企业ESG评级与绿色创新——来自中国上市公司的微观证据  

Corporate ESG Ratings and Green Innovation:Micro-evidence from Chinese Listed Firms

作　　者：巴曙松 贠欣屹 赵文耀 Ba Shusong;Yun Xinyi;Zhao Wenyao

机构地区：[1]北大汇丰金融研究院 [2]东北财经大学金融学院 [3]中国东方资产管理股份有限公司

出　　处：《金融经济学研究》2025年第1期13-25,共13页Financial Economics Research

基　　金：中国博士后科学基金项目(2023M733319)。

摘　　要：ESG体系为构建绿色金融生态、促进企业绿色创新提供了系统性且可量化的操作框架。基于2009—2022年A股上市企业探究企业ESG评级与绿色创新两者间的影响关系及其机理,结果发现,企业的ESG评级对绿色创新具有显著的促进作用,且各子维度均会显著提升绿色创新能力。在市场竞争程度更为激烈的行业和在非正式型环境更良好的地区,企业ESG评级对绿色创新的提升愈发强烈。良好的ESG评级可以减少融资约束,增强信息透明度,从而提升企业绿色创新能力。进一步研究表明,企业ESG评级不仅能提高自身绿色创新,还有助于提升绿色创新效率。基于此,建议企业制定明确的ESG目标并将其纳入战略规划,加强对管理者及董事会成员的ESG培训,将ESG理念贯穿于产品开发、生产、销售和服务的各个环节。The environmental,social,and governance(ESG)system provides a systematic and quantifiable operational framework for building a green financial ecosystem and promoting corporate green innovation.This study explored the impact of corporate ESG ratings on green innovation and the corresponding impact mechanism based on the data of Chinese A-share listed firms from 2009 to 2022.The results found that a firm’s ESG ratings had a significant promoting effect on its green innovation,and each sub-dimension of ESG ratings significantly improved the firm’s green innovation capabilities.In industries with more intense market competition and in regions with better informal environments,corporate ESG ratings had an increasingly strong impact on green innovation.Good ESG ratings could reduce financing constraints and enhance information transparency,thereby improving corporate green innovation capabilities.Further research showed that a firm’s ESG ratings can improve both its own green innovation and the efficiency of green innovation.Based on these findings,firms are recommended to formulate clear ESG goals and incorporate them into strategic planning,strengthen ESG training for managers and board members,and integrate ESG concepts into all aspects of product development,production,sales,and services.

关 键 词：ESG评级 信息透明度 非正式环境规制 绿色创新 融资约束 

分 类 号：F273.1[经济管理—企业管理]