企业ESG表现与绿色技术创新

Corporate ESG Performance and Green Innovation Development

微观企业绿色创新发展是我国经济高质量发展的绿色底色。以2010—2021年A股非金融类上市公司为研究对象,实证检验企业ESG表现对绿色技术创新的影响及作用机制。结果显示:企业ESG表现能够提高绿色技术创新,该结果在一系列内生性处理及稳健性检验后依然成立;机制检验发现,企业ESG表现主要通过减少债务融资成本、缓解信息不对称和提高信息披露质量等中间渠道提升了企业绿色技术创新;异质性分析表明,国有企业及高新技术企业的ESG表现对绿色技术创新具有显著正向促进作用。研究结论为企业践行和树立ESG理念、推动绿色创新、实现可持续发展提供了理论基础与经验支持。

The green innovation development of micro enterprises is the green background of China's high-quality economic devel-opment.This study empirically examines the impact and mechanism of ESG performance on green technology innovation in non-financial A-share listed companies from 2010 to 2021.The results show that corporate ESG performance can improve green technology innovation,and this result still holds true after a series of endogeneity treatments and robustness tests.Mechanism testing found that the ESG performance of enterprises mainly improved their green technology innovation through intermediate channels such as reducing debt financing costs,alleviating information asymmetry,and improving the quality of information disclosure.Heterogeneity analysis shows that the ESG performance of state-owned enterprises and high-tech enterprises has a significant positive promoting effect on green technology innovation.The research conclusion of this article provides a theoretical basis and empirical support for enterprises to practice and establish ESG concepts,promote green innovation,and achieve sustainable development.