ESG表现、企业创新与企业价值关系研究——基于生物医药行业实证分析

ESG Performance,Enterprise Innovation and Enterprise Value——Empirical Analysis Based on Biomedical Industry

环境、社会责任和公司治理(ESG)是衡量企业可持续发展能力的重要指标,生物医药行业属于国家重点发展项目,作为技术驱动型行业,创新研发实力一直是医药企业的核心竞争力。此文基于生物医药行业A股上市公司2018年~2021年四年数据,构建相应指标并采用面板分位数回归和OLS回归进行实证分析,研究ESG表现、企业创新及两者交乘项对企业价值的影响。研究发现ESG表现、企业创新在企业价值处于不同分位点时显著性水平存在一定差异,同时ESG表现、企业创新以及两者交乘项均能促进企业价值提升。

Environment,social responsibility and corporate governance(ESG)are important indicators to measure the sustainable development ability of enterprises.Biomedical industry is a national key development project.As a technology-driven industry,innovative R&D strength has always been the core competitiveness of pharmaceutical enterprises.Based on the data of A-share listed companies in the biomedical industry from 2018 to 2021,this paper constructs the corresponding indicators and uses panel quantile regression and OLS regression to conduct empirical analysis to study the impact of ESG performance,enterprise innovation and their multiplication on enterprise value.It is found that ESG performance and enterprise innovation have different significance levels when the enterprise value is in different quantiles,and ESG performance,enterprise innovation and their multiplication can promote the enterprise value.