ESG表现和技术创新对中原城市群企业财务绩效的影响研究

Study on the Impact of ESG Performance and Technological Innovation on the Financial Performance of Enterprises in the Central Plains Urban Agglomeration

摘要: 在区域经济高质量发展政策推进与中原城市群产业升级的双重背景下，探究企业ESG实践对财务绩效的影响及作用机制，对引导区域企业可持续发展具有重要意义。本文选取2015~2023年中原城市群A股上市公司面板数据，采用基准回归模型和中介模型系统考察ESG表现、技术创新与企业财务绩效的关系。研究发现：企业ESG表现改善能显著正向提升财务绩效，且通过替换解释变量和被解释变量的稳健性检验后，该结论依然成立。机制检验证实，用公司专利表示的技术创新在ESG表现与财务绩效间发挥部分中介作用。且发明专利的中介效应弱于非发明专利。异质性分析表明，ESG表现对财务绩效的正向影响在非国有企业、小型企业和重污染企业中更为突出。据此提出“完善区域ESG专项政策、强化中小企业ESG创新支持”等针对性政策建议，为中原城市群企业高质量发展提供参考。

Abstract: Against the dual backdrop of the advancement of regional high-quality economic development policies and the industrial upgrading of the Central Plains Urban Agglomeration, exploring the impact of enterprises’ ESG practices on financial performance and their operational mechanisms holds significant importance for guiding the sustainable development of regional enterprises. This study selects panel data of A-share listed companies in the Central Plains Urban Agglomeration from 2015 to 2023, and systematically examines the relationships among ESG performance, technological innovation, and corporate financial performance using benchmark regression models and mediating models. The findings reveal that the improvement of enterprises’ ESG performance can significantly and positively enhance financial performance, and this conclusion remains valid after robustness tests involving the replacement of explanatory variables and explained variables. Mechanism tests confirm that technological innovation, measured by corporate patents, plays a partial mediating role between ESG performance and financial performance, with the mediating effect of invention patents being weaker than that of non-invention patents. Heterogeneity analysis indicates that the positive impact of ESG performance on financial performance is more prominent in non-state-owned enterprises, small-sized enterprises, and heavily polluting enterprises. Based on these findings, targeted policy recommendations are proposed, such as “improving regional ESG-specific policies and strengthening ESG innovation support for small and medium-sized enterprises,” to provide references for the high-quality development of enterprises in the Central Plains Urban Agglomeration.