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第 35 卷摇 第 1 期 王晓祺, 胡国强: 绿色创新、企业声誉与盈余信息含量

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Green Innovation, Corporate Reputation and Earnings

Information Content

WANG Xiaoqi & HU Guoqiang
(School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222, China)

Abstract: Green innovation is an important support for promoting high quality development. However, companies that carry
out green innovation are under the pressure from investors蒺 earnings expectations in the short term, which makes it necessary for
an effective information mechanism to deliver innovation quality and profitability information to the users in a timely and reliable
manner. Taking the A鄄share listed companies that issued the Corporate Social Responsibility Report during the years from 2010 to
2017 as samples, this paper empirically tests the impact of green innovation on the earnings information content and the regulatory
role of corporate reputation. The results have shown that the high cost and externalities of green innovation reduce analysts蒺 earn鄄
ings expectations, leading to a negative reaction on the capital market, thereby reducing the earnings information content. Com鄄
pared with the companies which apply for green utility model patents, those which apply for green invention patents would have a
lower earnings information content. Good reputation would weaken such a negative impact. Compared with the non鄄state鄄owned
enterprises, SOEs has a more effective regulatory role of corporate reputation. Green innovation can improve the sustainability of
enterprises. The research conclusion shows that on the capital market the attitude is relatively negative to corporate green innova鄄
tion. Using corporate reputation evaluation mechanism to alleviate the negative sentiment contributes to sustainable economic de鄄
velopment. Under the background of green development strategy, the conclusion provides decision鄄making reference for govern鄄
ment to formulate policies that encourage green innovation and drive green development.
Key Words: green innovation; earnings information content; corporate reputation; nature of property right; sustainability;
analyst attention; profit forecast
(本文责编摇 王沈南)

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