股权激励动态性对企业绿色技术创新的影响
The Impact of Dynamic Equity Incentives on Green Technology Innovation in Enterprises

基于2009~2019年沪深A股制造业上市公司的面板数据，从环境不确定性和媒体关注度两个视角出发，实证检验了股权激励动态性影响企业绿色技术创新的两条路径。研究结果表明：高管股权激励动态性与企业绿色技术创新存在显著的线性正相关关系；环境不确定性削弱股权激励动态性对企业绿色技术创新的促进作用；媒体关注度强化股权激励动态性对企业绿色技术创新的促进作用。本研究结论对企业优化股权激励机制、提升绿色技术创新水平具有重要的实践启示。企业在进行绿色技术创新时，应充分考虑环境不确定性和媒体关注度的影响，为企业的可持续发展注入新的活力。
Based on panel data of Shanghai-Shenzhen A-share manufacturing listed companies from 2009 to 2019, this study empirically examines two pathways through which the dynamic nature of equity incentives affects corporate green technology innovation from the perspectives of environmental uncertainty and media attention. The research results indicate that there is a significant linear positive correlation between the dynamic nature of executive equity incentives and corporate green technology innovation; environmental uncertainty weakens the dynamic role of equity incentives in promoting green technology innovation in enterprises; media attention strengthens the role of equity incentive dynamics in promoting green technology innovation of enterprises. The conclusion of this study has important practical implications for optimizing equity incentive mechanisms and enhancing the level of green technology innovation in enterprises. When enterprises engage in green technology innovation, they should fully consider the impact of environmental uncertainty and media attention, injecting new vitality into the sustainable development of the enterprise.