金融学院知识库

《中国可持续发展评价报告（2023）》指出：企业在实施气候目标方面起着关键作用，政府提供政策和方向，但最终还需要企业通过体制、制度和技术创新来推动能源转型、降低温室气体排放以及提高能源效率。ESG（环境、社会和公司治理）是近年来新兴的投资理念同时也是市场评估企业社会贡献的新方法，它为企业绿色创新和可持续发展提供了新维度和新标准。ESG表现对于企业来说是外部因素，其推动企业积极绿色创新的作用明显。但是，企业最终还是要以人才、技术作为绿色创新研发的主要渠道。因此，本文基于管理者能力与数字化转型视角，探讨ESG表现如何影响企业绿色创新。

本文采用文献分析和实证研究结合的方式，整合以往学者关于企业绿色创新和企业ESG表现的相关研究成果，发现目前关于ESG表现与企业绿色创新关系的研究尚有争议且影响机制渠道有待发掘，因此确定研究内容。基于相关金融理论和研究假设，收集2007-2022年间我国A股上市公司财务数据及绿色专利数据，以商道融绿指数发布的2015年为界，进行准自然实验。企业高管能力指标利用DEA-Tobit二阶段模型进行测算；数字化转型采用文本分析法统计企业年报中出现的数字化词频。利用以上数据进行实证分析：首先，利用双重差分模型探究ESG表现能否促进企业绿色创新的提高并进行稳健性检验。其次，采用三重差分模型，探讨企业高管能力、企业数字化转型程度是否会提升ESG表现对企业绿色创新影响的程度。最后，探讨研究行业因素、地区因素对二者关系的影响。

分析得出研究结论：ESG表现对企业绿色创新具有明显的促进作用，且管理者能力、企业数字化转型程度在ESG表现促进企业绿色创新的影响中起到正向调节作用；同时，ESG表现对企业绿色创新的促进作用在实质性绿色创新、重污染行业和东部地区的企业中更为显著，最后根据结论分别对企业、政府和第三方机构提出了相应的对策建议。

According to the China Sustainability Assessment Report (2023), corporations play a key role in implementing climate goals, while governments provide policies and direction, but ultimately, corporations need to drive the energy transition, reduce greenhouse gas emissions, and improve energy efficiency through institutional, systemic, and technological innovations. ESG (Environmental, Social and Corporate Governance) is an emerging investment concept in recent years and a new way for the market to assess the social contribution of corporations, which provides new dimensions and standards for green innovation and sustainable development of corporations.ESG performance is an external factor for corporations, which has an obvious role in promoting positive green innovation. However, enterprises ultimately have to use talent and technology as the main channels for green innovation research and development. Therefore, this paper explores how ESG performance affects corporate green innovation based on the perspective of managerial competence and digital transformation.

This paper adopts a combination of literature analysis and empirical research to integrate the relevant research results of previous scholars on corporate green innovation and corporate ESG performance, and finds that the current research on the relationship between ESG performance and corporate green innovation is still controversial and the channels of the influence mechanism are yet to be explored, and therefore determines the content of the study. Based on relevant financial theories and research hypotheses, financial data and green patent data of China's A-share listed companies are collected from 2007 to 2022, and a quasi-natural experiment is conducted with the year of 2015, when the Business Way Rong Green Index is released, as the boundary. The enterprise executive ability index is measured using the DEA-Tobit two-stage model; digital transformation adopts the text analysis method to count the frequency of digital words appearing in the annual reports of enterprises. Empirical analysis is conducted using the above data: first, the double difference model is used to explore whether ESG performance can promote the improvement of corporate green innovation and conduct robustness tests. Second, a triple difference model is used to explore whether corporate executive ability and the degree of corporate digital transformation enhance the extent of the impact of ESG performance on corporate green innovation. Finally, it explores the impact of research industry factors and regional factors on the relationship between the two.

The analysis leads to the research conclusion that ESG performance has an obvious promotion effect on corporate green innovation, and that managerial ability and the degree of corporate digital transformation play a positive moderating role in the impact of ESG performance on corporate green innovation; at the same time, the promotion effect of ESG performance on corporate green innovation is more pronounced in substantive green innovation, heavy pollution industries and enterprises in the eastern region, and finally, based on the conclusions, we respectively Finally, based on the conclusions, corresponding countermeasures are proposed to enterprises, governments and third-party organizations.