环境、社会和公司治理(ESG)促进企业激进式绿色技术创新的作用机制  

The Mechanism of Environmental,Social,and Governance(ESG)Promoting Radical Green Technology Innovation in Enterprises

作　　者：谢晓佳 坚瑞 Xie Xiaojia;Jian Rui(School of Management,Yang-En University,Quanzhou 362000,China;School of Economics and Management,Fujian Agriculture and Forestry University,Fuzhou 350002,China)

机构地区：[1]仰恩大学管理学院,福建泉州362000 [2]福建农林大学经济与管理学院,福建福州350002

出　　处：《科技管理研究》2024年第20期197-210,共14页Science and Technology Management Research

基　　金：福建省社会科学基金研究阐释党的二十大精神重大项目“推动绿色发展,促进人与自然和谐共生研究”(FJ2023Z007)。

摘　　要：正式环境规制与非正式环境规制交织共存的制度背景下,环境、社会和公司治理(ESG)理念正逐步被提升至影响企业可持续发展的战略高度,但其究竟如何影响企业激进式绿色技术创新是一个亟待深入探讨的重要议题。从非正式环境规制视角出发,借助2011—2020年重污染行业上市公司面板数据,探究了ESG评级对企业激进式绿色技术创新的影响及内在作用机制。研究发现:更高的ESG评级能够有效促进企业激进式绿色技术创新。进一步细化子维度发现,环境保护表现、社会责任表现、公司治理表现均能显著促进重污染行业企业激进式绿色技术创新,且环境保护表现的绿色技术创新效应更强。机制识别发现,ESG评级可以通过提高企业的风险承担水平来促进激进绿色技术创新,且高管环保意识强化了ESG评级与企业激进式绿色技术创新之间的促进关系。拓展检验发现,异质情境下ESG评级对企业激进式绿色技术创新的影响存在异质性,即ESG评级对企业激进式绿色技术创新的激励作用在环境规制强度较低、在市场关注较高中表现得更强。据此,建议政府和企业协同发力,以“双碳”目标为指引,加强ESG评价体系的制度设计,全力推动重点区域ESG信息披露,注重培养高管环保意识,进一步因“境”制宜,形成ESG信息披露的多元化策略组合。Under the institutional background of the interweaving and coexistence of formal and informal environmental regulations,the environmental,social and governance(ESG)concept is gradually being elevated to a strategic level that affects the sustainable development of enterprises.However,how it affects the radical green technology innovation of enterprises is an important issue that urgently needs to be explored in depth.Starting from the perspective of informal environmental regulation,this paper uses the panel data of listed companies in heavily polluting industries from 2011 to 2020 to explore the impact of ESG ratings on enterprise radical green technology innovation and its internal mechanism.The study finds that higher ESG ratings can effectively promote radical green technology innovation in enterprises.Further refinement of sub dimensions reveals that environmental protection performance,social responsibility performance,and corporate governance performance can significantly promote radical green technology innovation in heavily polluting industries,and the green technology innovation effect of environmental protection performance is stronger.Mechanism identification finds that ESG ratings can promote radical green technology innovation by increasing the risk-taking level of enterprises,and executives'environmental awareness strengthens the promotion relationship between ESG ratings and radical green technology innovation in enterprises.The expansion test finds that there is heterogeneity in the impact of ESG ratings on aggressive green technology innovation of enterprises in heterogeneous contexts,that is,the incentive effect of ESG ratings on aggressive green technology innovation of enterprises is stronger in low environmental regulation intensity and high market attention.Based on this,it is proposed that the government and enterprises should work together,guided by the dual carbon goal,strengthen the institutional design of ESG evaluation system,fully promote ESG information disclosure in key regions,foc

关 键 词：环境、社会和公司治理(ESG) 激进式绿色技术创新 非正式环境规制 高管环保意识 企业风险承担 

分 类 号：X322[环境科学与工程—环境工程] F832.51[经济管理—金融学] F273.1[文化科学] G301