ESG Performance,Financing Efficiency and R&D Investment——Empirical Evidence from Strategic Emerging Enterprises
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.
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