ESG促进企业绩效的机制研究——基于企业创新的视角

Study on the Mechanism of ESG Promoting Corporate Performance:Based on the Perspective of Corporate Innovation

企业如何基于可持续发展导向通过企业创新实现对多元利益相关方的价值创造成为学界关注的焦点议题。ESG是关于环境、社会以及公司治理在企业中如何实现可持续发展的一种全新理念,但是如何基于全新的可持续理念重塑企业的创新过程为企业绩效带来竞争价值的内在机理依然缺乏研究。以2010—2017年中国沪深交易所A股主板上市公司为研究样本,检验了企业ESG表现对企业绩效的影响效应,以及企业创新在企业ESG表现与企业绩效之间关系中的中介效应,并进一步检验了企业绩效水平、企业产权性质以及行业环境敏感性对企业ESG表现与企业绩效之间关系的调节效应。研究结果表明:(1)企业ESG表现及其3个维度均能显著提升企业绩效。(2)企业ESG表现及其3个维度均能显著提升企业创新水平。(3)内在机制检验结果表明企业创新在企业ESG表现及其3个维度与企业绩效之间关系存在中介效应。(4)异质性分析结果表明企业绩效水平较低的企业ESG表现及其3个维度对企业绩效的促进作用更大;非国有企业ESG表现及其3个维度对企业绩效的促进作用更大;高环境敏感性行业企业的ESG表现及其3个维度对企业绩效的影响效应更为明显。

In the new stage of high-quality economic development,how to create value for multiple stakeholders through corporate innovation based on sustainable development has become the focus issue of academic world.ESG is a new idea about how to coordinate the environment,social and corporate governance to achieve the corporate sustainable development,and is an effective way to achieve high-quality economic development and sustainable development.However,there is still a lack of research on internal mechanism of how to reshape the innovation process of corporates based on the new sustainable concept and bring competitive value to corporate performance.Previous studies mainly focused on the impact of ESG performance on corporate performance,but the research results are widely controversial,and the internal mechanism of how ESG performance affects corporate performance is extremely scarce.Furthermore,under the guidance of the concept of sustainable development,more emphasis is placed on the creation of diversified comprehensive values such as economy,society and environment led by innovation,as well as the provision of effective tools and resource base for corporates to enhance market performance and competitiveness based on corporate innovation.However,the current research lacks to investigate the relationship between ESG performance and corporate performance based on the mediating effect of corporate innovation.This paper uses A-share listed from Shanghai and Shenzhen Stock Exchange from 2010 to 2017 as the research sample to examine the effect of corporate ESG performance on corporate performance,and the mediating effect of corporate innovation on the relationship between ESG performance and corporate performance.Furthermore,it examines the moderating effect of corporate performance level,corporate property rights and industry environmental sensitivity on the relationship between ESG performance and corporate performance.The research results show that:Firstly,ESG performance and its three dimensions can significantly improve corporate performance.Secondly,ESG performance and its three dimensions can significantly improve the level of corporate innovation.Thirdly,corporate’s innovation has a mediating effect on the relationship between ESG performance and its three dimensions and corporate performance’Finally’ESG performance and its three dimensions of corporates with lower corporate performance levels have a greater role in promoting corporate performance,and in different contexts of the nature of corporate property rights,non-state-owned corporates’ESG performance and its three dimensions have a greater role in promoting corporate performance in the context of environmental sensitivity in different industries,the ESG performance and its three dimensions of companies in high-environmentally sensitive industries have a more obvious effect on corporate performance.The research results show that ESG performance can improve the corporate performance,and clarify the dispute between ESG and corporate performance based on the intermediary mechanism of corporate innovation,and help to deepen the understanding of the relationship between ESG performance and corporate performance.Different from the general research on the relationship between corporate social responsibility and corporate performance,this paper studies the mediating role of corporate innovation on the relationship between corporate ESG performance and its three dimensions and corporate performance from the three dimensions and comprehensive dimensions of ESG,which helps the academia to re-examine the heterogeneity effect and internal mechanism of three different dimensions of ESG on corporate performance.In addition,this paper studies the influence of ESG performance and its three dimensions on corporate performance based on ESG framework system,and further the cognition of ESG performance on the value creation function of corporates based on sustainable development.It provides empirical evidence for listed corporates to attach importance to and improve their ESG performance and enhance their innovation capability.At the same time,it provides experience and enlightenment for promoting corporates to systematically pay attention to the innovation and economic effects brought by corporate social responsibility in the context of high-quality development.