The Impact of ESG Rating on Enterprise Green Innovation:Based on the Empirical Research of A-Share Listed Companies
Green innovation of enterprises is the key driving force for realizing the green transformation and high-quality development of China's economy.Corporate environmental protection,social responsibility and corporate governance(ESG)rating plays an important role in improving the level of green innovation of enterprises.Taking the data of Shanghai and Shenzhen A-share listed companies in 2009-2022 as the sample,and based on the ESG rating data released by China Securities Index,the direct effect and influence mechanism of ESG rating level on the green innovation of enterprises are empirically tested.Research shows that improving ESG ratings can signifi-cantly promote corporate green innovation,which is supported by a series of robustness tests such as replacing core variables and instrumental variable method;From the three dimensions of ESG rating,each item of ESG has a promoting effect on the green innovation of enterprises;The mechanistic analysis shows that,ESG rating promotes green innovation of enterprises mainly by alleviating financing constraints,reducing agency costs and increasing R&D investment;The heterogeneity analysis based on the enterprise industry attributes,ownership nature and de-gree of pollution shows that,ESG rating promotes green innovation more obviously for high-tech enterprises,non-state-owned enterprises and clean enterprises;Further studies find that,the incentive effect of ESG rating on en-terprise green innovation is sustainable.The research has enriched the relevant theories of ESG rating and enter-prise green innovation,and has certain reference value for the path selection in promoting the high-quality devel-opment of China's economy.
ESG ratingenterprise green innovationfinancing constraintsagency costsR&D investment
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