摘要：Many studies focus on the impact of green innovation on enterprises, but few studies pay attention to the difference made by the impact of green innovation at the different stages of a firm’s life cycle. This study used Chinese A-share listed companies as a sample to conduct research and found that green innovation has a positive effect on a firm’s value. However, compared with firms at a mature stage of their life cycle, the impact of green innovation on firm value is more significant in firms at the stages of growth and decline. Further research shows that green innovation can increase the value of firms at the growth stage by improving their sustainable development capability and reducing debt financing costs. However, for firms at the decline stage of their life cycle, green innovation can only increase firm value by reducing debt financing costs. In addition, the nature of property rights and the level of corporate governance will have a moderating effect on the relationship between green innovation and firm value. This research will not only enrich the previous literature but also guide the allocation of resources for firms at different stages of their life cycle to carry out green innovation.
