企业ESG表现对绿色创新影响研究——基于A股上市公司数据

Research on the Impact of Corporate ESG Performance on Green Innovation—Based on Data of A-Share Listed Companies

摘要: 近年来，环境、社会和治理(ESG)已成为企业可持续发展的重要议题之一。本研究旨在探讨企业环境、社会和治理(ESG)表现对绿色创新的影响，并进一步研究中介效应和调节效应。首先，通过实证分析，发现企业的ESG表现对绿色创新具有正向促进作用。其次，中介检验结果显示企业的ESG表现可以通过缓解融资约束和增加政府补贴两个渠道来影响绿色创新。在调节效应检验中，发现数字普惠金融在其中扮演着正向调节作用。再者，通过稳健性检验确认了研究结论的可靠性。最后，本文研究结果将为企业在实践中提高绿色创新能力提供理论和实践指导，并对政府和金融机构制定相关政策和措施具有重要参考价值。

Abstract: In recent years, environmental, social and governance (ESG) has become one of the important topics for corporate sustainable development. This study aims to explore the impact of corporate environmental, social and governance (ESG) performance on green innovation, and further study the mediating and moderating effects. Firstly, through empirical analysis, it is found that the ESG performance of enterprises has a positive effect on green innovation. Second, the results of the intermediary test show that the ESG performance of enterprises can affect green innovation by easing financing constraints and increasing government subsidies. In the test of regulatory effect, it is found that digital inclusive finance plays a positive regulating role in it. Furthermore, the robustness test confirmed the reliability of the research conclusions. Finally, the results of this paper will provide theoretical and practical guidance for enterprises to improve their green innovation capabilities in practice, and have important reference value for governments and financial institutions to formulate relevant policies and measures.