On the Impact of Enterprise Green Innovation Investment on Stock Return Taking the Steel Industry as an Example
DOI:
https://doi.org/10.54097/ijeh.v2i3.379Keywords:
Green innovation investment, Fama-French model, Stock return, Steel industry.Abstract
This paper selects the data publicly disclosed by 16 listed companies in the steel industry in China's stock market from 2015 to 2021, adds the green innovation investment factor to the traditional Fama-French three factor model, and constructs a Fama-French four factor model to conduct empirical test and regression analysis on the listed steel enterprises. Through the analysis results of the explanatory power of the four factor model to the company's stock return, this paper studies the impact of the company's green innovation investment on the company's stock return, and finds that there is an obvious positive correlation between the listed company's green innovation investment and the stock return. The research results will guide the inflow of capital into the green field, help traditional enterprises to increase investment in green innovation, transform to green industry, and promote the realization of the "double carbon" goal and industrial transformation and upgrading.
Downloads
References
Mark M. Carhart. On Persistence in Mutual Fund Performance [J]. The Journal of Finance,1997,52(1).
Guo Zhuxi. Empirical test of Fama-French three factor model and five factor model on A-share iron and steel enterprises [J]. Hebei enterprise, 2019 (06): 33-36.
Ernest Braun, David Wield. Regulation as a means for the social control of technology [J]. Technology Analysis & Strategic Management,2007,6(3).
Stephen Wilkins, Jeroen Huisman. Corporate images' impact on consumers' product choices: The case of multinational foreign subsidiaries [J]. Journal of Business Research,2014,67(10).
Li Jieyi, Zhang mercury, Xie Lina. Environmental knowledge learning, green innovation behavior and environmental performance [J]. Scientific and technological progress and countermeasures, 2019,36 (15): 122-128.
Jiang Yuhan, Luo Yangmei, Yun Ruili. Research on the correlation between green innovation investment and financial performance of automobile manufacturing enterprises [J]. Finance and finance, 2018 (01): 15-22.
Wang Caiming, Li Jian. Performance evaluation of China's regional green innovation and analysis of its temporal and spatial differences -- Based on the panel data of inter provincial industrial enterprises from 2005 to 2015 [J]. Scientific research management, 2019,40 (06): 29-42.
Derek Bosworth, Mark Rogers. Market Value, R&D and Intellectual Property: An Empirical Analysis of Large Australian Firms [J]. Economic Record,2001,77(239).
Zhang Xiaoyun, Liu jiejiao, Li Bin. Environmental regulation, technological innovation and green development of manufacturing industry [J]. Journal of Guangdong University of Finance and economics, 2020,35 (05): 48-57.
Xu Xiuyan. Management did not expect monetary compensation, green innovation investment and enterprise environmental accounting information disclosure [J]. Accounting newsletter, 2019 (27): 48-52.
Wu Jianzu, fan Huiling. Research on enterprise green innovation driving mode based on configuration perspective [J]. Research and development management, 2021,33 (04): 41-53
Meng Yang Empirical. Study on Fama-French factor model based on investor sentiment [D] Central China Normal University, 2020. DOI:10.27159/d.cnki. ghzsu. 2020.003208.
Ou Zhonghang. Study on the applicability of Fama-French three factor model to explain the stock return of China's real estate industry [J]. China price, 2021 (08): 95-97.
Downloads
Published
Issue
Section
How to Cite
