ESG评级不确定性对企业绿色创新的影响研究  

Impact Research of ESG Ratings Uncertainty on Corporate Green Innovation

作　　者：李清[1] 陈琳[1] LI Qing;CHEN Lin(Jilin University,Changchun,China)

机构地区：[1]吉林大学商学与管理学院,长春市130012

出　　处：《管理学报》2024年第12期1820-1829,共10页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(18BGL067)。

摘　　要：以2011~2021年沪深A股上市公司为研究样本,考察ESG评级不确定性对绿色创新的影响及作用机理。研究发现:ESG评级不确定性导致企业绿色创新数量象征性提高,绿色创新质量实质性下降,进而使得绿色创新存在“泡沫”。机制检验表明,ESG评级不确定性通过增强分析师关注、投资者关注以及媒体关注的“市场压力”渠道提高绿色创新数量;同时,藉由增加融资约束程度、股权融资成本以及债务融资成本的“融资约束”渠道抑制绿色创新质量。异质性分析发现,在内部信息环境视域下会计信息可比性低、投资者关系管理水平低的企业中,或者在外部环境规制视域下地方环境规制强度低、公众环境关注度低的企业中,ESG评级不确定性对绿色创新数量的提升效应以及对绿色创新质量的抑制效应更加显著。Taking A-share listed firms in Shanghai and Shenzhen from 2011 to 2021 as samples,this research examines the impact and mechanism of ESG ratings uncertainty on green innovation.The results show that ESG ratings uncertainty leads to a symbolic increase in green innovation quantity and a substantial decline in green innovation quality,thus generating a green innovation“bubble”.The mechanism test shows that ESG ratings uncertainty increases green innovation quantity through the“market pressure”channel of improving analyst attention,investor attention,and media attention,while inhibits green innovation quality through the“financing constraints”channel of increased financing constraints,equity financing cost,and debt financing cost.Heterogeneity analysis finds that considering internal information environment,in the firms with low accounting comparability and poor investor relationship management,or in the enterprises with weak local environmental regulation and low public environmental concern from the aspect of external environmental regulation,ESG ratings uncertainty has a greater effect on improving green innovation quantity and inhibiting green innovation quality.

关 键 词：ESG评级不确定性 绿色创新 市场压力 融资约束 

分 类 号：C93[经济管理—管理学]