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绿色技术创新对企业价值的影响效应研究——基于ESG评级中介作用的视角
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Abstract:
基于2017~2021年中国A股上市制造业企业数据，实证分析绿色技术创新对企业价值的影响，以及在这一影响过程中ESG评级的中介作用，并进一步检验了企业价值水平、政策环境、产权性质对绿色技术创新与企业价值关系的影响效应。研究结果表明：绿色技术创新对企业价值和企业ESG评级具有正向促进作用，且ESG评级在其中发挥中介传导作用；同时，企业价值水平越高，绿色技术创新对企业价值的促进作用越明显；低碳城市试点政策能够增强绿色技术创新对企业价值的影响效应；对于非国有企业，绿色技术创新对企业价值的提升作用更大。
Based on the data of China’s A-share listed manufacturing enterprises from 2017 to 2021, this paper empirically analyzes the impact of green technology innovation on enterprise value, and the mediating role of ESG rating in this process, and further examines the influence of enterprise value level, policy environment and property rights on the relationship between green technology innovation and enterprise value. The results show that green technology innovation has a positive effect on corporate value and corporate ESG rating, and ESG rating plays a mediating role in it. At the same time, the higher the level of enterprise value, the more obvious the promotion effect of green technology innovation on enterprise value. The pilot policy of low-carbon cities can enhance the impact of green technology innovation on enterprise value. For non-state-owned enterprises, green technology innovation plays a greater role in enhancing the value of enterprises.
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