企业ESG表现对绿色创新的影响研究

Research on the Impact of ESG Performance on Green Innovation

“双碳”目标下,绿色创新是企业低碳转型和可持续发展的重要驱动力。选取2011—2019年中国A股上市公司作为研究样本,实证分析了企业ESG表现对绿色创新的影响机制,并进一步分析了数字化转型、市场竞争强度及制度环境的调节作用。研究结果表明:①企业ESG表现可以促进绿色创新;②数字化转型、市场竞争强度及制度环境在ESG表现和绿色创新关系中起到正向调节作用。进一步机制分析发现,企业声誉和权益融资成本在企业ESG表现与绿色创新关系中发挥中介效应;异质性分析发现,企业ESG表现对绿色创新的影响,在国有企业、位于我国东部地区的企业及规模较大的企业中表现更为显著。研究结果丰富了企业ESG相关研究,对企业绿色创新管理和可持续发展提供参考借鉴。

Under the“carbon peaking and carbon neutrality goals”,green innovation is an important driving force for low-carbon transformation and sustainable development of enterprises.Using China’s A-share listed companies from 2011 to 2019,the influence mechanism of ESG performance on green innovation was empirically analyzed and further the moderating effects of digital transformation,market competition intensity,and institutional environment was analyzed.The results show that corporate ESG performance positively affects green innovation.Digital transformation,market competition intensity,and institutional environment positively moderate the relationship between ESG performance and green innovation.Further mechanism tests indicate that corporate reputation and equity financing cost play a mediating effect on the relationship between ESG performance and green innovation.Heterogeneity analysis shows that the impact of ESG performance on green innovation is more significant in state-owned enterprises,enterprises located in the eastern part of China and large enterprises.It enriches the research on corporate ESG and provides a reference for green innovation management and sustainable development of enterprises.