创新驱动战略下ESG、研发投入与企业价值的联动效应  

The Linkage Effect of ESG,R&D Investment and Enterprise Value Under Innovation-driven Strategy

作　　者：王鉴雪 黄玉屏 王宛秋[1] 郜怡雯 Wang Jianxue;Huang Yuping;Wang Wanqiu;Gao Yiwen(College of Economics and Management,Beijing University of Technology,Beijing 100124,China;School of Professional Studies,Columbia University,New York 10027,America)

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]哥伦比亚大学专业研究学院,纽约10027

出　　处：《科技管理研究》2024年第1期87-96,共10页Science and Technology Management Research

基　　金：国家自然科学基金青年科学基金项目“基加利修正案背景下我国建筑部门的协同减排效益及路径研究”(72204017)。

摘　　要：基于中国重污染行业2011—2020年上市公司数据,采用PVAR模型研究研发投入、ESG与企业价值的联动效应。研究发现:(1)研发投入驱动企业价值、ESG单向联动,ESG与研发投入的互为引致效应主要来自公司治理的贡献,ESG与企业价值的双向互动效应主要来自社会责任的贡献。(2)研发投入的价值回报滞后与持续韧性不足并存,与环境责任相关的研发投入严重不足。(3)小企业、高成长企业ESG、研发投入向企业价值的转化和互动不足。Based on the data of listed companies in the heavily polluted industry from 2011 to 2020,the PVAR model was used to study the linkage effect of R&D investment,ESG,and corporate value.The study found that:(1)R&D investment drives corporate value,and ESG has a unidirectional linkage with R&D investment.The mutual causal effect between ESG and R&D investment is mainly contributed by corporate governance,while the bidirectional interaction effect between ESG and corporate value is mainly contributed by social responsibility.(2)The value return of R&D investment lags behind and the lack of sustainable resilience coexists with the insufficiency of R&D investment related to environmental responsibility.(3)Small and high-growth enterprises have inadequate conversion and interaction of ESG and R&D investment towards corporate value.

关 键 词：ESG 研发投入 TOBINQ 重污染行业 PVAR 

分 类 号：F270[经济管理—企业管理] G301[经济管理—国民经济]