Research On The Impact Of ESG Performance On Corporate Green Technology Innovation

With the development of the economy,problems such as resource consumption and environmental pollution have become increasingly prominent,restricting the sustainable development of China’s economy.At present,China is in the critical period of transforming the development mode,optimizing the economic structure,and transforming the growth momentum.To carry out green technology innovation activities and build a market-oriented green technology innovation system is the fundamental driving force for the coordinated development of the "economy-societyecological" system.As the main body of economic development,enterprises are the main force in implementing green technology innovation activities.However,Chinese enterprises still have problems such as weak awareness of green development and insufficient internal driving force for innovation,which hinders the smooth development of green technology innovation activities to a certain extent.ESG is an investment concept and corporate evaluation standard that focuses on the environmental,social and governance performance of enterprises,and is embedded in the sustainable development strategy of enterprises,which has an important impact on guiding enterprises to establish the concept of green development and stimulating them to carry out green innovation activities.However,since ESG started late in our country,it remains to be further explored whether it can truly promote enterprise’ green technological innovation and achieve both economic and environmental benefits.Based on the above background,this paper takes ESG performance as the entry point for research,selects A-share listed enterprises from 2010 to 2021 as the research object,applies the two-way fixed effect model to investigate the effect of ESG performance on corporate green technology innovation and specific mechanism of action,and conducts heterogeneity analysis.It was found that:(1)overall,good ESG performance has a significant promotion effect on corporate green technology innovation,and the results have passed a series of robustness tests;(2)The transmission mechanism found that financing constraints are the main channel through which ESG performance promotes enterprise’s green technological innovation;(3)The analysis of moderating effect shows that media attention positively regulates the positive correlation between ESG and corporate green technology innovation;(4)The heterogeneity test shows that the role of ESG performance in promoting enterprises’ green technology innovation is more significant in substantive green technology innovation,state-owned enterprises and enterprises with high market competition.According to the conclusion of this paper,the following recommendations are targeted: First,actively practice ESG development concept and increase innovation R&D investment;Second,optimize the reasonable allocation of resource elements and promote enterprise innovation to "increase quantity and quality";Third,broaden enterprise financing channels and reduce enterprise risk taking;Fourth,strengthen external supervision and build a multi-faceted common governance;Fifth,improve ESG information disclosure mechanism to create a good institutional environment.