企业信息披露的绿色创新效应研究——基于环境、社会和治理的视角

Green innovation effects of corporate information disclosure:environmental,social,and governance perspectives

由健康、环境、社会发展等议题引致的社会责任要求正在重塑企业的经营理念。为探析企业践行环境、社会和治理(ESG)理念能否促进经济与环境的相容发展,以2011—2020年沪深两市A股企业数据为样本,实证分析了ESG信息披露对企业绿色创新的影响。研究发现:ESG信息披露有利于促进企业绿色创新,具体表现为提高企业绿色创新数量、提升企业绿色创新质量以及改善企业绿色创新结构。异质性分析发现,ESG信息披露的绿色创新效应在成长期企业、低碳试点城市企业、弱环境敏感型企业以及中国南方企业中更明显。机制检验表明,ESG信息披露主要通过缓解企业融资约束以及强化企业外部监督的途径来促进企业绿色创新。进一步研究还发现,ESG信息披露对企业绿色创新的影响具有信息披露的门槛效应,分维度的ESG信息披露对企业绿色创新的影响有所差异,ESG信息披露的绿色创新效应可以实现生态环保和经济绩效的双重价值。研究结论不仅有助于深化ESG在我国企业发展中的竞争优势,而且为促进企业绿色创新提供经验证据,也为加速实现“双碳”目标以及形成广泛的绿色生产生活方式提供理论支持和决策参考。

The social responsibility requirements arising from issues,such as health,environment,and social development,are reshaping the business philosophies of enterprises.To explore whether enterprises’environmental,social,and governance(ESG)concepts can promote compatible development of the economy with the environment,we empirically test the effect of ESG information disclosure on the green innovation of enterprises by using data from A-share-listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020.The results show that ESG information disclosure is conducive to promoting the quantity,quality,and structure of green innovation.Our heterogeneity analysis finds that the green innovation effect of ESG information disclosure is more significant for enterprises in the growth period,those in low-carbon pilot cities,those with weak environmental sensitivity,and those in southern China.The results indicate that ESG information disclosure primarily promotes green innovation in enterprises by alleviating financing constraints and strengthening external supervision.Further research also finds that the effects of ESG information disclosure on green innovation have thresholds of information disclosure,and the effects of dimensional ESG information disclosure on green innovation are different.The green innovation effects of ESG information disclosure can also realize the dual value of ecological protection and economic performance.The research conclusion helps to deepen the competitive advantage of ESG in the development of Chinese enterprises and provides empirical evidence for promoting green innovation.It also provides theoretical support and decision-making references for achieving the“Carbon Peak and Neutrality”targets and forming a wide range of green production and lifestyle.