ESG(环境、社会和治理)评价、企业异质性与绿色创新——来自A股上市企业的经验证据

ESG(environmental,social and governance)Evaluation,Enterprise Heterogeneity and Green Innovation:Empirical Evidence from A-Share Listed Companies

为深入探究ESG(环境、社会和治理)评价与企业绿色创新的内在联系与作用机制,基于A股上市企业面板数据,实证分析了ESG评价对异质性企业绿色创新的影响机制。研究表明,ESG评价通过引导企业加大创新投入进而在整体上显著促进了绿色创新;异质性分析发现,ESG评价的绿色创新效应在中小企业、非国有企业和处于成长期企业中更为明显。进一步研究发现,ESG评价不仅影响企业的策略性创新,还显著提升企业绿色创新质量;重污染行业和创新生态环境对ESG评价的绿色创新效应的影响不明显。研究结果为探索ESG评价的绿色创新效应提供参考,并为政府进一步完善相关政策、更好地推动企业绿色创新提供理论支持。

In order to deeply explore the impact of ESG evaluation on green innovation,this study empirically analyzes the relationship between ESG evaluation and green innovation output of heterogeneous enterprises based on panel data of A-share listed companies.The results show that ESG evaluation significantly promotes green innovation of enterprises by guiding them to increase investment in green innovation.Heterogeneity analysis shows that the green innovation effect of ESG evaluation is more obvious in small and medium-sized enterprises,non-state-owned enterprises and enterprises in the growth stage.Further research shows that ESG evaluation not only affects the strategic innovation of enterprises,but also significantly improves the quality of green innovation.Heavy polluting industries and innovation ecological environment have no obvious influence on ESG evaluation of green innovation effect.The research results have certain reference significance for exploring the green innovation effect of ESG evaluation,and can provide theoretical support for the government to further improve relevant policies to promote green innovation of enterprises.