创新投入视角下ESG表现对企业高质量发展的影响——来自A股市场非金融企业的经验证据

The Impact of ESG Performance on High-quality Development of Enterprises from the Perspective of Innovation Investment——Empirical Evidence from Non-financial Enterprises in China's A-share Market

本文以中国A股市场的非金融企业为样本,探究了ESG表现对企业创新投入的影响。实证结果显示,ESG优势对企业增加创新投入具有显著的促进作用,并且这种影响在融资约束较低的企业中尤为突出。基于企业承担社会责任的外部效应和创新活动的高风险特征,从企业外部风险分析ESG表现对企业创新投入影响的作用机制,发现ESG优势能够有效缓解企业所面临的市场风险、信用风险和操作风险,进而使企业的创新投入得以提升。由于提高企业内部的偿债能力和外部市场的关注程度皆能显著增强企业的ESG表现,因此应从内外两方面出发,通过内部的企业经营管理和外部的市场关注压力,共同加强企业的ESG建设,促进企业增加创新投入,为高质量发展提供动力。

This article takes non-financial enterprises in the Chinese A-share market as samples to explore the impact of ESG performance on corporate innovation investment.The empirical results show that ESG advantages have a significant promoting effect on increasing innovation investment in enterprises,and this effect is particularly prominent in enterprises with lower financing constraints.Based on the external effects of corporate social responsibility and the high-risk characteristics of innovation activities,this study analyzes the mechanism by which ESG performance affects corporate innovation investment from the perspective of external risks.It is found that ESG advantages can effectively alleviate market risks,credit risks,and operational risks faced by enterprises,thereby enhancing their innovation investment.Due to the significant enhancement of an enterprise's ESG performance by improving its internal debt paying ability and external market attention,it is necessary to start from both internal and external aspects,jointly strengthen the ESG construction of the enterprise through internal business management and external market attention pressure,promote the increase of innovation investment,and provide impetus for high-quality development.