ESG信息披露对企业绿色创新的影响研究——基于媒体关注和融资约束的调节机制

Research on the Impact of ESG Information Disclosure on Enterprise Green Innovation-A Regulatory Mechanism Based on Media Attention and Financing Constraints

本文选取了2009年至2022年沪深A股上市公司为研究样本,发现ESG信息披露对企业绿色创新的显著影响。具体而言,研究表明ESG信息披露不仅提高了企业的绿色创新水平,还加快了企业在策略性和实质性绿色创新水平的进步。此外,研究还指出,媒体关注和企业的融资约束能够有效地调节ESG信息披露对企业绿色创新的影响,起到了调节作用。进一步研究可知,媒体关注的调节机制在东中部行业内更显著;企业融资约束的调节作用在非国有企业和中西部行业内更显著;就媒体关注的报道情绪来看,负面新闻报道更能引起企业的关注。本文通过深入分析ESG信息披露与绿色创新之间的关系,对企业进一步加强绿色创新水平,实现可持续发展有重要的意义。

This paper selects Shanghai and Shenzhen A-share companies from 2009 to 2022 as a sample,and finds that ESG letter disclosure has a significant impact on corporate green innovation.Specifically,the research shows that ESG letter disclosure not only improves the level of green innovation,but also accelerates the progress of strategic and substantive green innovation.In addition,the study also points out that media attention and corporate financing constraints can effectively regulate the impact of ESG letter disclosure on corporate green innovation.Further study shows that the regulatory mechanism of media attention is more significant in the east and middle of the industry;the regulatory effect of corporate financing constraints is more significant in non-stateowned enterprises and industries in central and western China.In terms of media attention,negative news reports can attract more attention of enterprises.Through in-depth analysis of the relationship between ESG letter disclosure and green innovation,this paper has important significance for enterprises to further strengthen the level of green innovation and achieve sustainable development.