开放式创新与企业ESG表现——影响效应及作用路径

Open Innovation and Corporate ESG Performance:Influencing Effects and Pathways of Action

经济高质量发展目标指引下,关注企业环境、社会、治理表现的ESG理念愈发受到推崇。开放式创新通过整合企业内外部创新资源,有助于驱动企业ESG表现提升,受到理论和实践界广泛关注。基于2013—2020年沪深A股上市公司数据,分析并检验了开放式创新对企业ESG表现的影响效应及作用路径。得出结论:开放式创新广度、深度的提高对企业ESG表现具有积极的促进作用;创新效率、分析师关注在开放式创新影响企业ESG表现的过程中发挥部分中介作用;异质性分析发现,在生命周期处于成熟期、融资约束程度较低的企业中,开放式创新与企业ESG表现之间的正相关关系更为明显。企业应积极寻求创新合作机会,注重提升创新效率,合理应对外界关注,因地制宜地采取行动;政府需要发挥好监督作用,为企业提供适当的政策保障与金融支持。

The environmental,social,and corporate governance(ESG)framework is designed to encourage the coordinated development of these three realms.Compared with traditional closed innovation,open innovation can make full use of internal and external corporate resources and reduce information asymmetry,thereby enhancing ESG performance.This paper analyzes and empirically tests the effect of open innovation on ESG performance and its pathways of action,based on the data of Shanghai and Shenzhen A-share listed enterprises from 2013 to 2020.Our results show that higher levels of open innovation have a positive impact on ESG performance,and that innovation capability and the amount of attention a company attracts from financial analysts have a partial mediating effect on the open innovation-ESG rating relationship.Heterogeneity analysis shows that the positive correlation between innovation openness and ESG performance is more significant in mature enterprises with fewer financing constraints,and during periods of economic policy uncertainty.Enterprises should actively seek opportunities for innovation cooperation,strive to improve innovation efficiency,reasonably respond to external concerns,and act based on the actual situation.The government needs to give full play to its supervisory role and provide appropriate policy guarantees and financial support for enterprises.