ESG表现对制造业企业创新影响的统计检验

A Statistical Test of the Impact of ESG Performance on Innovation of Manufacturing Enterprises

文章选取2015—2021年528家A股上市制造业企业数据,实证检验了ESG表现对制造业企业创新的影响及企业异质性的调节效应,并进行了分位数回归,进一步考察了ESG表现对创新产出的作用机制。研究发现,ESG表现的提升对企业创新有显著的正向影响;对于规模较大、资产净利率较低和拥有独立ESG报告的企业,ESG表现对创新产出和技术人员密集度的提升作用更为明显。进一步研究表明,本身创新水平较低的企业提升ESG表现对创新产出的促进作用更大;较好的ESG表现通过降低代理成本和缓解融资约束两条途径增加了创新产出。

This paper selects the data of 528 A-share listed manufacturing enterprises from 2015 to 2021 to empirically test the impact of ESG performance on innovation of manufacturing enterprises and the moderating effect of enterprise heterogeneity,then conducts quantile regression,and further examines the mechanism of ESG performance on innovation output.The study finds that the improvement of ESG performance has a significant positive impact on enterprise innovation,and that for enterprises with large scale,low net asset interest rate and independent ESG report,ESG performance plays a more significant role in improving innovation output and technical personnel intensity.Further research shows that the promotion of ESG performance by enterprises with low innovation level has a greater impact on innovation output,and that better ESG performance increases innovation output by reducing agency costs and easing financing constraints.