The Impact of Excess Goodwill on Green Technological Innovation

本文以2013~2022年沪深A股上市公司为样本，研究了超额商誉对企业绿色技术创新的影响，揭示了超额商誉对绿色技术创新的抑制作用，并分析了数字普惠金融在其中的调节效果。研究显示，企业的超额商誉显著降低了绿色技术创新的意愿和投入，数字普惠金融的发展则能缓解这一负面影响。此外，异质性分析表明，超额商誉对绿色技术创新的影响因企业类型、行业污染程度及地区市场化水平不同而有所差异。本文的结论不仅揭示了企业超额商誉如何绿色技术创新，而且对于改善中国绿色创新主体结构失衡具有重要参考价值。This paper examines the impact of excess goodwill on corporate green technology innovation using a sample of A-share listed companies in Shanghai and Shenzhen from 2013 to 2022. The study reveals that excess goodwill significantly inhibits firms’ willingness and investment in green technology innovation, while the development of digital inclusive finance can effectively mitigate this negative effect. Furthermore, heterogeneity analysis indicates that the impact of excess goodwill on green technology innovation varies depending on firm type, industry pollution levels, and regional marketization levels. The findings not only uncover the inhibitory effect of excess goodwill on green technology innovation but also provide important theoretical and practical insights for addressing structural imbalances in China’s green innovation ecosystem.