ESG指数对企业创新的影响——来自中国股票市场的证据
The Effects of ESG Index on Corporation Innovation—Evidence from China Stock Markets
DOI: 10.12677/fin.2025.152046, PDF,   
作者: 马煊瑞：同济大学经济与管理学院，上海
关键词: ESG；创新；中国股票市场；ESG； Innovation； China Stock Markets
摘要: 本研究基于中国企业的相关数据集，我们对2012年至2021年期间ESG评分对创新结果的影响进行了实证分析。研究结果表明，高ESG绩效与企业创新之间存在正向因果关系，且这种影响在国有企业和高科技企业中更为显著。这一影响可能是通过影响融资约束和财务冗余来实现的。本研究通过异质性分析，发现这一影响在国企和高科技企业中更加显著，而在私企和非高科技企业中不显著。
Abstract: In this study, we conducted an empirical analysis of the impact of ESG scores on innovation outcomes from 2012 to 2021 based on relevant data sets from Chinese firms. The results show that there is a positive causal relationship between high ESG performance and firm innovation, and this effect is more significant in state-owned enterprises and high-tech enterprises. This effect may be achieved by affecting financing constraints and financial redundancy. Through heterogeneity analysis, this study found that this effect is more significant in state-owned enterprises and high-tech enterprises, but not significant in private enterprises and non-high-tech enterprises.
文章引用：马煊瑞. ESG指数对企业创新的影响——来自中国股票市场的证据[J]. 金融, 2025, 15(2): 437-445. https://doi.org/10.12677/fin.2025.152046

参考文献

[1] Bénabou, R. and Tirole, J. (2009) Individual and Corporate Social Responsibility. Economica, 77, 1-19. [Google Scholar] [CrossRef] 
[2] Houston, J.F. and Shan, H. (2021) Corporate ESG Profiles and Banking Relationships. The Review of Financial Studies, 35, 3373-3417. [Google Scholar] [CrossRef] 
[3] 谢红军, 吕雪. 负责任的国际投资: ESG与中国OFDI [J]. 经济研究, 2022, 57(3): 83-99.
[4] 蔡庆丰, 陈熠辉, 林焜. 信贷资源可得性与企业创新: 激励还是抑制?——基于银行网点数据和金融地理结构的微观证据[J]. 经济研究, 2020, 55(10): 124-140.
[5] 陈德球, 孙颖, 王丹. 关系网络嵌入、联合创业投资与企业创新效率[J]. 经济研究, 2021, 56(11): 67-83.
[6] 马文杰, 胡玥. 地区碳达峰压力与企业绿色技术创新——基于碳排放增速的研究[J]. 会计与经济研究, 2022, 36(4): 53-73.
[7] Donaldson, T. and Preston, L.E. (1995) The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review, 20, 65-91. [Google Scholar] [CrossRef] 
[8] Zhang, D. and Lucey, B.M. (2022) Sustainable Behaviors and Firm Performance: The Role of Financial Constraints’ Alleviation. Economic Analysis and Policy, 74, 220-233. [Google Scholar] [CrossRef] 
[9] Breuer, W., Müller, T., Rosenbach, D. and Salzmann, A. (2018) Corporate Social Responsibility, Investor Protection, and Cost of Equity: A Cross-Country Comparison. Journal of Banking & Finance, 96, 34-55. [Google Scholar] [CrossRef] 
[10] Tsang, A., Wang, K.T., Liu, S. and Yu, L. (2021) Integrating Corporate Social Responsibility Criteria into Executive Compensation and Firm Innovation: International Evidence. Journal of Corporate Finance, 70, Article 102070. [Google Scholar] [CrossRef] 

为你推荐