| China’s economic growth rate is among the highest in the world.China has become the top manufacturing country.This relies heavily on a high-consumption and high-pollution approach to boost economy.Therefore,we are currently facing a series of problems,such as resource scarcity and environmental pollution.China has witnessed a new economic normal,green technology innovation can not only solve environmental problems but also maintain the sustainable economic development.Market pressure,as an external environment factor for enterprises,plays an important role in decision-making,exerting great influence on the green technology innovation.In this paper,622 listed companies with heavy pollution from 2015 to 2019 are selected for empirical analysis.Based on theories of sustainable development and market competition,the paper focuses on the impact of green technology innovation on financial performance and the moderating effect of market pressure on the relationship between green technology innovation and financial performance.Based on theories of sustainable development,market competition,stakeholder theory and resource base theory,this paper firstly reviews the research results of previous scholars to sort out the internal logical relationship between "green technology innovation and financial performance".Then,a regression analysis is conducted to investigate the role of market pressure on the relationship between green technology innovation and financial performance.Finally,China Shenhua Energy Co.,Ltd.is selected as a case to analyze the innerl relationship among green technology innovation,market pressure and financial performance within a company.Green technology innovation can affect financial performance from three aspects:(1)improve the utilization of resources,reduce production costs.(2)Establish a green image and get the support of more stakeholders.For example,more customers and partners will enjoy more state policy subsidies.(3)Strengthen the role of complementary assets(manufacturing capacity,external image,customer relationship),improve the income of enterprise assets,and bring more profits for enterprises.Market pressure moderates the relationship between green technology innovation and financial performance from two aspects.One is that in the case of great market pressure,the more managers care about the green demands of stakeholders,the more they will carry out green technology innovation to change financial performance.The other is that the market pressure can stimulate the competitive psychology of enterprises.When faced with greater market pressure,enterprises are more inclined to carry out green technology innovation,reduce production costs and emission costs,and make products have more price advantage in the market competition,so as to improve financial performance.The following conclusions are drawn from the basic theoretical overview,regression modeling and case studies: green technology innovation can enhance the first-mover advantage of enterprises so that they can obtain the compensation effect and enable them to obtain sustainable development.Market pressure can promote enterprises to carry out green technology innovation,making them more leading in products and processes,thus improving their financial performance.Its sound correlation between green technology innovation and financial performance plays a positive moderating role.Therefore,it is recommended that enterprises respond to the call for developing a low-carbon economy and establish a green and low-carbon development model.Especially for heavily polluting enterprises,they should carry out green technological innovation and explore green product markets to reduce pollution and improve ecological benefits while safeguarding their financial performance.The specific relationship between green technology innovation,market pressure and financial performance is discussed in depth to provide some guidance for promoting enterprises to carry out green technology innovation. |
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