ESG表现对绿色创新的影响——基于融资约束与代理成本的中介效应

Impact of ESG performance on green innovation: mediating effect of financing constraints and agency costs

我国经济已由高速增长阶段转向高质量发展阶段,ESG成为衡量上市公司高质量发展的评价体系。那么,提升ESG表现能否推进绿色创新实践以达成经济和环境的协同发展?文章针对A股上市公司2011—2021年间的3 527个观测值展开,分析ESG表现对绿色创新的影响。结果表明,样本公司的ESG及其在环境、社会和公司治理各维度的良好表现能够促进自身的绿色创新,融资约束和代理成本在其间发挥着中介效应,且融资约束可发挥的效应强于代理成本。文章的创新体现在,验证了ESG及其细分维度表现对绿色创新实践(兼顾了绿色创新的数量和质量)的促进作用,避免了“创新假象”可能造成的干扰,并考量了来自不同利益相关方的因素(融资约束和代理成本)影响分析。基于此,文章提出,上市公司需在战略目标及具体运营中增加ESG维度,克服对绿色创新的短视心理,与资本市场其他主体联结成具有反馈效应的生态系统,为各方带来可持续的多元价值回报。

China's economy has shifted from a stage of high growth to a stage of high quality development,and ESG has become an evaluation system to measure the high quality development of listed companies.Can ESG performance enhance green innovation practice to achieve synergistic development of economy and environment?The article analyzes the impact of ESG performance on green innovation based on 3527 observations of A-share listed companies over the period 2011-2021.The results show that the ESG of the sample companies and their good performance in environmental,social and corporate governance dimensions can promote their own green innovation,and that financing constraints and agency costs play a mediating role,and the financing constraints can play a stronger role than agency costs.It is innovative in that it verifies the contribution of ESG and its sub-dimensions to green innovation practice(both quantitative and qualitative),avoids the possible interference of"innovation illusion",and considers the influence of factors from different stakeholders(financing constraints and agency costs).Based on this,it suggests that listed companies should add ESG dimensions to their strategic objectives and specific operations,overcome the myopic mentality towards green innovation,and link up with other capital market players to form an ecosystem with feedback effects to bring sustainable multiple value returns to all parties.