西部论坛2023，Vol.33Issue(6)：81-95,15.DOI:10.3969/j.issn.1674-8131.2023.06.006
企业ESG表现改善的技术创新促进效应研究
Research on the Promotion Effect on Technological Innovation of Enterprises Improving ESG Performance
摘要
Abstract
China is entering a critical period of deepening the ESG concept in an all-round way,emphasizing that enterprises should develop in a balanced way in various aspects,including environment,society,and governance.At present,although there are many theoretical studies on the impact of ESG on enterprises,there are few specific mechanisms involving enterprise innovation. Based on the analysis of sample data of listed companies in China from 2011 to 2020,this paper finds that environmental social responsibility has a positive effect on enterprise innovation,which proves that enterprises can effectively alleviate the financial pressure of innovation activities and improve their innovation ability by improving the quality of information disclosure,actively fulfilling environmental social responsibilities and improving governance level.Path analysis shows that financing constraint,agency cost,and internal control have significant partial mediating effects in the mechanism of enterprise social groups promoting enterprise innovation,that is,relaxing financing constraints,reducing agency cost,and strengthening internal control are the paths for enterprise social groups to promote enterprise innovation.Heterogeneity analysis shows that compared with state-owned enterprises and non-heavily polluting enterprises,corporate social responsibility plays a more significant role in promoting enterprise innovation.Further research shows that the marginal effect of ESG performance in promoting enterprise innovation is greater for enterprises in the growth and maturity stages of the life cycle,as well as for those in less market-oriented regions. This paper has made the following contributions to promote further research in related fields:first,it empirically tests the influence of corporate social responsibility on enterprise innovation,and fully verifies the effectiveness of the conclusion through a robustness test,which provides effective support and supplements for the existing related research conclusions;secondly,it analyzes the transmission mechanism of the influence of corporate social responsibility on enterprise innovation,and makes clear the function mode of the corresponding action path through empirical test;thirdly,the heterogeneity of corporate social responsibility with different characteristics that affect enterprise innovation is further improved,and the differences in corporate social responsibility performance in enterprise innovation with different property rights,different industry characteristics,different life cycle stages,and different market environments are discussed in detail,which enriches the content of heterogeneous research in this field,helps to optimize the social responsibility disclosure system for enterprises with different characteristics,helps enterprises to effectively improve their innovation ability and efficiency while improving their social responsibility performance,and provides a basis for expanding and deepening the research on the support and promotion factors of social responsibility for high-quality sustainable development of enterprises. Therefore,in order to effectively promote the sustainable development of enterprises,the relevant government departments in China should give full play to the guiding role of financial institutions in ESG investment,improve the ESG rating mechanism with China characteristics,establish a differentiated supervision mechanism,give full play to the guiding role of financial institutions in ESG investment,and constantly improve the ESG information disclosure mechanism,so as to help improve the ESG performance of enterprises and promote green,high-quality and sustainable development.关键词
ESG表现/技术创新/融资约束/代理成本/内部控制/市场化水平Key words
ESG performance/technological innovation/financing constraints/agency costs/internal controls/level of marketization分类
管理科学引用本文复制引用
周兵,吕江江,吕佩..企业ESG表现改善的技术创新促进效应研究[J].西部论坛,2023,33(6):81-95,15.基金项目
重庆市社科联项目(2019WT42) （2019WT42）
重庆工商大学研究生创新型科研项目(CYS22617) （CYS22617）
