ESG的价值产出能否满足企业可持续发展的需求构成了企业ESG决策的关键.本文以2015-2020年A股上市公司为样本,探讨了企业ESG表现对系统性风险和特质性风险的差异性影响及其在一定时期内的动态演进规律.结果显示:企业ESG表现的风险抵御效应呈现出"由外及内"的动态演进规律.当期来看,其风险抵御效应主要通过缓和外生的系统性风险冲击发挥效应,对特质性风险无显著影响,但当期之后,ESG表现对系统性风险冲击不再发挥作用,转而通过抑制企业内生的特质性风险发挥作用.进一步发现,企业ESG表现主要通过获取利益相关者支持缓和系统性风险的冲击,通过提高信息透明度和抑制噪音交易抑制特质性风险.本文从动态性视角拓展了企业ESG经济后果的相关研究.

Knowledge is the key factor to promote the development of enterprise innovation ability. Strategic knowledge disclosure is an important strategic means for enterprises to acquire external knowledge resources through active disclosure of knowledge. However, under the dual effects of external environmental factors and corporate factors, the impact of strategic knowledge disclosure on corporate innovation performance is still in a "black box" state. Therefore, based on the dual factors of industry competition intensity and enterprise absorptive capacity, this paper selects 158 listed companies in knowledge-intensive industries as the research object, and uses the fixed effect model to empirically test the impact of strategic knowledge disclosure on enterprise innovation performance. It is found that strategic knowledge disclosure significantly promotes enterprise innovation performance, industry competition intensity negatively regulates the relationship between strategic knowledge disclosure and enterprise innovation performance, and enterprise absorptive capacity positively regulates the relationship between strategic knowledge disclosure and enterprise innovation performance. This paper is helpful to provide practical basis for the implementation of strategic knowledge disclosure and the improvement of enterprise innovation ability under the integrated perspective of external environmental factors and internal factors.

In recent years, environmental, social, and governance (ESG) have been extensive concerned. However, few studies have focused on the impact of situational factors on corporate ESG practice decisions. Based on this, using 9428 observations of Chinese A-share listed companies from 2009 to 2019, this paper attempts to explore the impact of local official turnover on corporate ESG practices, and analyzes the boundary effects of this impact from three aspects: region, industry, and corporate. Our results suggest that (1) official turnover can lead to changes in economic policies and redistribution of political resources, which can stimulate companies' "risk aversion motivation" and "development motivation" and thus promote their ESG practices; (2) this effect is more significant in the high degree of government intervention, the high level of industry competition and private corporates. (3) Further test finds that only when the official turnover abnormally and the regional economic development well, official turnover can significantly contribute to corporate ESG. This paper enriches the relevant research on the decision-making scenarios of corporate ESG practices from the macro-institutional perspective.

绿色创新是调和中国经济发展与环境保护之间尖锐矛盾的关键途径.然而,在非对称信息条件下,围绕绿色创新所形成的金融体系尚未充分发挥其创新平滑作用.基于信息披露视角,本文匹配了制造业上市公司绿色专利与信息披露数据,利用门槛模型,重点探讨信息披露在外部融资对绿色创新驱动过程中的影响.研究发现,信息披露在债权融资与政府补贴对绿色创新的影响过程中具有显著的门槛效应,说明信息披露过低引发的管理层机会主义和投资者监督乏力,是造成外部融资对绿色创新平滑失效的重要前因.相较而言,股权融资对绿色创新的驱动作用并不依赖于企业信息披露;信息披露对外部融资的促进作用具有"双刃剑"效应,当信息披露超过第二门槛阈值时,债权融资与政府补贴的促进效应减弱.表明信息披露过高引发的技术溢出,损害了投资者对绿色创新收益排他性的预期;信息披露的门槛效应遵循产权制度逻辑,相较于国有企业,投资者对民营企业绿色创新的评估与治理,更加依赖于企业信息披露.本文有利于打开外部融资驱动企业绿色创新的作用"黑箱",能够有效阐释创新融资理论的研究悖论,为中国企业实现绿色发展提供科学依据.

本文将2019年新型冠状病毒爆发设定为重大突发事件,深入剖析了疫情防控过程中,嵌入关键物资产业价值链上的核心企业对应急型组织合作模式的建构逻辑与运作逻辑.通过双案例研究发现:专业生产企业与跨界转产企业分别建构"分布式定点辐射模式"以及"集成式互联共生模式"来对接关键物资需求;为促成应急组织合作,专业生产者利用对资源的垂直整合强化其对节点企业的资源锁定效应,跨界转产者通过资源协调转化克服应急物资合作转产战略的资源约束.在运作逻辑方面,"分布式定点辐射模式"依赖"核心企业主导,节点企业跟随"的合作形式确定合作成员权责任务,借助契约治理方式来实现"防疫为主,兼顾救市"的合作目标.而"集成式互联共生模式"则利用"核心企业协调,节点企业参与"的合作形式,通过关系治理方式来实现"防疫自救"的合作目标.本文不仅有利于完善跨组织合作理论,还能够为提升企业应急能力和缓解重大突发事件引发的关键物资短缺提供科学建议.

制造业绿色发展背景下,财税补贴成为平滑企业绿色创新的重要融资方式.研发信息不对称条件下,企业信息披露是财税补贴摆脱"无的放矢"局面,成功驱动绿色创新的诱导性前因.以中国制造业上市公司为样本,探讨了政府补贴在驱动绿色创新过程中对信息披露表现出的决策依赖性,揭示了信息披露的诱导效应及其动态变化规律.研究显示:政府补贴对企业绿色创新绩效具有显著促进作用;信息披露对政府补贴具有诱导效应,信息披露质量越高的企业,获得的政府补贴越多,绿色创新绩效越突出;信息披露的诱导效应具有动态递增规律,成长期企业信息披露的诱导效应不显著.但从成熟期到蜕变期,信息披露对政府补贴的促进效应递增.基于信息披露视角补充了科技金融理论相关研究,为平滑企业绿色创新 、促进中国制造业绿色发展提供了科学依据.

绿色技术创新已成为调和环境保护与经济发展矛盾的关键因素,同时也诱发了部分企业管理层捕获政府财政资源,本文根据绿色技术创新的不同经济效果,从资源捕获和价值创造两个维度探讨了绿色技术创新对政府补贴的差异化影响,并在企业生命周期视角下揭示了该影响的动态变化规律.研究显示:以研发周期和产出数量占优的资源捕获型绿色创新对政府补贴具有显著促进效应,且该效应主要分布在企业成长期和蜕变期,而以产出质量和技术含量占优的价值创造型绿色创新未能显著提升企业对政府补贴的获取能力;资源捕获型绿色创新对政府补贴的影响具有产权异质性.本文在动态视角下一定程度地拓展了绿色技术创新与政府补贴关系的分析框架.