Research On The Impact Of Green Innovation Investment On Enterprise Performance

The "30·60 dual carbon" target is not only a positive response of China to the Paris Agreement,but also a precise requirement for achieving high-quality economic development.To achieve the dual carbon goal,listed companies should attach importance to the impact of green innovation on industrial optimization and structural upgrading,increase investment in green innovation,enhance their green innovation capabilities,and achieve green sustainable development.The issue discussed in this article is whether green innovation investment and corporate ESG performance will have an impact on corporate performance in the context of green development.For further exploration,this article investigates the impact of green innovation investment on short-term and long-term performance of enterprises,and considers the moderating role of enterprise ESG performance in it.This article selects 398 listed companies from 2011 to 2020 for analysis and research,and conducts research on the relationship between green innovation investment and corporate performance based on green innovation theory and core competition theory.At the same time,combining sustainable development theory and regulatory effect theory,it introduces the theory of regulating variable enterprise ESG performance,constructs a theoretical framework of green innovation investment enterprise ESG performance enterprise performance,and empirically tests the relationship between the three,Heterogeneity testing is also conducted.Based on theoretical analysis and empirical testing,this article draws the following conclusions:(1)Green innovation investment has a positive promoting effect on both short-term and long-term performance of enterprises;(2)The ESG performance of enterprises has a negative inhibitory effect on short-term and long-term performance;(3)The ESG performance of enterprises has a moderating effect on the impact of green innovation investment on enterprise performance.Further research on the split sample found that,based on the nature of property rights,green innovation investment has a more significant promoting effect on the long-term performance of state-owned enterprises compared to non-state-owned enterprises;The negative inhibitory effect of ESG performance on corporate performance is more significant in non-state-owned enterprises.According to regional differences,the promotion effect of green innovation investment on corporate performance is more significant among enterprises in the eastern region;The negative inhibitory effect of ESG performance on corporate performance is more significant in the central and western regions.According to industry differences,compared to medium to light pollution industries,green innovation investment in heavily polluted industries has a more significant promoting effect on enterprise performance;The negative inhibitory effect of ESG performance on corporate performance is more significant in heavily polluted industries.Finally,based on the conclusions of this article,summarize the current situation and existing problems of the industry in which the enterprise operates,propose relevant suggestions from the perspectives of the government and enterprises,and point out the research shortcomings and future research prospects of this article.