ESG表现、绿色创新与企业价值

ESG Performance,Green Innovation and Corporate Value

在我国致力于可持续和高质量发展的目标指引下,积极促进企业践行ESG发展理念和绿色创新具有重大意义。本文基于A股上市企业2011-2022年面板数据,实证检验了ESG表现对企业价值的影响,并探究了绿色创新在其中的中介作用。研究发现:上市企业提高ESG表现对企业价值有正向促进作用;绿色创新在ESG表现与企业价值关系中有部分中介作用。进一步研究发现ESG表现对企业价值的影响在产权性质和企业规模方面均存在异质性,在国有企业和大型企业中,ESG表现对企业价值的提升作用更明显。综上,本文认为企业在贯彻ESG发展理念的同时,要加快构建ESG信息披露制度,也要重视绿色创新的作用,实现可持续发展。

Under the guidance of China's commitment to sustainable and high-quality development,it is of great significance to actively promote enterprises to practice ESG development concepts and green innovation.Based on the panel data of A-share list-ed companies from 2011 to 2022,this paper empirically examines the impact of ESG performance on corporate value and ex-plores the mediating role of green innovation.The results show that the improvement of ESG performance of listed companies has a positive effect on corporate value;Green innovation plays a mediating role in the relationship between ESG performance and corporate value.Further research finds that the impact of ESG performance on enterprise value is heterogeneous in terms of property rights and enterprise size,and the effect of ESG performance on enterprise value is more obvious in state-owned enter-prises and large enterprises.In summary,this paper argues that while implementing the concept of ESG development,enterprises should accelerate the construction of ESG information disclosure system,and also pay attention to the role of green innovation to achieve sustainabledevelopment.