Abstract: Green technological innovation is the top priority to achieve the “double carbon” goal. With the development of the economy and society, the core driving force of corporate green technology innovation has changed, from the government-led to market-led force. At present, our country’s market-oriented mechanism for green technology innovation is not mature enough. Effectively increasing the willingness of enterprises to innovate through market mechanisms and improving the allocation efficiency of enterprises’ green technology innovation elements are important requirements for the green development of Chinese society in the new era. At the same time, corporate green technology innovation decision-making is a behavior accompanied by huge risks. The investment amount is high, the cycle is long, and the returns are uncertain. Corporate decision-makers with different risk preferences have very different attitudes towards green technology innovation. Current research has yet to provide targeted conclusions on how risk preference heterogeneity will affect the functioning of market mechanisms and how to avoid corporate short-sightedness and conservative behavior. Therefore, in the context of environmental governance in the new era that requires accelerating industrial green transformation, it is necessary to effectively clarify the specific manifestations of the market-driven mechanism and the impact of market factors on corporate green technology innovation decisions, and further study the role of corporate risk preference heterogeneity in the role of market mechanisms. The impact is of great value to the construction of a market-oriented corporate green technology innovation system and targeted corporate risk management.
Based on the market-driven multi-level content performance, combined with the heterogeneous characteristics of corporate risk preferences, this paper uses prospect theory, product competition theory, complex networks and game theory, etc., to deeply analyze the impact of mechanism of the heterogeneity of corporate risk appetite driven by market green demand, market competition intensity, government price subsidies and market technology-oriented four-level on corporate green technological innovation decision-making. By embedding factors such as market competition regulations, government market-oriented policies, and corporate risk preference characteristics in the symmetrical game model of technological innovation between enterprises, and using a complex network small world model, we simulate and analyze green technological innovation decision-making issues from micro-enterprises to the overall industry. The research shows that market factors can significantly stimulate corporate innovation vitality through mechanisms such as demand, competition, and technological inversion, but the impact of corporate decision-making depends on the degree of coupling between market factors and corporate earnings; corporate risk preference heterogeneity creates a gap in subjective earnings perception, so as to affect the market acumen of the enterprise, thereby positively or negatively adjusting the promotion effect of market factors on the enterprise’s green technological innovation; the learning and imitation effect in the enterprise network makes adventurous enterprises have a good innovation demonstration effect on less adventurous enterprises in the network. And the market mechanism can amplify this effect. While avoiding over-confidence in the industry and market fluctuation, it also can promote innovative behaviors in the industry to the greatest extent, and enterprises to make scientific innovation decisions. Finally, we put forward specific suggestions for the government to formulate green innovation incentive policies and enterprises to carry out green technology innovation decisions.

Key words: market driven by multiple layers; risk preference; complex network game; green technology; innovative decision-making

摘要： 构建以市场为导向的企业绿色技术创新体系是实现“双碳”目标的重要要求。本文基于市场驱动的多层内容表现,结合企业风险偏好异质性特点,运用前景理论、产品竞争理论、复杂网络与博弈论等,深入分析了市场绿色需求、市场竞争强度、政府价格补贴以及市场技术导向四个层次驱动下企业风险偏好异质性对企业绿色技术创新决策的影响机制。通过运用复杂网络小世界模型,仿真分析了从微观企业到整体行业的绿色技术创新决策问题。研究表明:市场因素通过需求、竞争、倒逼等机制能显著激发企业创新活力,但效果取决于市场因素与企业收益的耦合程度;企业风险偏好能正向或负向调节市场因素对企业绿色技术创新的促进作用;网络中的学习与模仿效应使得冒险型企业对网络中其他企业具有良好的创新示范作用,并且市场能放大这种效应。

关键词: 市场多层驱动, 风险偏好, 复杂网络博弈, 绿色技术, 创新决策