工业技术经济2024，Vol.43Issue(12)：52-61,10.DOI:10.3969/j.issn.1004-910X.2024.12.006
ESG评级与企业绿色技术创新
ESG Ratings and Firms'Green Technological Innovation
摘要
Abstract
Corporate green technological innovation represents a crucial pathway for market micro-entities to develop green productivity and drive high-quality development.By reducing information asymmetry between companies and investors,ESG(Envi⁃ronmental,Social,and Governance)ratings facilitate corporate green technological innovation through a"bottom-up"mecha⁃nism,as opposed to traditional environmental regulations and policy incentives.Using A-share listed companies from 2012 to 2022 as samples,this paper empirically examines the impact and mechanism of ESG ratings on corporate green technological innovation,treating the participation of firms in ESG ratings as an exogenous shock and employing a multi-period Difference-in-Differences(DID)model.The study finds that ESG ratings significantly promotes corporate green technological innovation,and this conclusion remains robust after considering endogeneity issues and passing a series of robustness checks.The mechanism analysis reveals that ESG ratings stimulate green technological innovation through three primary channels:alleviating corporate financing constraints,in⁃creasing R&D investments,and mitigating managerial myopia.Heterogeneity analysis shows that the promotional effect of ESG ra⁃tings on green technological innovation is more pronounced among heavily polluting firms and state-owned enterprises.Theoretically,this paper clarifies the relationship between informal environmental regulation in the form of ESG ratings and corporate green techno⁃logical innovation.Practically,it provides empirical evidence for the development of domestic ESG rating systems.关键词
ESG评级/企业绿色技术创新/非正式环境规制/绿色生产力/多期双重差分模型/融资约束/研发投入/管理者短视Key words
ESG ratings/corporate green technological/innovation informal environmental regulation/green productivity/multi-period DID model/financing constraints/R&D investments/managerial myopia分类
管理科学引用本文复制引用
贺城,刘航闻..ESG评级与企业绿色技术创新[J].工业技术经济,2024,43(12):52-61,10.基金项目
国家社会科学基金重大项目"中国特色社会主义经济学学科体系建构与推动我国经济高质量发展研究"(项目编号:18ZDA036) （项目编号:18ZDA036）
教育部人文社会科学研究项目"土地流转、服务外包与农业生产要素配置效率"(项目编号:23YJC790177). （项目编号:23YJC790177）
