This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to capture firms' investments in these two types of technologies, we find that the value of a firm's pollution prevention patents is positively associated with its future financial and environmental performance, and that the positive impact on future financial performance is achieved through improvements in sales growth and cost efficiency. In contrast, the value of a firm's pollution control patents is not associated with its future financial or environmental performance. Overall, these findings shed light on the future implications of green innovation.

中文翻译：

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绿色创新与企业的财务和环境绩效：污染预防与控制的作用


本研究探讨了企业的绿色创新对其未来财务和环境绩效的影响。如果污染主要是资源浪费的表现，那么对污染技术的投资既可以减少生产对环境的影响，又可以提高财务绩效。相比之下，对污染技术的投资可能会减少生产对环境的影响，而不会改善财务绩效。利用绿色专利来衡量企业对这两类技术的投资，我们发现企业污染防治专利的价值与其未来的财务和环境绩效正相关，并且对未来财务绩效的积极影响是通过改进来实现的销售增长和成本效率。相比之下，公司污染控制专利的价值与其未来的财务或环境绩效无关。总体而言，这些发现揭示了绿色创新的未来影响。