企业社会责任信息披露质量对绿色创新的影响研究——基于制造业上市公司的证据

Influence of Corporate Social Responsibility Information Disclosure Quality on Green Innovation:Evidence Based on Listed Manufacturing Companies

以2009—2020年沪深两市A股制造业上市公司为研究对象,实证检验了企业社会责任信息披露质量对绿色创新的影响及其影响机制。研究结果表明,制造业上市公司的社会责任信息披露质量越高,其绿色创新水平越高,且融资约束与代理成本在两者关系中发挥中介作用。异质性分析发现,这种正相关关系在国有企业、强制披露的企业中更为明显。为企业突破自身发展和规制困境以实现可持续发展、为投资者优化投资决策、为监管部门确定新的监管方向具有重要启示。

With A-share listed manufacturing companies in Shanghai and Shenzhen stock markets from 2009 to 2020 as the research object,this study tests the impact of corporate social responsibility information disclosure quality on green innovation and its impact mechanism by using empirical research method.The research results show that the higher the social responsibility information disclosure quality of listed manufacturing companies,the higher their level of green innovation with financing constraints and agency costs playing a mediating role in the relationship between the two factors,and it is found through heterogeneity analysis that this positive correlation is more obvious in state-owned enterprises and mandatory disclosure enterprises.The research findings have important implications for enterprises to break through their own development and regulatory dilemma to achieve sustainable development,for investors to optimize their investment decisions,and for regulatory authorities to determine new regulatory directions.