ESG表现与绿色创新  

ESG Performance and Green Innovation

作　　者：李媛媛[1] 殷俊明 钱驾佳 姜乔 LI Yuanyuan;YIN Junming;QIAN Jiajia;JIANG Qiao(School of Social Audit,Nanjing Audit University,Nanjing 211815,China;School of Business,Nanjing University of Information Science&Technology,Nanjing 211815,China;School of Accounting,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学社会审计学院,江苏南京211815 [2]南京信息工程大学商学院,江苏南京210044 [3]南京审计大学会计学院,江苏南京211815

出　　处：《南京财经大学学报》2023年第2期32-42,共11页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金一般项目“世界百年未有之大变局下供应链中断的财务影响及其资本市场效应研究”(21BGL008);江苏省研究生科研及实践创新项目“创新投入对供应链弹性影响的实证研究”(KYCX21_1902)。

摘　　要：企业对环境、社会和治理的责任日益受到投资者重视,其ESG表现不仅反映企业对社会和环境的影响,也影响着资本市场对企业发展战略和竞争能力的判断,进而影响企业对各类创新资源的集聚和利用能力。基于此,以2017—2019年中证ESG评级企业为研究样本,探究ESG表现对绿色创新的影响机制。研究发现:(1)ESG表现会带来更多的绿色创新驱动力,能够显著提升企业绿色创新成果;(2)机制检验发现税收优惠在其中发挥部分中介作用。此外,面临较高融资约束的企业更有动力提高ESG表现,最终促进绿色创新水平的提升,而对于融资约束较弱的企业,这种促进作用并不明显。进一步研究发现,通过提高ESG表现带来的创新产出最终会提高企业市场价值。研究结果为进一步推广ESG理论的应用价值、丰富绿色创新的作用路径以及完善相关政策支持等方面提供了一定的借鉴意义。The responsibility of enterprises to the environment,society,and governance is increasingly valued by investors.Its ESG performance not only reflects the impact of enterprises on society and the environment,but also affects the judgment of capital markets on the development strategy and competitiveness of enterprises,thereby affecting the aggregation and utilization ability of various innovative resources of enterprises.Based on this,this paper takes the 2017—2019 China Securities ESG rated companies as the research sample to explore the impact mechanism of ESG performance on green innovation.The research finds that:(1)ESG performance will bring more green innovation drivers,which can significantly improve the green innovation achievements of enterprises;(2)the mechanism test finds that tax incentives play a part of the intermediary role.In addition,companies facing higher financing constraints are more motivated to improve ESG performance,which ultimately promotes the improvement of green innovation levels,while for companies with weaker financing constraints,this promotion effect is not obvious.Further research finds that the innovation output brought about by improving ESG performance will eventually increase the market value of enterprises.The research results provide a certain reference for further promoting the application value of ESG theory,enriching the path of green innovation,and improving relevant policy support.

关 键 词：ESG表现 绿色创新 税收优惠 融资约束 市场价值 

分 类 号：F275[经济管理—企业管理]