Corporate ESG performance,macro fiscal policy and corporate innovation
In the new development stage,sustainable development has become aprimary goal for enterprise scientific and technological innovation and transformation and development,with envi-ronmental,social and governance factors playing an increasingly important role in the high-quali-ty development of enterprises.Based on the panel data of A-share listed companies from 2009 to 2021,this paper empirically analyzes the mechanism for ESG practices on corporate innovation and development,and explores the moderating effect of macro fiscal and tax policy factors on the relationship between the two.The analytical results show that ESG practices have a positive im-pact on innovation of listed companies,and that both government subsidies and tax incentives can positively regulate the relationship between ESG practices and corporate innovation.The hetero-geneity study found that the intensity of the moderating effect of fiscal and taxation policies on the relationship between ESG practices and regional innovation levels generally shows a pattern of decreasing in the order of east,central and west;further analysis found that there is still a posi-tive correlation between ESG practices and sustained corporate innovation.Accordingly,the gov-ernment should strengthen corporate ESG concepts and construction,standardize ESG informa-tion disclosure standards,dynamically adjust macro fiscal and tax policies according to changes in enterprises,and design differentiated government subsidies and tax incentives based on different development goals between regions.
万方数据
维普
