Green Innovation,Media Attention And Corporate Financial Performance

At present,China’s economic structure is continuously optimized and is gradually moving towards a new normal of sustainable and high-quality development.The rapid development in the past 40 years of reform and opening up has brought my country’s total economic volume into the forefront of the world.However,economic development at the cost of destroying the natural environment has also followed,leading to serious problems such as environmental pollution.Therefore,to realize the transformation of the future development mode of enterprises,it is necessary to realize the win-win situation of environmental protection and economic development.Green innovation is an important means to realize the transformation of enterprise development mode,so it is of great significance to study the impact of green innovation on the economic consequences of enterprises.Based on the review of the existing literature on the economic consequences of green innovation and the impact of media attention,this paper finds the gaps in the research,and then analyzes and puts forward the first hypothesis that green innovation affects corporate financial performance based on the stakeholder theory.Symmetry theory,information transfer theory,and legitimacy theory analyze and put forward the hypothesis that media attention mediates the relationship between the two.Secondly,this paper selects 2010-2018 data from China’s A-share listed companies that have excluded the financial industry and companies with special treatment as samples to empirically test the hypothesis proposed in this paper,and further test the mechanism of green innovation affecting corporate financial performance The heterogeneity of enterprise property rights is analyzed.Finally,the following research conclusions are obtained: First,different types of green innovation can significantly improve the financial performance of enterprises through the two mechanisms of increasing revenue and reducing costs.Second,with the increase in media attention,the effect of different types of green innovations on corporate financial performance has also increased significantly.Third,the effects of different types of green innovations on corporate financial performance are different among companies with different property rights.State-owned enterprises applying for green utility model patents cannot improve their financial performance.In this paper,the robustness test is carried out by changing the measurement methods of the dependent variable and the moderating variable,and the endogenity test is also carried out based on the methods of changing the time series,overcoming sample selection bias,instrumental variable method,PSM method,etc.The above conclusions are still valid.The main contributions of this paper have the following two levels: First,at the theoretical level,the current domestic and foreign conclusions on the impact of green innovation on the economic consequences of micro-enterprises are inconsistent,and relevant empirical studies are not sufficient.Taking this as a starting point,this paper enriches and expands the relevant literature on the internal micro-mechanism of green innovation to improve corporate financial performance and the impact of external media governance on green innovation.Secondly,at the practical level,this research on the one hand helps to form a clearer and more accurate understanding of the economic consequences of green innovation by enterprises in the context of China’s green development strategy,and provides inspiration for enterprises to make strategic decisions and actively participate in green innovation.;On the other hand,it helps to deepen the understanding of the media’s attention to external governance,enabling companies to use the media as a bridge to broaden access to information and open up connections with stakeholders.