ESG评级公布对中国企业研发国际化的影响研究  

Research on the Impact of the Release of ESG Ratings on Chinese Enterprise R&D Internationalization

作　　者：肖德云[1] 谭易洋 Xiao Deyun;Tan Yiyang(School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,武汉430070

出　　处：《工业技术经济》2023年第10期151-160,共10页Journal of Industrial Technological Economics

基　　金：国家社会科学基金年度项目“基于生态化网络结构的平台治理及协同创新机制研究”(项目编号:18BGL028)。

摘　　要：可持续发展要求日益束紧所导致的国际经营环境变化给企业的研发国际化带来了新的挑战,而ESG理念的出现可能成为解决该问题的钥匙。为此,本文以2012~2021年沪深A股上市跨国企业为样本,基于商道融绿公布企业ESG评级事件的准自然实验,利用多期双重差分模型,研究了ESG评级公布对企业研发国际化的影响。研究结论显示:ESG评级公布能够显著促进企业的研发国际化。机制分析表明:ESG评级公布能够缓解企业融资约束、提升企业创新意愿,进而促进企业的研发国际化。异质性检验发现:ESG评级公布对管理者短视企业的研发国际化没有显著的促进作用,对非国有企业研发国际化以及在发达国家进行研发投资的促进作用更强。根据研究结论,从政府层面及企业层面提出了相应的建议。The changes in the international business environment caused by the increasingly tight requirements for sustainable development have brought new challenges to enterprise R&D internationalization.However,the emergence of the ESG concept may become the key for enterprises to solve this problem.Taking Shanghai and Shenzhen listed companies from 2012 to 2021 as samples,based on the quasi natural experiment of SynTao Green Finance’s 2015 announcement of ESG rating events for listed companies,a multi-period DID model was used to study the impact of ESG rating announcement on the enterprise R&D internationalization.The research conclusion shows that the publication of ESG ratings can significantly promote the enterprise R&D internationalization.Mechanism analysis shows that ESG rating disclosure can alleviate enterprise financing constraints,enhance enterprise innovation intention,and thereby promote the enterprise R&D internationalization.Heterogeneity testing finds that the publication of ESG ratings has no significant promoting effect on the R&D internationalization in managers’myopia enterprises,has a stronger promoting effect on non-state-owned enterprises the R&D internationalization and their R&D investment in developed countries.Based on the research findings,corresponding suggestions are proposed from both the government and enterprise levels.

关 键 词：研发国际化 ESG评级公布 融资约束 创新意愿 双重差分 管理者短视 

分 类 号：F273[经济管理—企业管理] F125[经济管理—国民经济]