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创新驱动战略下ESG、研发投入与企业价值的联动效应

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基于中国重污染行业2011-2020年上市公司数据,采用PVAR模型研究研发投入、ESG与企业价值的联动效应.研究发现:(1)研发投入驱动企业价值、ESG单向联动,ESG与研发投入的互为引致效应主要来自公司治理的贡献,ESG与企业价值的双向互动效应主要来自社会责任的贡献.(2)研发投入的价值回报滞后与持续韧性不足并存,与环境责任相关的研发投入严重不足.(3)小企业、高成长企业ESG、研发投入向企业价值的转化和互动不足.
The Linkage Effect of ESG,R&D Investment and Enterprise Value Under Innovation-driven Strategy
Based on the data of listed companies in the heavily polluted industry from 2011 to 2020,the PVAR model was used to study the linkage effect of R&D investment,ESG,and corporate value.The study found that:(1)R&D investment drives corporate value,and ESG has a unidirectional linkage with R&D investment.The mutual causal effect between ESG and R&D investment is mainly contributed by corporate governance,while the bidirectional interaction effect between ESG and corporate value is mainly contributed by social responsibility.(2)The value return of R&D investment lags behind and the lack of sustainable resilience coexists with the insufficiency of R&D investment related to environmental responsibility.(3)Small and high-growth enterprises have inadequate conversion and interaction of ESG and R&D investment towards corporate value.

ESGR&D investmentTOBINQheavily polluting industriesPVAR

王鉴雪、黄玉屏、王宛秋、郜怡雯

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北京工业大学经济与管理学院,北京 100124

哥伦比亚大学专业研究学院,纽约10027

ESG 研发投入 TOBINQ 重污染行业 PVAR

国家自然科学基金青年科学基金

72204017

2024

科技管理研究
广东省科学学与科技管理研究会

科技管理研究

CSTPCDCHSSCD
影响因子:0.779
ISSN:1000-7695
年,卷(期):2024.44(1)
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