ESG表现、外部治理环境与企业创新

ESG Performance,External Governance Environment and Enterprise Innovation

以2009-2021年中国A股上市公司为样本,检验企业ESG表现对企业创新的影响以及外部治理环境中市场竞争和媒体监督对这两者的调节作用。实证研究发现:ESG表现对企业创新具有正面影响,并且市场竞争和媒体监督都会增强这一正面影响。机制分析表明:良好的ESG表现能够通过降低企业代理成本、缓解企业融资约束2个渠道提高企业创新水平。研究结论揭示了ESG表现在企业创新中的重要作用,对上市公司制定相关政策以提高资本配置效率、促进企业创新水平的提高具有启示意义。

Taken Chinese A-share listed companies from 2009 to 2021 as samples,the impact of ESG performance on corporate innovation and the moderating effects of both market competition and media supervision in the external governance environment are examined.The empirical study finds that ESG performance has a positive impact on enterprise innovation,and market competition and media supervision will enhance this positive impact.Mechanism analysis shows that good ESG performance can improve the innovation level of enterprises by reducing agency costs and alleviating financing constraints of enterprises.The research reveals the important role of ESG performance in enterprise innovation,which has enlightening significance for listed companies to make relevant policies to improve the efficiency of capital allocation and raise the enterprise innovation level.