ESG表现、融资效率与研发投入——基于战略性新兴企业的经验证据
ESG Performance,Financing Efficiency and R&D Investment——Empirical Evidence from Strategic Emerging Enterprises
刘慧 1徐悦1
作者信息
- 1. 浙江理工大学 经济管理学院,浙江 杭州 310018
- 折叠
摘要
战略性新兴产业在现代产业体系中一直处于核心地位,对形成和发展新质生产力起着重要的推动作用.文章以2012-2022 年战略性新兴企业数据为样本,借助超效率SBM模型测算了企业融资效率值,实证检验了融资效率与企业研发投入之间以及加入ESG表现后的作用效应和内在机理.研究发现:融资效率的提升能显著增强战略性新兴企业的研发投入力度;ESG表现能强化融资效率与研发投入间的正向作用;融资效率对战略性新兴企业研发投入的影响存在ESG表现的双重门槛效应,即随着ESG表现的提升存在"边际效应"非线性递增特征;机制研究结果显示,融资效率的提升能通过减少真实盈余管理、缓解非效率投资问题推动企业进行研发投入.
Abstract
Strategic emerging industries have perennially held a pivotal position within the modern industrial system,playing a crucial role in shaping and fostering new quality productive forces.This study leverages data from strategic emerging enterprises from 2012 to 2022 and em-ploys super-efficiency SBM model to compute the value of financing efficiency.Through empir-ical analysis,it investigates the effects and underlying mechanisms between financing efficien-cy,R&D investment,and the inclusion of ESG performance.The research reveals that enhancing financing efficiency significantly bolsters the intensity of R&D investment in strategic emerging enterprises.Moreover,ESG performance serves to reinforce the positive interaction between fi-nancing efficiency and R&D investment.Notably,the influence of financing efficiency on R&D investment exhibits a double threshold effect of ESG performance,characterized by a non-linear incremental"marginal effect"as ESG performance advances.Furthermore,the outcomes of the mechanism analysis indicate that amplifying financing efficiency can stimulate enterprises to en-gage in R&D investment by curtailing real earnings management and alleviating inefficiencies in investment deployment.
关键词
ESG表现/融资效率/超效率SBM/研发投入/战略性新兴产业Key words
ESG performance/Financing efficiency/Super-efficiency SBM/R&D investment/Strategic emerging industries引用本文复制引用
基金项目
国家社会科学基金一般项目(22BJL126)
浙江省自然科学基金项目(LY24G030002)
出版年
2024
NETL
NSTL
万方数据