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Finance 2025
ESG指数对企业创新的影响——来自中国股票市场的证据
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Abstract:
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。
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.
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