Research On The Impact Of ESG Performance On The Green Innovation Ability Of Enterprises

ESG(Environmental,Social and Governance)is an investment philosophy and corporate evaluation criteria that focuses on the overall environmental,social and governance performance of a company.ESG performance provides a more specific dimension and direction for corporate green development and innovation.Studying the impact of ESG performance on corporate green innovation performance is important to encourage green innovation in these companies.Based on the above realistic background and significance,this paper explored the extent and means of influence of ESG performance on the green innovation performance of enterprises.This paper talked about the impact of ESG performance on the green innovation performance of different companies.The study was conducted through both literature analysis and empirical research.Firstly,I carefully read and summarized the relevant studies of previous scholars on green innovation performance and corporate ESG performance through literature search and research.After that,I distilled the findings of the current mainstream research on ESG concepts and green innovation.Then,I found that the current research on the relationship between ESG and green innovation subject is still controversial.This being the case,I chose the above relationship as the subject of my research.Subsequently,based on the relevant underlying theories and analytical research hypotheses,I established a main regression model,mediating and moderating effect models and heterogeneous grouping regressions to empirically investigate the theoretical hypotheses using survey data of A-share listed companies in the past ten years.The findings shown that:(1)ESG performance has a catalytic effect on corporate green innovation performance;(2)corporate ESG performance can increase a firm’s access to resources by alleviating financing constraints,giving the firm more resources to carry out green innovation activities,thereby improving green innovation performance.(3)Analyst concern does not play a moderating role in the model.(4)Compared to the eastern and central regions,the western region suffers from a lack of industry type and talent,and the impact of ESG performance on green innovation performance is not significant.(5)Both stateowned enterprises and non-state-owned enterprises have significant positive coefficients in the regression of ESG performance on green innovation performance.(6)ESG performance significantly contributes to green innovation performance among manufacturing firms,while it is not significant among non-manufacturing firms.Based on the above findings,the following recommendations were made:(1)the government should focus on the construction of ESG rating system to provide comprehensive reference for investors and strengthen publicity and guidance to promote the deepening of ESG concept;(2)investors should consider financial and non-financial indicators comprehensively,and provide enterprises with funds to promote their ESG investment to carry out green innovation activities;(3)analysts should strengthen the tracking of enterprises’ ESG performance,alleviate the problem of information asymmetry,strengthen the supervision of enterprises and guarantee the impact effect of ESG performance;(4)western regions should change development models,improve comprehensive performance and environmental awareness,introduce innovative talents and deepen the concept of ESG and green transformation:(5)manufacturing enterprises should continue to improve their environmental responsibility,social responsibility and corporate governance in the production process,and develop through green innovation.