双碳目标背景下企业ESG评级与绿色创新——来自中国制造业企业的经验证据  

Enterprise ESG Rating and Green Innovation under the Background of Dual Carbon Goals——Empirical Evidence from Chinese Manufacturing Enterprises

作　　者：黄晓红[1] 姚旭 刘富成[1] HUANG Xiao-hong;YAO Xu;LIU Fu-cheng(School of Management,Changchun University,Changchun 130012,China)

机构地区：[1]长春大学管理学院,吉林长春130012

出　　处：《长春金融高等专科学校学报》2023年第6期55-65,共11页Journal of Changchun Finance College

基　　金：中国高校产学研创新基金—北创助教项目(二期)(2021D02002);吉林省高等教育教学改革研究课题(20224BR8A7O00GE)。

摘　　要：实际研究过程中选取2010—2021年中国A股制造业上市公司相关数据,对ESG评级给企业绿色创新产出带来的影响展开实证考察。研究发现:第一,企业的ESG评级越高,其带来的绿色创新产出会更高,通过各种稳健性检验可知此结论依旧成立。其次,结合相应的影响机制可知,企业ESG评级越高,越有助于缓解自身的融资约束水平,从而促进企业绿色创新。第三,异质性分析发现,ESG信息披露对于高环境风险行业和非国有企业的绿色创新驱动作用更强。进一步研究发现,随着ESG评级水平的提高,企业今后财务业绩提升受绿色创新产出带来的积极影响更为显著。In the actual research process,relevant data of Chinese A-share manufacturing listed companies from 2010 to 2021 were selected to empirically examine the impact of ESG ratings on green innovation output of enterprises.Research has found that:firstly,the higher the ESG rating of a company,the higher its green innovation output it brings.Through various robustness tests,this conclusion is still valid.Secondly,based on the corresponding impact mechanisms,it can be seen that the higher the ESG rating of a company,the more conducive it is to alleviating its own financing constraints and promoting green innovation.Thirdly,heterogeneity analysis found that ESG information disclosure has a stronger driving effect on green innovation in high-risk industries and non-state-owned enterprises.Further research has found that with the improvement of ESG rating level,the positive impact of green innovation output on the future financial performance of enterprises is more significant.

关 键 词：ESG 绿色创新 融资约束 财务绩效 

分 类 号：F272.3[经济管理—企业管理]