ESG表现、高管外部薪酬差距与制造企业创新行为研究  

ESG Performance,the Executive External Pay Gap and Innovative Behavior in Manufacturing Enterprises

作　　者：武亚薇 何学松 魏建智 WU Yawei;HE Xuesong;WEI Jianzhi(School of Economics and Management,Taiyuan University Of Technology,Jinzhong 030600,China)

机构地区：[1]太原理工大学经济与管理学院,山西晋中030600

出　　处：《技术与创新管理》2025年第2期166-175,共10页Technology and Innovation Management

基　　金：教育部人文社科基金规划项目(23YJA630054);山西省哲学社会规划课题(2024YB026)。

摘　　要：制造业是实体经济的核心产业,大力开展科技创新是制造业发展新质生产力的根本路径。选取2013—2022年沪深A股上市制造企业为样本,构建多元固定效应模型来研究ESG表现、高管外部薪酬差距对制造企业创新行为的影响效应。研究发现ESG表现显著促进了制造企业的创新投入行为、合作行为和行为绩效;高管外部薪酬差距正向影响制造企业的创新行为,并在ESG表现影响制造企业创新行为路径中存在中介作用。异质性分析表明,在国有制造企业和重污染制造企业中,ESG表现对创新行为的提升作用更明显。此外,ESG表现不确定性会降低信息有效性进而减弱ESG表现对制造企业创新行为的影响效应。结果表明,为优化制造企业创新行为,提出了强化ESG认知、加强ESG投入、完善ESG信息披露、优化高管薪酬结构等政策建议。Manufacturing is the core industry of the real economy.Vigorously carrying out scientific and technological innovation is the fundamental path for the development of new quality productivity in the manufacturing industry.This paper takes manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2013 to 2022 as samples,and constructs a multivariate fixed-effects model to investigate the effects of ESG performance and executive external compensation gap on the innovation behavior of manufacturing firms.The results shows that:ESG performance significantly promotes innovation investment behavior,cooperation behavior and behavioral performance of manufacturing firms.The executive external pay gap positively affects the innovation behavior of manufacturing enterprises and mediates the path of ESG performance affecting the innovation behavior of manufacturing enterprises.Heterogeneity analysis shows that the enhancement effect of ESG performance on innovation behavior is more obvious in state-owned manufacturing enterprises and heavily polluted manufacturing enterprises.Moreover,ESG performance uncertainty reduces the information validity and thus attenuates the effect of ESG performance on innovation behavior of manufacturing enterprises.The results show that in order to optimize the innovation behavior of manufacturing enterprises,policy recommendations such as strengthening ESG cognition,enhancing ESG inputs,improving ESG disclosure,and optimizing executive compensation structure are proposed.

关 键 词：ESG表现 创新投入行为 创新合作行为 创新行为绩效 高管外部薪酬差距 制造企业 

分 类 号：F272.92[经济管理—企业管理] F273.1[经济管理—国民经济]