Climate risk, digital transformation and corporate green innovation efficiency: Evidence from China

IF 12.9 1区管理学 Q1 BUSINESS Technological Forecasting and Social Change Pub Date : 2024-09-26 DOI:10.1016/j.techfore.2024.123777

Xiaohang Ren , Wenqi Li , Yiying Li

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Abstract

Amid the rapid evolution of economic activities, climate risk has become a significant challenge for China, profoundly influencing corporate investment decisions. This study explores the effects and mechanisms of climate risk on corporate green innovation efficiency within the Chinese context. The findings reveal that climate risk significantly enhances corporate green innovation efficiency through two stages: green technology R&D and the conversion of green outcomes, facilitated by external supervision and digital transformation mechanisms. Specifically, climate risk increases public awareness and the effectiveness of supervision over corporate environmental performance, while also bolstering the intrinsic motivation for corporate digital transformation, collectively enhancing green innovation efficiency. Furthermore, government green subsidies, market competition intensity, and corporate innovation continuity positively moderate the impact of climate risk on green innovation efficiency. These effects are particularly pronounced in high-tech firms, state-owned enterprises, firms with fewer financing constraints, and those with robust environmental management systems. Ultimately, the positive effect of climate risk on corporate green innovation efficiency further enhances corporate green total factor productivity. This research provides valuable insights for companies striving to harmonize economic benefits with environmental performance.

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气候风险、数字化转型与企业绿色创新效率：来自中国的证据

在经济活动快速发展的同时，气候风险已成为中国面临的重大挑战，深刻影响着企业的投资决策。本研究在中国背景下探讨了气候风险对企业绿色创新效率的影响和机制。研究结果表明，在外部监督和数字化转型机制的推动下，气候风险通过绿色技术研发和绿色成果转化两个阶段显著提高了企业的绿色创新效率。具体而言，气候风险提高了公众对企业环境绩效的认识和监督的有效性，同时也增强了企业数字化转型的内在动力，共同提高了绿色创新效率。此外，政府的绿色补贴、市场竞争强度和企业创新的持续性也会积极缓和气候风险对绿色创新效率的影响。这些影响在高科技企业、国有企业、融资限制较少的企业以及拥有健全环境管理体系的企业中尤为明显。最终，气候风险对企业绿色创新效率的积极影响进一步提高了企业的绿色全要素生产率。这项研究为努力协调经济效益与环境绩效的企业提供了宝贵的见解。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

期刊介绍： Technological Forecasting and Social Change is a prominent platform for individuals engaged in the methodology and application of technological forecasting and future studies as planning tools, exploring the interconnectedness of social, environmental, and technological factors. In addition to serving as a key forum for these discussions, we offer numerous benefits for authors, including complimentary PDFs, a generous copyright policy, exclusive discounts on Elsevier publications, and more.