摘要
在全球可持续发展与“双碳”目标的背景下,环境、社会与治理(ESG)表现已成为企业绿色技术创新的重要驱动力。基于ESG框架,探讨了企业ESG表现对绿色技术创新的影响机制,并重点分析了融资困境在其中的中介作用。通过对2012—2022年中国A股上市公司数据的实证分析,研究发现:(1)ESG表现对绿色技术创新具有显著的正向影响,其中社会表现(S)的边际效应最为突出,其次是治理表现(G)和环境表现(E);(2)融资困境在ESG表现与绿色技术创新间发挥部分中介作用,环境表现通过降低融资成本与获取绿色金融支持缓解资金约束,社会表现通过增强利益相关者关系网络拓宽融资渠道,治理表现通过提高信息透明度与优化资源配置效率降低融资摩擦;(3)ESG表现对绿色技术创新的促进作用存在显著异质性,国有企业、非高新技术企业与西部城市的ESG创新驱动效应更强。
In the context of global sustainable development and“dual-carbon”goals,environmental,social and governance(ESG)performance has become an important driving force of green technology innovation in enterprises.Based on the ESG framework,this paper discusses the influence mechanism of enterprise ESG performance on green technology innovation,and focuses on the intermediary role of financing dilemma.Through the empirical analysis of the data of China’s A-share listed companies from 2012 to 2022,The study found that:(1)ESG performance has a significant positive impact on green technology innovation,Among them,the marginal effect of social performance(S)is the most prominent,Secondly,governance performance(G)and environmental performance(E);(2)Financing difficulties play a partial intermediary role between ESG performance and green technology innovation,Environmental performance alleviates financial constraints by reducing financing costs and gaining access to green financial support,Social performance expands financing channels by enhancing the stakeholder relationship network,Governance performance reduces financing friction by improving information transparency and optimizing the efficiency of resource allocation;(3)There is a significant heterogeneity in the promotion effect of ESG performance on green technology innovation,The ESG innovation-driven effect of state-owned enterprises,non-high-tech enterprises and enterprises in western China is stronger.
作者
杨涓涓
刘琳
YANG Juan-juan;LIU Lin(School of Marxism,Nanjing University of Aeronautics and Astronautics,Nanjing 210016,China)
出处
《经济问题》
北大核心
2025年第9期63-70,共8页
On Economic Problems
基金
国家社会科学基金一般项目“中国式现代化消解资本现代性弊病的理论与实践研究”(24BKS062)。
关键词
ESG表现
绿色技术创新
融资困境
ESG performance
green technology innovation
financing difficulties
