| Manufacturing has always been the cornerstone of the development of the national economy.In the past few decades,our country has developed an industrial chain with a complete range of types and perfect processes,but it has also damaged the ecological environment.Since 2015,China has proposed "Made in China 2025",advocating the path of green industry and guiding enterprises to actively green innovation.However,because green innovation has large investment and high uncertainty,enterprises are not willing to innovate green.This paper explores whether small and medium-sized manufacturing enterprises can obtain green innovation premiums,and if so,it will help small and medium-sized enterprises to reduce their own equity financing costs and thus stimulate their enthusiasm for green innovation.In order to understand the existence of the green innovation premium,this paper selects the relevant data of listed manufacturing enterprises on the Chi Next board from 2015 to 2020 for research.The study found that there is indeed a green innovation premium among manufacturing companies on the Chi Next Board,that is,companies with stronger green innovation capabilities are more likely to obtain excess stock returns that exceed the average level of the industry.And further research shows that in subdivided industries,companies in industries dominated by the state have higher green innovation premiums.Companies with strong green innovation capabilities can attract the attention of securities analysts and increase the writing of corporate research reports,which can help stock market participants better understand corporate green innovation and help companies obtain green innovation premiums.Based on the research conclusions,the paper believes that market incentives can be exerted to guide investors to pay attention to companies with strong green innovation capabilities through more reasonable green patent disclosure policies and appropriate markets,promote manufacturing enterprises to increase their green innovation capabilities,and improve their own competition.At the same time,we will further take the road of carbon neutrality and contribute to an environment-friendly society. |
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