ESG表现、绿色创新与企业财务绩效——基于重污染行业上市公司的经验数据

ESG Performance,Green Innovation,and Corporate Financial Performance:Based on Empirical Data of Listed Companies in Heavy Polluting Industries

利用面板数据,以2011-2022年重污染行业沪深A股上市公司数据作为研究样本,分析了环境保护、社会责任、公司治理(ESG)与重污染行业上市公司财务绩效的关系,以及绿色创新在两者之间的中介效应。研究结果表明:重污染行业ESG表现能够显著提高企业财务绩效,而且通过稳健性检验后,结论依旧成立。绿色创新在ESG表现与企业财务绩效之间起到了中介效应,ESG表现与绿色创新呈正相关关系。产权异质性分析表明,相比国有企业,非国有企业ESG表现与企业财务绩效的正相关关系更加显著。这一研究结果为企业绿色发展提供了经验证据。

Using the panel data,this paper takes the data of A-share listed companies in the heavily polluting industries in Shanghai and Shenzhen from 2011 to 2022 as a research sample,and analyzes the relationship between environmental,social and corporate governance(ESG)and the financial performance of listed companies in the heavily polluting industries,as well as the mediating effect of green innovation between the two.The results show that the ESG performance of heavily polluting industries can significantly improve the financial performance of enterprises,and the results are still valid after passing the robustness test.Green innovation plays a mediating effect between ESG performance and corporate financial performance,and ESG performance is positively correlated with green innovation.The analysis of property heterogeneity shows that the positive correlation between the ESG performance of non-state-owned enterprises and the financial performance of enterprises is more significant than that of state-owned enterprises.The results of this study provide empirical evidence for the green development of enterprises.