ESG表现对企业绿色创新的影响  

The Impact of ESG Performance on Corporate Green Innovation

作　　者：杨菁菁 胡锦 Yang Jingjing;Hu Jin(School of Finance,Guangdong University of Foreign Studies;Institute of Fortune Management Research)

机构地区：[1]广东外语外贸大学金融学院,510006 [2]广州华南财富管理中心研究基地

出　　处：《环境经济研究》2022年第2期66-88,共23页Journal of Environmental Economics

基　　金：广东省自然科学基金“供给侧改革、治理结构与创新效率--基于A股上市公司的实证研究”(2020A1515010413)的阶段性成果。

摘　　要：提升企业绿色创新是实现绿色经济转型的重要途径。本文利用2010-2020年我国上市公司数据,研究ESG表现对企业绿色创新的影响。研究发现,ESG表现对企业绿色创新数量和质量有正向促进作用。企业股权性质和政府补贴会对ESG表现与绿色创新的关系产生影响,民营企业的ESG表现对企业绿色创新的促进作用更强,政府补贴则会减弱ESG表现对企业绿色创新能力的促进作用。进一步研究发现,ESG表现与绿色创新的关系会受到分析师关注和新闻数量的影响。当分析师关注度越高、新闻数量越多时,ESG表现对企业绿色创新的影响作用越强。在机制分析中,研究发现ESG表现主要通过提高会计信息质量和降低员工离职率提高企业的绿色创新能力。本文拓展了ESG和绿色创新领域的研究,也为企业通过提高ESG表现促进绿色创新提供了新的思路和启示。Enhancing the green innovation of enterprises is an important way to realize the transformation of green economy. This article uses the data of listed companies in China from 2010 to 2020 to study the impact of ESG performance on corporate green innovation. The study finds that ESG performance has a positive effect on the quantity and quality of corporate green innovation. The nature of corporate equity and government subsidies have an impact on the relationship between ESG performance and green innovation. ESG performance of private enterprises has a stronger role in promoting green innovation of enterprises, and government subsidies weaken the effect of ESG performance in promoting green innovation capabilities of enterprises. The paper also finds that the relationship between ESG and green innovation is affected by analyst attention and the amount of news. The higher the attention of analysts and the greater the amount of news, the stronger the impact of ESG performance on corporate green innovation. In the mechanism analysis, we find that ESG performance improves the green innovation ability of enterprises mainly by improving the quality of accounting information and reducing the employee turnover rate. This paper expands the research in the field of ESG and green innovation, and also provides new ideas and inspirations for enterprises to promote green innovation by improving ESG performance.

关 键 词：ESG表现 绿色创新 企业股权性质 政府补贴 分析师关注 新闻数量 

分 类 号：D21[政治法律—政治学]