摘要
企业绿色技术创新是市场微观主体发展绿色生产力、推动高质量发展的重要路径。ESG评级减少了企业与投资人之间的信息不对称,相对于以往的环境规制和政策激励,能够以一种“自下而上”的机制促进企业绿色技术创新。本文以2012~2022年A股上市公司为样本,将企业参与ESG评级这一事件作为事件冲击,运用多期双重差分模型实证检验ESG评级对企业绿色技术创新的影响和作用机制。研究发现:ESG评级能够显著促进企业的绿色技术创新,考虑到内生性问题和经过一系列稳健性检验后结论仍然成立。机制研究表明,ESG评级主要通过缓解企业融资约束、提升企业研发投入和缓解管理者短视问题3个路径促进企业绿色技术创新。异质性研究发现,ESG评级对企业绿色技术创新的促进作用在非重污染企业和国有企业中更明显。本文研究在理论上厘清了ESG评级这一非正式环境规制与企业绿色技术创新之间的关系,在实践上为更好激励企业绿色技术创新提供了经验证据。
Corporate green technological innovation represents a crucial pathway for market micro-entities to develop green productivity and drive high-quality development.By reducing information asymmetry between companies and investors,ESG(Environmental,Social,and Governance)ratings facilitate corporate green technological innovation through a“bottom-up”mechanism,as opposed to traditional environmental regulations and policy incentives.Using A-share listed companies from 2012 to 2022 as samples,this paper empirically examines the impact and mechanism of ESG ratings on corporate green technological innovation,treating the participation of firms in ESG ratings as an exogenous shock and employing a multi-period Difference-in-Differences(DID)model.The study finds that ESG ratings significantly promotes corporate green technological innovation,and this conclusion remains robust after considering endogeneity issues and passing a series of robustness checks.The mechanism analysis reveals that ESG ratings stimulate green technological innovation through three primary channels:alleviating corporate financing constraints,increasing R&D investments,and mitigating managerial myopia.Heterogeneity analysis shows that the promotional effect of ESG ratings on green technological innovation is more pronounced among heavily polluting firms and state-owned enterprises.Theoretically,this paper clarifies the relationship between informal environmental regulation in the form of ESG ratings and corporate green technological innovation.Practically,it provides empirical evidence for the development of domestic ESG rating systems.
作者
贺城
刘航闻
He Cheng;Liu Hangwen(School of Economics,Liaoning University,Shenyang 110136,China)
出处
《工业技术经济》
CSSCI
北大核心
2024年第12期52-61,共10页
Journal of Industrial Technology and Economy
基金
国家社会科学基金重大项目“中国特色社会主义经济学学科体系建构与推动我国经济高质量发展研究”(项目编号:18ZDA036)
教育部人文社会科学研究项目“土地流转、服务外包与农业生产要素配置效率”(项目编号:23YJC790177)。
关键词
ESG评级
企业绿色技术创新
非正式环境规制
绿色生产力
多期双重差分模型
融资约束
研发投入
管理者短视
ESG ratings
corporate green technological
innovation informal environmental regulation
green productivity
multi-period DID model
financing constraints
R&D investments
managerial myopia