ESG Information Disclosure,media Coverage And Enterprise Green Innovation

At present,our country’s economy has changed from high-speed growth stage to high-quality development stage.Green development is the foundation of high-quality development,but also the only way to high-quality development.In 2020,General Secretary Xi repeatedly set a goal of “Peak carbon and carbon neutrality”,which he 2021 in his first government work report,taking green and low-carbon development to a new level The report to the 20th National Congress of the Communist Party of China points out that a good ecological environment is the most universal well-being of the people,and that chinese-style modernization is a modernization in which man and nature coexist in harmony,respecting Nature,conforming to nature and protecting nature are the inherent requirements of building a modern socialist country in an all-round way.In the face of increasingly severe environmental problems,heavy-polluting enterprises to fulfill their social responsibility,set up the concept of green development,continue to promote ecological environmental protection,green innovation has become an important decision-making impact on their survival and development process.At the same time,the effective implementation of pollution control actions by enterprises can not be separated from outside supervision.In the Information Age,the supervisory governance and information transmission functions of the media are constantly strengthened,it has an important impact on information disclosure and green innovation decision-making of enterprises.Based on this background,this paper explores the impact of social responsibility and media coverage on enterprise green innovation after classification,and provides some theoretical value and practical significance for promoting heavy-polluting enterprises to carry out green innovation.Based on the Information asymmetry theory,the signaling theory,the stakeholder theory and the reputation theory,this paper takes the 2021 heavily polluting enterprises from 2012 to2021 as the research sample,this paper empirically examines the relationship between ESG information disclosure and Green Innovation,and takes the media coverage into account to further explore its regulatory role.The findings are as follows: first,environmental,social and governance information disclosure has a significant role in promoting green innovation,especially for enterprises in regions with higher degree of green invention patents and marketization;second,media coverage can play a positive role in environmental governance,further strengthen the role of ESG information disclosure to promote green innovation.In this paper,ESG Information Disclosure,media coverage and green innovation are included in the same framework,in order to better promote heavy-polluting enterprises to carry out green innovation and achieve green transformation.With the conclusion of the study,the following policy suggestions are put forward: first,the government and the supervisory department should perfect the construction of ESG Information Disclosure System,perfect the relevant legislation of ESG,and set up the reward and punishment mechanism,to help the outside world understand and monitor the environmental,social and governance practices of enterprises;secondly,the media should maintain their independence and create a good atmosphere of public opinion,third,enterprises should pay coverage to the disclosure of ESG information,and incorporate the construction of ESG into the construction of corporate culture and mechanism design,and with the help of the media’s information transmission function to establish a good corporate reputation and image,thereby strengthening the exchange and cooperation between stakeholders,it is beneficial for enterprises to form competitive advantage,carry out green innovation and realize long-term sustainable development.This paper expands the existing literature and has certain value.First,it explores the impact of ESG information disclosure on enterprise green innovation,enriches relevant research on green innovation factors to a certain extent,and provides certain reference basis for the government or regulatory agencies to formulate relevant policies.Second,put media coverage and ESG information disclosure under the same framework to explore its impact on green innovation,which provides enlightenment for the continuous play of media’s environmental governance function.