ESG表现、研发投入与双元创新——兼论企业数字化转型的调节作用

ESG PERFORMANCE,R&D INVESTMENTS AND DUAL INNOVATION FROM ADJUSTMENT OF ENTERPRISES'DIGITAL TRANSFORMATION

创新一直是经济发展的第一动力,我国自创新驱动发展战略实施以来,取得了诸多举世瞩目的成就。然而,当前的创新成果呈现出“重数量,轻质量”的特征,高质量创新成果不足。为加速高质量创新成果的产出,破解在关键技术上的“卡脖子”难题,加快中国经济转向高质量发展,本研究以2011—2020年中国A股上市企业为样本,实证检验企业ESG表现对双元创新的影响效应和机制。研究结果表明:ESG表现能够显著提高企业创新产出,并且对突破式创新的促进作用更为显著,说明ESG表现能够促进资源向高质量创新成果转化。机制分析表明,研发投入在企业ESG表现与双元创新之间发挥中介作用,并且企业数字化转型强化了研发投入对双元创新的正向影响。异质性分析表明,首先,从企业生命周期的视角看,与处于成熟期的企业相比,处于成长期、衰退期的企业ESG表现对突破式创新的作用更强,进一步检验发现,处于成长期的企业ESG表现对突破式创新的促进作用主要由环境责任绩效和社会责任绩效推动,处于衰退期的企业其促进作用主要由社会责任绩效和公司治理绩效推动。因此,处于成长期的企业应增强企业与外部利益相关者的链接,获取更多外部支持,而处于衰退期企业则应该多关注公司内部治理状况,优化企业内部运营。其次,从企业竞争战略的视角看,在突破式创新中,实行成本领先战略的企业其ESG表现对突破式创新的相关程度要强于实施差异化战略的企业;在渐进式创新中,不同竞争战略的企业并无显著差异,因此,使用成本领先战略的企业应该更加关注其ESG建设,促进高质量创新成果的产出。研究结论对揭示企业ESG行为的经济后果提供了新的经验证据,对企业优化创新决策、政府完善ESG信息披露制度具有一定借鉴意义。

Innovation is the primary force of economy.China has achieved remarkable achievements since the implementation of innovation-driven development strategy.However,the current innovative achievements are focusing on quantity rather than quality with less quality results.In order to produce quality innovative results,to resolve the bottleneck key technologies and to fasten China's quality economy,this paper uses 2011 to 2020 China's A-listed companies as sample to study the impacts and mechanism of enterprises'EGS performance on dual innovation.Their ESG performance can dramatically increase their innovative products,more on their breaking innovation,suggesting ESG can help convert resources into quality innovative products.The mechanism analysis reveals that enterprises'R&D inputs play a mediation role between ESG performance and dual innovation,which is also reinforced by their digital transformation.Heterogeneity suggests ESG performance of developing or declining enterprises plays a stronger role on breaking innovation,compared with maturing enterprises,viewing from enterprises'life circles.ESG performance of developing enterprises on breaking innovation is mainly driven by environmental and social responsibility performance,those declining by social responsibility and internal harness performance.Those developing enterprises should boost their linkages with external stakeholders to acquire more supports,and those declining should focus on their internal harness to improve their internal operations.From enterprises'strategy,cost-oriented enterprises'ESG performance on breaking innovation is stronger than differentiation-oriented ones in innovative intensity,but little difference on progressive innovation.Hence cost-orientated enterprises shall pay attention to ESG construction to promote their quality outputs.This paper presents references for revealing economic aftermath of enterprises'ESG behaviors,optimizing their innovative decisions and for governments to disclose ESG information.