企业ESG具有创新可持续性的激励效应吗? —基于上市公司的微观证据

Can ESG Motivate Companies to Innovate for Sustainability? Based on the Micro Evidence from Listed Companies in China

摘要:

环境、社会和治理(ESG)是微观企业层面实现高质量发展的重要突破口,也是加快响应可持续发展议程的微观资源配置方式。以中国沪深A 股上市公司为研究样本,实证考察了企业ESG 表现与企业可持续创新之间的内在关系及其作用机制。研究结果表明:第一,企业ESG 表现有助于改善企业可持续创新,在一系列稳健性检验后研究结论依然成立。第二,作用机制检验结果表明,企业ESG 表现通过激励企业研发投入、降低企业代理成本及缓解企业融资约束,进而促进企业可持续创新。第三,调节机制检验结果表明,政府补贴作为一种资源赋能机制,能够强化企业ESG 与可持续创新之间的正向促进作用。第四,ESG 分维度检验结果表明,环境责任与社会责任对促进企业可持续创新的效果更为明显,且不同企业高管海外经历下企业ESG 表现对企业可持续创新的激励效应存在异质性。研究为加快构筑企业ESG 信息披露体系,持续提升企业创新可持续性提供管理启示和政策参考。

Abstract:

ESG (environment , social and governance) is an important breakthrough to achieve high-quality development at the micro enterprise level , and is also a micro-resource allocation method to accelerate response to the sustainable development agenda. Based on Shanghai and Shenzhen A-share listed companies as research samples , the relationship and interaction mechanisms between corporate ESG and sustainable innovation were analyzed. The results show as follows Firstly , firm ESG performance contributes to the improvement of firm sustainable innovation , and the conclusion is still valid after a series of robustness tests. Secondly , the results of the mechanism test show that ESG performance can promote sustainable innovation by stimulating R&D investment , alleviating agency costs , and alleviating financing constraints. Thirdly , the regulatory mechanism test results show that government subsidies , as a resource enabling mechanism , can improve the positive effect of firm ESG and firm sustainable innovation. Fourthly , the results of ESG fractal dimension test show that environmental responsibility and social responsibility have a more obvious effect on promoting corporate sustainable innovation , and the incentive effect of ESG on corporate sustainable innovation has a heterogeneity effect in overseas experience of corporate executives. It provides management insights and policy references for accelerating the construction of corporate ESG information disclosure systems and continuously improving the sustainability of corporate innovation.