ESG分歧对企业绿色创新的影响--基于公司治理与外部融资视角

The Influence of ESG Disagreement on Enterprise Green Innovation--From the Perspective of Internal Governance and External Financing

ESG分歧反映了资本市场信息中介对企业ESG信息披露评价差异,这种分歧影响企业的内部治理与外部融资,进而影响企业的绿色创新。选取2015—2022年中国A股上市公司为样本,探究ESG分歧对企业绿色创新的影响。研究发现:ESG分歧显著抑制企业绿色创新产出,在经过一系列稳健性检验后结论依然成立。传导效应检验发现,环保背景高管与企业融资约束在ESG分歧对企业绿色创新的影响中发挥中介作用。进一步研究发现,ESG分歧对企业绿色创新的抑制作用效果在非绿色投资者企业、非重污染行业以及高新技术企业更为显著。研究结论为规范ESG评级以及推动新质生产力发展提供经验证据。

ESG divergence reflects discrepancies in the assessment of ESG(Environmental,Social,and Governance)information disclosure by capital market intermediaries,influencing internal governance,external financing,and consequently,green innovation within enterprises.This study focuses on China’s A-share listed companies spanning from 2015 to 2022 to investigate the impact of ESG divergence on corporate green innovation.The findings reveal that significant ESG differences notably impede green innovation output,a conclusion upheld through rigorous robustness testing.Moreover,executive backgrounds in environmental protection and corporate financing constraints serve as mediators in the relationship between ESG divergence and green innovation impact.Further analysis indicates that the inhibitory effect of ESG differences on green innovation is more pronounced in non-green investor firms,non-heavy polluting industries,and high-tech enterprises.This research offers empirical evidence supporting the standardization of ESG ratings to advance the development of high-quality productivity.