企业ESG与企业创新效率:资源配置视角的再审

Enterprise ESG and Enterprise Innovation Efficiency:A Re-examination from the Perspective of Resource Allocation

ESG作为微观企业层面迈向可持续发展进程与推动高质量发展的重要突破口,也是推动资本市场可持续发展的重要实现方式,合理评估ESG的创新价值效应对于新发展阶段加快建设科技强国具有重要意义。本文以2012—2021年沪深A股上市公司为实证研究样本,基于个体固定效应模型进行实证检验结果表明:第一,企业ESG表现能够强化企业创新效率,具备企业创新的效率改善效应,在系列稳健性检验和考虑内生性问题后研究结论依然成立;第二,企业ESG表现通过强化企业研发投入、缓解企业融资约束及降低企业代理成本三重作用机制提高企业创新效率,即以研发激励和成本节约效应改善企业创新效率;第三,企业ESG对企业创新效率的改善效应存在异质性,表现为在市场化程度更高、民营企业和具有海外高管的样本企业中的促进效应更为明显。本文为新发展阶段立足ESG战略变革引领创新资源配置优化提供经验参考。

ESG is an important breakthrough in the process of moving towards sustainable development and promoting high-quality development at the micro enterprise level,which is also an important realization way to promote the sustainable development of the capital market.A reasonable assessment of the innovation value effect of ESG is of great significance for accelerating the construction of a scientific and technological powerhouse at the new development stage.Grounded in the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021,the empirical results using the individual fixed effect model show that,firstly,corporate ESG performance can strengthen corporate innovation efficiency and possess the efficiency improvement effect of corporate innovation,and the conclusion of the study still holds after a series of robustness tests and consideration of endogeneity issues.Second,corporate ESG performance improves corporate innovation efficiency through the triple mechanism of strengthening corporate R&D investment,alleviating corporate financing constraints,and reducing corporate agency costs,and it improves corporate innovation efficiency through R&D incentives and cost-saving effects.Third,there is heterogeneity in the improvement effect of corporate ESG on corporate innovation efficiency,which is more obvious in the sample enterprises with higher degree of marketization,private enterprises and overseas executives.The findings provide empirical references for the optimization of innovation resource allocation based on ESG strategic change in the new development stage.