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论文编号：	13197
作者编号：	2120202867
上传时间：	2022/6/7 12:25:55
中文题目：	企业ESG表现对绿色创新的影响研究
英文题目：	Research on the Impact of ESG Performance
指导老师：	李季
中文关键字：	企业 ESG 表现；绿色创新；融资约束；社会关注度；行业竞争度
英文关键字：	Corporate ESG Performance; Green Innovation; Financing Constraints;
中文摘要：	随着生态文明建设被纳入中国特色社会主义事业“五位一体”的总布局，转变经济发展方式、发展绿色产业已成为我国经济发展中新的增长点，降低企业环境污染水平、提升社会责任履行程度、提高企业的治理能力也已成为社会各界大力倡导的方向。如何引导市场进行绿色转型、加大对绿色产业的资源投入以及如何提高企业实施可持续发展战略的自觉性，已成为生态文明建设背景下的重要和热点课题。 绿色发展战略为我国ESG投资提供了重要的发展机遇。自我国A股上市公司的ESG信息进行评级以来，我国资本市场对ESG信息的重视程度不断提高，企业信息披露的质量也在不断提升。在资本市场中，较好的ESG评级可以向投资者发出积极信号，帮助企业获得各方利益相关者的支持和认可，投资者因信息不对称问题产生的投资顾虑随之缓解，企业所面临的融资成本和融资阻力也得到了有效降低。但由于绿色创新活动本身存在风险大、周期长、费用高等特点，充足的资金是企业进行绿色创新的基础条件。 因此，本文基于利益相关者理论、声誉效应理论和熊彼特创新理论，以发布了ESG评级的企业为研究对象，利用其经营数据对企业 ESG表现与绿色创新的相关性进行了实证分析，并对这一影响机制的中介效应和调节效应进行探究，进一步了解绿色创新的影响因素所起到的激励约束作用。基于上述理论本文提出了相应的研究假设，并利用2011-2020年沪深A股上市公司的经营数据构建了多元回归模型，重点研究了企业ESG表现影响绿色创新的作用机制。本文运用Stata15.1软件进行数据分析，结果表明：企业ESG表现对绿色创新有显著的正向影响，且融资约束在两者的相关性中发挥了部分中介作用。另外，本文从社会公众和市场竞争者两个视角，选取了社会关注度和行业竞争度两个指标，探究其对企业ESG表现与绿色创新相关性的调节作用，并为营造良好的ESG披露以及应用环境、引导企业绿色转型提供了新的思路。
英文摘要：	As the construction of ecological civilization has been incorporated into the general layout of the "five-in-one" cause of socialism with Chinese characteristics, changing the mode of economic development and developing green industries have become new growth points for our country's economic development. Reducing the level of environmental pollution of enterprises, enhancing the degree of social responsibility fulfillment and improving the governance ability of enterprises have become the direction advocated by all sectors of society. How to guide the market to increase resource investment in green environmental protection cause, carry out green transformation and how to make enterprises consciously improve sustainable development capacity have become important and hot topics under the background of ecological civilization construction. Green development strategy provides important development opportunities for domestic ESG investment. Since the rating of ESG information of China's A-share listed companies, China's capital market has been attaching more importance to ESG information and the quality of information disclosure has been constantly improving. In the capital market, a good ESG rating can send a positive signal to investors, help enterprises gain support and recognition from stakeholders, alleviate investors' investment concerns caused by information asymmetry, and effectively reduce the cost and resistance faced by enterprises in the process of financing. Due to the characteristics of high risk, long cycle and high cost of green innovation activities, sufficient capital is the premise of green innovation activities. Therefore, based on stakeholder theory, reputation effect theory and Schumpeter’s innovation theory, this thesis takes the enterprises that have issued ESG rating as the research objects, uses their business data to conduct empirical analysis on the correlation between enterprise ESG performance and green innovation, and explores the mediating effect and moderating effect of this influencing mechanism, So as to further understand the incentive and constraint roles of the influencing factors of green innovation. Based on the above theories, this thesis proposes corresponding research hypotheses and constructs multiple regression models based on the operating data of A-share listed companies from 2011 to 2020, focusing on the mechanism of the impact of enterprise ESG performance on green innovation. In this thesis, Stata15.1 software is used for data analysis. The results of multiple regression analysis show that ESG performance has a significant positive impact on green innovation, and financing constraints play a partial intermediary role in the correlation between them. In addition, from the perspectives of the public and market competitors, this thesis selects two indicators, social attention and industry competition, to explore their moderating effect on the correlation between enterprise ESG performance and green innovation, and provides new ideas for creating a good ESG disclosure and application environment and guiding enterprises green transformation.
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