金融学院知识库

随着“3060”双碳战略目标的不断推进，国家高度重视经济和社会的高质量发

展。实现高质量发展离不开产业创新，而产业创新的关键是企业创新。2024 年

政府工作报告指出，我国的科技创新能力尚存在不足，需着力提升企业的创新能

力。在此背景下，引导企业提升创新水平，同时自觉履行社会责任，成为高质量

发展的重中之重。ESG（Environment、Social、Governance）理念因对环境、社

会、公司治理的关注而在社会各领域受到关注，它可以为企业提供高标准和可持

续的计量模型体系。激励企业在环境、社会责任、公司治理方面展现积极姿态，

为推动经济发展开辟了新的道路。因此，急需我们深入探索 ESG 表现对企业创

新的内在影响机制，为实现企业与社会环境的共生融合发展提供建议。

本文通过梳理国内外 ESG 表现与企业创新的相关文献，并结合有关基础理

论，对企业 ESG 表现如何影响企业创新这一问题进行了讨论。本文以 2011—2022

年沪深 A 股上市公司为样本。首先，建立回归模型检验 ESG 表现对企业创新的

影响，同时进一步检验了 ESG 表现 3 个分维度对企业创新的影响。其次，利用

中介效应模型检验内部控制在 ESG 表现对企业创新影响中的中介效用。最后把

样本公司按照产权性质不同、行业特征不同和政府补贴不同各划分成两组，以此

来研究 ESG 表现对企业创新是否有显著影响。通过研究表明：（1）ESG 表现能

够有效促进企业创新。（2）企业内部控制在 ESG 表现对企业创新的影响中发挥

着中介作用。（3）异质性分析显示，非国有企业在 ESG 方面的表现对企业创新

的促进作用更显著；非污染企业的 ESG 表现对企业创新的促进作用更大；有政

府补贴的 ESG 表现对企业创新的促进作用更显著。（4）ESG 表现的 3 个维度均

能促进企业创新，其中，环境维度的促进作用尤为显著。

基于以上研究结论，本文从政府和企业两个方面提出了完善企业 ESG 信息

披露制度和建立 ESG 评价体系、推进相关政策有效落实，提升政府补贴力度、

提升 ESG 表现、提高企业内部控制质量的建议。

 With the continuous promotion of the "3060" dual-carbon strategy,the state attaches great importance to the high-quality development of theeconomy and society. To realize high-quality development, industrial innovation is indispensable, and the key to industrial innovation is enterprise innovation. 2024 government report pointed out that China's scientific and technological innovation capacity is still insufficient, and we need to focus on improving the innovation capacity of enterprises. In this context, guiding enterprises to improve their level of innovation and at the same time consciously fulfill their social responsibility has become a top priority for high-quality development.The ESG (Environment,Social, Governance) concept, which has attracted attention in all areas of society because of its concern for the environment, society, and corporate governance, can provide enterprises with a high-standard and sustainable measurement modeling system. It incentivizes enterprises to show a positive stance on ESG and opens a new way to promote economic development. Therefore, there is an urgent need for us to explore in-depth the intrinsic influence mechanism of ESG performance on corporate innovation, and provide suggestions for realizing the symbiotic and integrated development of enterprises and the social environment.

This paper discusses the issue of how corporate ESG performance affects corporate innovation by combing the relevant literature on ESG and corporate innovation at home and abroad, and combining the relevant basic theories. This paper takes A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as samples. Firstly, a regression model is established to test the impact of ESG performance on corporate innovation, and the impact of the three sub-dimensions of ESG performance on corporate innovation is further examined. Secondly, the mediation effect model is used to test the mediation effect of internal control in the impact of ESG performance on corporate innovation. Finally, the sample companies are divided into two groups according to different property rights, different industry characteristics and different government subsidies, so as to investigate whether ESG performance has a significant impact on corporate innovation. The study shows that (1)ESG performance can effectively promote corporate innovation. (2)Corporate internal control plays a mediating role in the impact of ESG performance on corporate innovation. (3) Heterogeneity analysis shows that the performance of non-state-owned enterprises in terms of ESG has a more significant effect on the promotion of corporate innovation; the ESG performance of non-polluting enterprises has a greater effect on the promotion of corporate innovation; and the ESG performance with government subsidies has a more obvious and significant effect on the promotion of corporate innovation. (4) All three dimensions of ESG performance promote corporate innovation, with the environmental dimension being particularly significant.

Based on the above findings, this paper puts forward the suggestions of improving the corporate ESG disclosure system and establishing an ESG evaluation system from both government and enterprise aspects,promoting the effective implementation of relevant policies, enhancing government subsidies, improving ESG performance and improvement of

the internal control system of enterprises.