ESG表现、融资效率与研发投入--基于战略性新兴企业的经验证据

ESG Performance,Financing Efficiency and R&D Investment--Empirical Evidence from Strategic Emerging Enterprises

战略性新兴产业在现代产业体系中一直处于核心地位,对形成和发展新质生产力起着重要的推动作用。文章以2012-2022年战略性新兴企业数据为样本,借助超效率SBM模型测算了企业融资效率值,实证检验了融资效率与企业研发投入之间以及加入ESG表现后的作用效应和内在机理。研究发现:融资效率的提升能显著增强战略性新兴企业的研发投入力度;ESG表现能强化融资效率与研发投入间的正向作用;融资效率对战略性新兴企业研发投入的影响存在ESG表现的双重门槛效应,即随着ESG表现的提升存在“边际效应”非线性递增特征;机制研究结果显示,融资效率的提升能通过减少真实盈余管理、缓解非效率投资问题推动企业进行研发投入。

Strategic emerging industries have perennially held a pivotal position within the modern industrial system,playing a crucial role in shaping and fostering new quality productive forces.This study leverages data from strategic emerging enterprises from 2012 to 2022 and employs super-efficiency SBM model to compute the value of financing efficiency.Through empirical analysis,it investigates the effects and underlying mechanisms between financing efficiency,R&D investment,and the inclusion of ESG performance.The research reveals that enhancing financing efficiency significantly bolsters the intensity of R&D investment in strategic emerging enterprises.Moreover,ESG performance serves to reinforce the positive interaction between financing efficiency and R&D investment.Notably,the influence of financing efficiency on R&D investment exhibits a double threshold effect of ESG performance,characterized by a non-linear incremental"marginal effect"as ESG performance advances.Furthermore,the outcomes of the mechanism analysis indicate that amplifying financing efficiency can stimulate enterprises to engage in R&D investment by curtailing real earnings management and alleviating inefficiencies in investment deployment.