企业ESG表现对创新投人的影响机制研究

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中图分类号：F275 文献标志码： A

Research on the Impact Mechanism of Corporate ESG Performance on Innovation Investment

ZHU Jiqing （School of Business &.Management，Shanghai International Studies University， Shanghai 2Ooo83，China）

Abstract： Corporate ESG construction can achieve multiple benefits，including economic，social and environmental benefits. Academics have yet to reach a unified consensus on whether corporate ESG performance promotes investment in innovation. Taking China's A-share listed companies from 2015 to 2023 as the research sample，this paper empirically analyses the impact and its mechanism of ESG performance on corporate innovation investment，and explores the moderating effect of market competition intensity. The results show that ESG performance has a significant promotion effect on corporate innovation investment，and market competition intensity negatively mediates the promotion effct of ESG performance on corporate innovation investment. Further tests of the influence mechanism indicate that corporate ESG performance promotes enterprises to strengthen their innovation investment by enhancing corporate reputation，easing financing constraints，and reducing business risks.

Key words： ESG performance； innovation investment; corporate reputation; financing constraints;business risk.

1 理论分析与研究假设

1.1企业ESG表现与创新投入

企业ESG表现是评估企业在环境保护、社会责任履行以及内部治理结构优化等方面的综合表现，是企业基于可持续发展理念的管理实践，将企业目标由企业价值最大化逐渐转移到兼顾经济价值和社会价值，为企业和投资者提供了一个整合环境、社会和公司治理的综合框架，传递了追求经济价值和社会价值相统一的发展观，有利于协调企业与政府、社区、投资者、债权人等其他利益相关者之间的利益关系，增加利益相关方对企业的资源注入，进而促进企业创新投入。（剩余8873字）