企业通过整合环境、社会和公司治理(Environmental Social and Governance,ESG)等因素,全面进行绿色低碳转型,满足新质生产力推动经济高质量发展的内在要求.本文基于 2013-2022 年中国A股上市公司的彭博ESG评分数据,从绿色管理创新与绿色技术创新的双重视角出发,实证研究了ESG表现与企业价值之间的关系以及具体的作用机制.研究发现,企业良好的ESG表现能够通过促进企业绿色管理创新和绿色技术创新,推动企业价值的提升.异质性分析表明,对于融资约束较低的企业、资本密集型和技术密集型的企业以及民营企业而言,ESG表现对企业价值的推动作用更显著.本文从价值创造的角度为企业践行ESG发展理念提供了实证依据,为实现绿色低碳生态与经济社会的协同发展提供了可行的实践方向.
How Does ESG Performance Affect Firm Value:A Dual Perspective Based on Green Management Innovation and Green Technology Innovation
By integrating Environmental,Social,and Governance(ESG)factors,firms can undergo a comprehensive green and low-carbon transformation,meeting the intrinsic requirements for high-quality development driven by new productive forces.This paper empirically studies the relationship between ESG performance and firm value,along with the specific mechanisms at play,using Bloomberg ESG scores data from Chinese A-share listed companies between 2013 and 2022.From the dual perspectives of green management innovation and green technology innovation,the study finds that strong ESG performance enhances firm value by promoting green management and technology innovations.Heterogeneity analysis reveals that this effect is more pronounced for capital-intensive and technology-intensive firms,firms with lower financing constraints,and private enterprises.This paper provides empirical evidence for firms to adopt ESG development principles from a value creation perspective and offers feasible practice directions for achieving coordinated development of a green,low-carbon ecosystem and the economy and society.
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