ESG表现对制造业企业创新水平的影响机制研究OACHSSCD

The report of the 20th National Congress of the Communist Party of China pointed out that the focus of economic development should be on the real economy,and the manufacturing industry is an important support for the high-level development of the real economy.How to drive the high-quality development of the manufacturing industry to improve the level of real economic development is the strategic focus of China's cur-rent development.At the same time,as a comprehensive indicator to examine the environmental,social and governance performance of enterprises,ESG has an important impact on the innovation and green development of enterprises.In view of this,this study takes the manufacturing enterprises in China's Shanghai and Shenz-hen A-share listed companies from 2009 to 2021 as a research sample,and empirically examines the impact and mechanism of ESG performance on the innovation level of manufacturing enterprises from a micro perspec-tive by establishing a panel two-way fixed effect model.Research shows that good ESG performance can effec-tively improve the innovation level of manufacturing enterprises,and media attention and government subsidies play a partly mediating role.Moreover,this promotion effect is more pronounced in state-owned enterprises and large enterprises;The ESG performance of enterprises in the eastern region has a stronger effect on the improvement of the substantive innovation level of enterprises,while the ESG performance of enterprises in the central and western regions has a stronger effect on the promotion of strategic innovation.In order to promote enterprise innovation and help the real economy achieve high-quality development,enterprises should be en-couraged to actively assume social responsibility,improve the ESG information disclosure system and perform-ance evaluation system,and guide investors to establish ESG investment concepts.