ESG表现对企业价值的影响——基于绿色技术创新的中介效应研究  

The Impact of ESG Performance on Enterprise Value——A Mediation Effect Study Based on Green Technological Innovation

作　　者：张斯琴[1,2] 董钟 Zhang Si qin;Dong Zhong

机构地区：[1]内蒙古科技大学经济与管理学院,内蒙古包头014000 [2]黄河几字弯发展研究基地,内蒙古包头014000

出　　处：《中国资产评估》2025年第3期60-69,共10页Appraisal Journal of China

基　　金：国家社会科学基金资助项目“黄河几字弯都市圈碳排放协同治理机制与低碳路径研究”(22XJY001);内蒙古高校基本科研业务费项目“呼包鄂乌城市群协同低碳发展研究”(2023QNJS081)。

摘　　要：环境、社会与公司治理(ESG)已成为衡量企业可持续性的一项创新指标。当前学术研究的核心在于探究企业ESG表现对企业内生动力的激活及其经济效益提升的影响机制。在“双碳”背景下,为了研究企业ESG表现、绿色技术创新对企业价值的影响,本文选取了2014年至2023年间中国A股市场上市公司作为研究对象,系统地探讨了企业ESG实践、绿色创新与企业价值三者之间的因果关联。研究结果显示:环境、社会及公司治理(ESG)绩效对企业价值的提升具有显著促进效应,这一关系还通过绿色技术创新得到中介作用的强化。不难看出,良好的环境、社会与公司治理(ESG)实践不仅直接推动了企业价值的增长,而且通过强化企业的绿色创新能动性,显著提升了这一增长效应。Environmental,social and corporate governance(ESG)has become an innovative indicator to measure the sustainability of enterprises.The core of current academic research is to explore the influence mechanism of enterprise ESG performance on activating its intrinsic motivation and enhancing its economic benefits.This paper selects listed companies on the A-share market in China from 2014 to 2023 as the research object,and constructs and applies a basic regression analysis model to systematically explore the causal linkage between ESG performance,green technological innovation activities,and enterprise value,and conducts in-depth analysis based on empirical data.The research results show that ESG performance has a significant promotional effect on enterprise value,and this relationship is further strengthened through the mediation mechanism of green technological innovation.It is not difficult to see that good ESG practices not only directly drive the growth of enterprise value,but also significantly enhance the growth effect by strengthening the enterprise's green innovative initiative.

关 键 词：ESG表现 企业价值 绿色技术创新 中介效应 

分 类 号：F275[经济管理—企业管理]