The Impact Of Green Technology Innovation On The Sustainable Development Performance Of Enterprises Impact Study

With the continuous improvement of China’s economic development level,the public has put forward higher requirements for the living environment.Optimizing the ecological environment and advocating energy conservation and emission reduction have gradually become the consensus of the society.Developing a green economy with the goal of reducing pollution and improving resource utilization has become the primary desire of the public to achieve a green and sustainable development of society.In addition,China also highlighted the importance of green technological innovation in the Action Plan for Carbon Peak before2030.The plan pointed out that green and low-carbon technological innovation should be the key task of the action.In the action,enterprises should further strengthen their dominant position in innovation,support and encourage enterprises to actively undertake important technological innovation projects with the goal of green and low-carbon development.Therefore,green technology innovation has become an important way to achieve social green development.However,according to the statistical results of green patents,the achievements of green patents in China are the most significant among the achievements of research and development in colleges and universities,and the achievements of green technological innovation in enterprises are insufficient,which indicates that a large number of innovations in China only stay at the theoretical level,and the transformation of technological achievements is a long way to go.Therefore,the study of the relationship between green technology innovation and sustainable development performance of enterprises will help enterprises understand the advantages of green technology innovation,enhance the power of green technology innovation of enterprises,get practical application in enterprises,and give full play to the positive effects of green technology innovation achievements.In addition,considering that media attention is an important means of external governance of enterprises,media attention is added as a regulating variable to provide reference for enterprises to make full use of external resources.Based on this,this paper first analyzes the internal logic relationship between green technology innovation,media attention and sustainable development performance of enterprises from the theoretical level based on stakeholder theory,ecological modernization theory,information asymmetry and signal transmission theory and agenda setting theory.Secondly,taking the listed companies in the manufacturing industry from 2012 to 2020 as the research object,a multiple regression analysis model is established to empirically test the impact of green technology innovation on the sustainable development performance of enterprises and the regulatory role of media attention on the relationship between the two.Based on the heterogeneity of green patent types,green invention patents and green use of new patents are respectively regressed with the sustainable development performance of enterprises.Thirdly,based on the intermediary effect of the supply chain relationship,the heterogeneity of the emotional tone of media attention,the heterogeneity of enterprise property rights and the heterogeneity of marketization level,the sample is further grouped regression analysis.Finally,through the above empirical analysis,the following conclusions are drawn:(1)green technology innovation can promote the performance of sustainable development of enterprises,and the promotion role of green invention patents is stronger than that of green utility model patents;(2)The higher the media attention,the stronger the role of green technology innovation in promoting the sustainable development performance of enterprises;(3)Green technology innovation can affect the sustainable development performance of enterprises by influencing the concentration of suppliers and customers;(4)Green technology innovation can promote the improvement of sustainable development performance of enterprises by simultaneously improving their financial performance and fulfilling their social responsibilities;(5)Compared with state-owned enterprises,in the sample of non-state-owned enterprises,green technology innovation has more obvious promotion effect on the sustainable development performance of enterprises;(6)In areas with low marketization level,green technology innovation has a more significant role in promoting the sustainable development performance of enterprises.Based on the above research conclusions,this paper puts forward research suggestions from the perspective of government,media,enterprises and consumers.For the government,it should actively introduce incentive policies related to green technology innovation and optimize the green patent review process;At the media level,we should maintain professional quality,ensure the authenticity and legitimacy of information,actively guide the public and actively supervise the green technology innovation behavior of enterprises;At the enterprise level,we should establish environmental awareness,take the initiative to assume environmental responsibility,and make full use of external resources to publicize the green technology innovation behavior of enterprises;For consumers,they should actively establish a green and low-carbon consumption concept,support enterprises’ green technological innovation products,but also improve their ability to distinguish the true and false of green technological innovation products,and protect their rights and interests.The innovation of this paper is as follows: First,it expands the relevant research on the impact of green technology innovation on the economic consequences of enterprises.Most of the existing studies have unilaterally analyzed the impact of green technology innovation on financial performance or the impact of green technology innovation on corporate environmental performance.However,this paper chooses to explore the sustainable development performance of enterprises from the perspective of the comprehensive effect of green technology innovation on corporate financial performance and corporate social responsibility performance.Combining with the actual situation of enterprises,it takes manufacturing enterprises that play an important role in the national economy as the research object,Enrich existing research.Second,introduce media attention as a regulating variable to examine the moderating effect of media attention and emotional tone of media attention on the relationship between green technology innovation and enterprise sustainable development performance,and expand the research perspective.Most of the existing studies focus on the number of reports that the media pays attention to.However,because the media has the function of guiding the public’s cognition,the positive and negative emotional tone of media attention will also bring different reactions from stakeholders.In the further study,this will be used as the research object to return again,enriching the research perspective.