Abstract: Using management discussion and analysis (MD&A) texts of A-share listed companies in Shanghai and Shenzhen stock markets from 2005 to 2020, this paper constructs a green transformation index system for firms using Word2Vec, and enables an empirical examination of the spillover effects of peers' green transformation on focal corporate green innovation. The results show that peers' green transformation significantly promotes corporate  green innovation. This spillover effect is strengthened by higher media attention, greater reliability of information disclosure, and more intense industry competition. Further analysis explores the roles of corporate governance and financing constraints as mechanisms and transmission channels, and demonstrates that the spillover effect varies significantly depending on industry pollution levels, regional economic development, policy uncertainty, and ownership structure. This paper uncovers the real drivers of corporate green innovation from a novel perspective, extends the existing literature, and provides empirical and theoretical support for promoting industry-wide green coordination and informing government policy-making.

Key words: Word2Vec, peers' green transformation, corporate green innovation, spillover effect

摘要： 本文以2005~2020年中国沪深两市A股上市公司为样本,借助机器学习中的词向量技术，基于管理层讨论与分析（MD&A）文本构建企业绿色转型指标，实证检验了同行绿色转型对焦点企业绿色创新的溢出效应。研究发现：首先，同行绿色转型对企业绿色创新具有显著的促进作用；其次，该溢出效应会随着媒体关注度、信息披露可靠性与行业竞争强度的提升而增强。进一步分析表明，公司治理水平和融资约束在其中发挥重要的作用机制及传导途径，并证实了同行绿色转型的溢出效应会因行业污染程度、地区经济发展水平、政策不确定性以及所有权性质的不同而呈现显著差异。本文从一个全新的视角揭示了企业绿色创新的真实动因，拓展了相关领域研究，也为推动行业绿色协同发展和优化政府政策制定提供了经验依据与理论参考。

关键词: 词向量技术, 企业绿色转型, 企业绿色创新, 溢出效应