西安理工大学学报2026，Vol.42Issue(1)：47-58,12.DOI:10.19322/j.cnki.issn.1006-4710.2026.01.005
ESG 表现如何影响企业绿色创新?
How does ESG performance affect corporate Green innovation?:the mediating effects of financing constraints and analyst attention
摘要
Abstract
Amid China's transition to high-quality economic development,the ESG concept has gained widespread acceptance among enterprises and stakeholders.Analyzing the effects of ESG performance on corporate Green innovation and its underlying mechanisms is crucial for enhancing sustainable development and facilitating Green transformation.Based on the panel data from Chi-nese A-share listed companies spanning 2010 to 2022,this study constructs a fixed-effects model to empirically investigate how ESG performance influences corporate Green innovation develop-ment.The results demonstrate that firms with superior ESG performance are more proactive in Green innovation,through the multiple mediating effects of financing constraints and analyst at-tention.Furthermore,the positive impact of ESG performance on Green innovation is more pro-nounced in large enterprises,non-heavily polluting firms,and technology-intensive enterprises.Based on these findings,this study recommends the improvement of the ESG rating system,broadening financing channels for ESG-aligned behaviors to drive Green innovation by easing fi-nancing constraints,and fully leveraging the external monitoring and market governance func-tions of analysts to encourage companies to enhance their ESG performance and promote Green innovation.关键词
ESG 表现/融资约束/分析师关注/绿色创新Key words
ESG performance/financing constraints/analyst attention/Green innovation分类
管理科学引用本文复制引用
梁四安,李淑萍,段军山,李善民..ESG 表现如何影响企业绿色创新?[J].西安理工大学学报,2026,42(1):47-58,12.基金项目
国家社科基金后期资助项目(24FJYB025) （24FJYB025）
广东省哲学社会科学规划项目-重点委托项目(GD24ESQ10) （GD24ESQ10）
