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| 文章编号：1672-3104(2021)06-0017-15 |
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碳交易规制强度能否促进企业创新投入？——CEO年龄和公司年龄的联合调节作用 |
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李大元1，黄鹤1，张璐2 |
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（1. 中南大学商学院，湖南长沙，410083；2. 湖南第一师范学院商学院，湖南长沙，410205） |
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| 摘 要： 为探讨中国碳交易试点政策的实际成效，以2013—2017年中国碳交易试点地区控排上市公司为研究对象，实证分析了碳交易规制强度对企业创新投入的影响，并基于高阶视角和资源基础视角验证了CEO年龄和公司年龄的单独及联合调节作用。研究发现：第一，碳交易规制强度能明显促进企业滞后一期创新投入，在中国情境下验证了波特假说；第二，CEO年龄会负向调节碳规制强度与企业创新投入的关系，拥有年轻CEO的公司，碳规制强度对企业创新投入的促进作用更显著；第三，公司年龄会正向调节碳规制强度与企业创新投入的关系，公司年龄越大，碳规制强度对企业创新投入的促进作用越显著；第四，CEO年龄对碳交易规制强度与企业创新投入关系的调节作用还依赖于公司年龄，公司年龄越大，碳交易规制强度对年轻CEO企业创新投入的促进作用越显著。 |
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| 关键词： 碳排放权交易；碳规制强度；企业创新；CEO年龄；公司年龄 |
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Can the regulatory intensity of carbon trading promote corporate innovation input?——The joint moderating effect of CEO age and firm age |
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LI Dayuan1, HUANG He1, ZHANG Lu2 |
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（1. School of Business, Central South University, Changsha 410083, China;
2. School of Business, Hunan First Normal University, Changsha 410205, China） |
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| Abstract: In order to discuss the actual effect of China's carbon trading pilot policy, this study empirically analyzed the impact of carbon trading regulatory intensity on corporate innovation input by taking listed controlled-companies in China's pilot carbon trading regions from 2013 to 2017, and verified the separate and joint moderating effects of CEO age and firm age from the upper echelon and resource-based perspectives. The research findings are as follows. Firstly, the intensity of carbon trading regulation can significantly promote corporate innovation input lag in the first phase, which verifies Porter's hypothesis in the Chinese context. Secondly, CEO age negatively moderates the relationship between carbon regulatory intensity and corporate innovation input. For companies with young CEO, carbon regulatory intensity has a more significant promoting effect on corporate innovation input. Thirdly, the firm's age positively moderates the relationship between carbon regulatory intensity and corporate innovation input. The older the firm age is, the more significant the effect of carbon regulatory intensity on the corporate innovation input is. Fourthly, the moderating effect of CEO age on the relationship between carbon trading regulatory intensity and corporate innovation input also depends on firm age. The older the firm age is, the more obvious effect the carbon trading regulatory intensity has on the innovation investment of firms with young CEO. |
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Key words: carbon emission trading; carbon regulatory intensity; corporate innovation; CEO age; firm age |
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