创新型城市建设能否提升企业ESG表现?

Does Innovative City Construction Improve Corporate ESG Performance?

创新型城市建设是实现经济社会可持续发展的重要举措,为企业环境、社会、治理(ESG)实践提供基础保障。以创新型城市试点设立为制度背景,基于2009—2021年中国A股上市公司数据,运用多时点双重差分模型实证考察创新型城市建设对企业ESG表现的影响。研究表明,创新型城市建设能够显著提高企业ESG表现。机制分析发现,创新型城市试点政策实施后,能够通过绿色技术创新和资金支持两种渠道来改善企业ESG表现。进一步分析发现,创新型城市建设对中西部地区的高新技术、高污染行业的成长期企业ESG表现的促进效果更加突出。

Innovative city construction is an important measure to achieve sustainable economic and social development,and provides a basic guarantee for corporate ESG practice.Based on the data of China's A-share listed companies from 2009 to 2021,this paper empirically examines the impact of innovative city construction on the ESG performance of enterprises by using a multi-temporal double difference model.Studies have shown that innovative urban construction can significantly improve corporate ESG performance,and this conclusion remains robust after a series of tests.The mechanism analysis shows that after the implementation of the pilot policy of innovative cities,it can improve the ESG performance of enterprises through two channels:green technology innovation and financial support.Further analysis shows that the construction of innovative cities has a more prominent effect on the ESG performance of enterprises in the growth stage of high-tech and high-pollution industries in the central and western regions.