中国人口·资源与环境2025，Vol.35Issue(2)：113-126,14.DOI:10.12062/cpre.20241127
ESG评级对企业绿色创新的影响
Impact of ESG ratings on corporate green innovation
摘要
Abstract
A favorable ecological environment represents the most inclusive well-being for the people,and the realization of economic sustainable development and corporate green innovation has become a topic of extensive discussion in society.ESG ratings,as compre-hensive indicators assessing companies across three dimensions:environmental protection,social responsibility,and corporate gover-nance,have prompted enterprises to pay greater attention to their performance in sustainable development.Using sample data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2023 and taking the ESG rating data for listed companies first released by SynTao Green Finance in 2015 as an external shock,this study employed a difference-in-differences(DID)with multiple time peri-ods approach to examine the mechanisms through which ESG ratings impacted corporate green innovation activities.Through rigorous data analysis and empirical testing,the study found that ESG ratings significantly promoted corporate green innovation,facilitating such innovation through three pathways:reducing the cost of equity financing,mitigating information asymmetry,and attracting green inves-tors for eco-friendly investments.Extended analysis revealed that public environmental concern positively moderated the relationship between ESG ratings and corporate green innovation.When classifying enterprises by ownership,the study found that the promotional effect of ESG on corporate green innovation was more pronounced in state-owned enterprises(SOEs).Further classification of SOEs based on ownership relationships showed that ESG ratings had a greater promotional effect on green innovation in central SOEs com-pared to local SOEs.Heterogeneity analysis of enterprises based on their level of digitalization revealed that the promotional effect of ESG ratings on corporate green innovation was more significant in enterprises that had undergone digital transformation.This study elu-cidates the positive impact of ESG rating advantages on stimulating corporate green innovation and emphasizes their important policy orientation value in driving corporate social responsibility,optimizing credit mechanisms of financial institutions,promoting high-quali-ty economic development in China,and facilitating the achievement of the"dual carbon"goals.关键词
ESG评级/绿色创新/DID/准自然实验Key words
ESG rating/green innovation/DID/quasi-natural experiment分类
经济学引用本文复制引用
孙华平,张静宇,孟凡鑫..ESG评级对企业绿色创新的影响[J].中国人口·资源与环境,2025,35(2):113-126,14.基金项目
国家自然科学基金重点项目"重点行业碳中和技术创新与碳减排激励机制"(批准号:72243005) （批准号:72243005）
国家社会科学基金重点项目"绿色转型视角下中国深度融入全球低碳经济治理机制研究"(批准号:21AZD067) （批准号:21AZD067）
国家自然科学基金项目"Green Innovation,Energy Efficiency and Rebond Effect"(批准号:72350410488). （批准号:72350410488）
