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论文编号：	15507
作者编号：	2120223646
上传时间：	2025/6/13 17:38:22
中文题目：	ESG表现对企业创新的影响研究 ——基于A股制造业上市公司的经验数据
英文题目：	Research on the Impact of ESG Performance on Enterprise Innovation: Based on the experience data of A-share manufacturing listed companies
指导老师：	王志红
中文关键字：	ESG表现；企业创新；债务融资成本；代理成本
英文关键字：	Corporate ESG Performance; Corporate Innovation; Debt Financing Cost; Agency Cost
中文摘要：	2023年，中央层面首次提出发展“新质生产力”这一概念，所谓“新质”，即创新、优质，创新既是国家经济的关键引擎，也是企业构建竞争优势的战略举措。制造业是我国实体经济的核心产业，是技术创新的主力军，但目前我国制造业基础研究投入仍然不足，许多企业更倾向于学习、模仿，自主创新动力不强。由于创新活动资金投入需求大、过往经验的复用性低、结果不可预测性高，往往受到资金、人力资本和内部管理等因素的限制。与此同时，在经济运行朝高质量目标迈进 过程中，ESG理念在国内得到发展，要求企业主体在环保行动、社会贡献、治理优化上积极作为，企业的ESG表现作为非财务性质的增量信息，愈发受到多方主体的关注，如政府、投资者、社会大众，积极履行ESG责任，能帮助企业获得更多的认可，加强与外部的信息、资源交换，从长期来看有助于实现价值提升，在长期发展的维度上，于企业而言，ESG表现与企业创新都具有战略性意义，而目前有关两者关系的研究尚浅。 本文基于资源依赖、利益相关者、信息不对称及委托代理理论，以2010至2023年期间我国A股制造业上市企业的数据为观察样本，借助理论推演、实证检验，就ESG表现对企业创新的影响展开分析研究。研究发现，企业在ESG上的良好表现能带动研发创新，提升研发创新水平，促进研发创新产出，在大型资产规模、位于东部和中部区域的制造业企业中，这种正向影响更加突出，而在国有产权和非国有产权两种情境下，这种正向影响同样明显。影响路径上，企业在ESG上的良好表现能降低债务融资成本、管理者代理成本，从双重机制上实现对创新的正向影响。在考虑了解释变量和被解释变量度量、特殊样本和机构ESG评级差异等一系列影响后，本文的主要发现仍然稳健。 本文从战略协同视角，证明了良好的ESG表现对企业创新的积极作用，分别从经济后果和影响因素上丰富了ESG表现、企业创新的研究，并从双重机制上细化了ESG表现与创新关系的研究，为企业积极开展规范的ESG实践，助力技术创新提供了理论支撑。根据本文的结论，企业应站在长期增长的战略视角，平衡好企业资源在ESG实践活动、核心业务活动之间的分配，避免严重偏颇，积极融入ESG实践，发挥ESG表现对创新的协同作用。
英文摘要：	In 2023, Chinese government first proposed the concept of "developing new-quality productivity". The term "new-quality" refers to innovation and high quality. Innovation is not only the key engine of the national economy but also a strategic approach adopted by enterprises to establish competitive edges. Manufacturing is the backbone of Chinese real economy and the key technological innovator. However, at present, the basic research investment of manufacturing enterprises in China is still insufficient. Many enterprises tend to learn and imitate rather than have the motivation and ability for independent innovation. Because conducting innovation activities requires sufficient funds, past experiences are difficult to reuse in innovation activities, and the results of innovation are unpredictable, innovation activities are often restricted by factors such as funds, human capital and internal management. At the same time, as the economy moves towards the goal of high-quality development, the ESG concept has developed in China. This concept requires enterprises to actively act in environmental protection, social contribution and governance optimization. Corporate ESG performance, as non-financial incremental information, has increasingly attracted the attention of multiple stakeholders, such as the government, investors and the general public. Actively fulfilling ESG responsibilities can help enterprises gain more recognition, strengthen information and resource exchanges with the outside world, and contribute to value enhancement in the long term. Looking to the far growth of companies, both ESG performance and innovation have strategic significance. However, current research on the relationship between the two is still limited. Drawing on resource dependence theory, stakeholder theory, information asymmetry theory, and principal-agent theory, this study uses data from A-share manufacturing companies listed in China between 2010 and 2023 as the observational samples. Through theoretical analysis and empirical testing, it analyzes and studies the influence of ESG performance on corporate innovation. Evidence shows that active ESG performance can stimulate research and development innovation, including elevating the quality of R&D efforts, and enhancing R&D output. This beneficial effect is particularly pronounced in large-scale manufacturing companies and those located in eastern and central regions. Furthermore, this positive impact almost applies equally to both state-owned and non-state-owned companies. Regarding the underlying mechanisms, good ESG performance can lower debt financing costs and managerial agency costs, thereby fostering innovation through two channels. After accounting for various factors such as the measurement of explanatory and dependent variables, the influence of special samples, and discrepancies in institutional ESG ratings, the primary conclusions of this study remain consistent and reliable. This article, from the perspective of strategic synergy, proves the positive effect of proactive ESG performance on corporate innovation, enriches the research on ESG performance, corporate innovation in terms of economic consequences and influencing factors, respectively, and elaborates on the research on the relationship between ESG performance and innovation from two mechanisms. It provides theoretical support for enterprises to actively carry out standardized ESG practices so as to contribute to technological innovation. According to the conclusion of this article, enterprises should stand at the strategic perspective of long-term growth, balance the allocation of enterprise resources between ESG practices and core business activities, avoid serious bias, actively integrate into ESG practices, and leverage the enhancement effect of ESG performance on innovation.
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