of enterprise development from "extensive" to "intensive",which is the expedient to implement the new development concept.However,the double externality of "polluter benefits" and "invention achievements sharing" in the process of green innovation will lead to the absence of innovation of market players,and also put forward higher requirements for effective communication between enterprises and stakeholders.Therefore,the development of green innovation activities should pay attention to the possible "information gap" between enterprises and stakeholders,and social responsibility is entrusted with the mission of building "information bridge".As an important bridge to communicate with stakeholders,corporate social responsibility performance is also a key carrier of corporate environmental protection and governance information.It is still unclear whether corporate social responsibility fulfillment will play an important role in corporate innovation,and green transformation.This will not only test the exploration and practice of our social responsibility practice system,but also raise a topic urgently needed to be verified by the academic community: Is the assumption of social responsibility effective for the high quality development of enterprises? How to guide enterprises with strong social responsibility to realize their own leapfrog development?The academic community has not reached a unified conclusion,there are two completely opposite conclusions: "promoting utility" and "crowding out effect".Different from existing studies,which mainly depict the level of enterprise innovation from the perspective of input,this paper focuses on the situation of enterprise green patents under the background of high-quality development,and empirically tests its mechanism based on the data of A-share listed companies from 2016 to 2020.The results show that corporate social responsibility contributes to green innovation.Management equity incentive plays a significant positive moderating effect on the relationship;Through the analysis of the role path,it is found that enterprises can accumulate social capital by improving the performance level of corporate social responsibility,and then promote green innovation activities.Further,corporate social responsibility is divided into internal social responsibility and external social responsibility,corresponding to market stakeholders and non-market stakeholders respectively.The conclusion shows that internal social responsibility can still significantly promote corporate green innovation,while external social responsibility and green innovation show a significant inverted "U"-shaped relationship.The research conclusion proves that social responsibility is an important path to achieve innovation-led high-quality development.Enterprises should continuously improve their internal governance level and carefully manage their social network,so as to realize the leap from "clear water and green mountains" to "gold and silver mountains".