企业ESG履责的绿色生产力效应研究——基于绿色技术创新视角

Research on the Green Productivity Effect of EsG Activities:Based on Firms'Green Technology Innovation

论文选取2011-2020年沪深A股上市公司为研究样本,基于绿色技术创新视角,实证研究了企业ESG履责的绿色生产力效应。研究发现,ESG履责显著促进了企业绿色技术创新水平;机制检验发现,企业ESG履责主要通过缓解财务约束,提升企业声誉,以及提高企业信息披露质量,促进绿色技术创新水平的提升;进一步基于“宏观——中观——微观”的多维异质性检验显示,当企业所处环境规制压力较高、所在行业竞争压力较大、以及企业人力资源基础较好时,ESG对绿色技术创新的促进效应更为凸显。论文研究对新形势下构建绿色生产力体系、助力实现新质生产力发展提供有益启示。

Using a sample of Chinese A-share listed companies from 2011 to 2020,this paper empirically examines the green productivity effect of corporate EsG activities from the perspective of green technology innovation.The research shows that EsG activities significantly promotes the level of green technology innovation in enterprises.The mechanism testing show that financial constraints,corporate reputation,and the quality of corporate information disclosure are plausible channels through which EsG activities affect firms'green technology innovation.Further multidimensional heterogeneity testing at the macro-level,meso-level and micro-level show that the promoting effect of EsG on green technology innovation is more prominent when enterprises are under high environmental regulatory pressure,industry competition pressure,and has a good human resource foundation.This article provides useful insights for constructing green productivity system and helping to cultivate new quality productive forces under the new stage.