摘要
以2016—2020年我国A股制造业上市公司为研究样本,实证探究ESG表现对制造业上市公司创新能力的影响以及作用路径。研究结果表明:ESG表现对制造业上市公司创新能力具有显著正向影响,且企业社会资本在ESG表现与制造业上市公司创新能力间起着中介作用。通过使用替换指标度量方法和回归模型等稳健性检验方法后结论依然成立。异质性分析发现,国有上市公司、非污染上市公司以及东部地区上市公司的ESG表现对创新能力的正向影响更加显著。丰富了ESG表现的经济后果和上市公司创新能力影响因素研究,为制造业上市公司重视ESG理念提供理论支持,为ESG表现可助力制造业上市公司提升创新能力提供实证证据,也为不同类型的制造业上市公司提高创新能力提供管理启示。
Taking Chinese A-share manufacturing listed companies from 2016 to 2020 as research samples,this paper empirically explores the impact of ESG performance on the innovation ability of listed manufacturing companies and its action path.The results show that ESG performance has a significant positive impact on the innovation ability of manufacturing listed companies,and corporate social capital plays an intermediary role between ESG performance and the innovation ability of manufacturing listed companies.The conclusion is still valid after using the robustness test methods such as replacement index measurement method and regression model.Heterogeneity analysis shows that the ESG performance of state-owned listed companies,non-polluting listed companies and listed companies in eastern China has a more significant positive impact on innovation ability.This paper enriched relevant studies on ESG performance and related studies on factors affecting the innovation capability of listed companies,provided empirical support for listed manufacturing companies to attach importance to the concept of ESG,provided empirical evidence that ESG performance can help listed manufacturing companies improve their innovation capability,and also provided management enlightenment for different types of listed manufacturing companies to improve their innovation capability.
作者
张长江
张倩
张玥
张思涵
ZHANG Changjiang;ZHANG Qian;ZHANG Yue;ZHANG Sihan(School of Economics and Management,Nanjing Tech University,Nanjing 211816,China)
出处
《技术与创新管理》
2023年第2期111-122,共12页
Technology and Innovation Management
基金
国家社会科学基金重点项目“基于战略协同与激励相容的高校科技创新绩效提升研究”(19AGL009)。
关键词
ESG表现
制造业上市公司
创新能力
企业社会资本
中介效应
ESG performance
listed manufacturing companies
innovation ability
corporate social capital
mediation effect
