企业ESG表现、融资成本与绿色技术创新

Corporate ESG Performance,Financing Costs and Green Technology Innovation

绿色发展是经济发展的主要方向,企业ESG表现与融资成本及绿色技术创新密切相关。以2011—2021年沪深A股上市公司为样本,探讨ESG表现与绿色技术创新的关系。研究发现,ESG表现对绿色技术创新具有正向影响,并且债务融资成本和股权融资成本在其中起到中介作用。进一步研究发现,债务融资成本对激进式和渐进式绿色技术创新均有显著的抑制作用,而股权融资成本对激进式绿色技术创新并无显著影响,企业的所有权性质以及是否为高碳排放企业在“ESG表现-融资成本-绿色技术创新”的路径中具有调节作用。

Green development has now become mainstream,and both ESG performance and green technology innovation are related to it.This paper takes A-share listed companies from 2011 to 2021 as a sample to explore the relationship between ESG performance and green technology innovation.It is found that ESG performance has a positive impact on green technology innovation,and the cost of debt financing and the cost of equity financing play a mediating role in it.Further research finds that the cost of debt financing has a significant inhibitory effect on both radical and progressive green technology innovation,while the cost of equity financing has no significant effect on radical green technology innovation,and the nature of ownership and whether the enterprise is a high carbon emission enterprise have a positive effect on the path of“ESG performance-cost of financing-green technology innovation”.The nature of enterprise ownership and whether it is a high-carbon emitting enterprise have a moderating role in the path of“ESG performance-financing cost-green technology innovation”.