Предмет. Взаимосвязь между уровнем ESG-эффективности и экологическими технологическими инновациями предприятий обрабатывающей промышленности в контексте интегрированного экономического, экологического и социального развития. Цели. Эмпирический анализ влияния внедрения ESG-принципов на развитие «зеленых» технологий и достижение экологически чистого и низкоуглеродного роста в обрабатывающей промышленности. Методология. Эмпирическая база исследования сформирована на данных китайских публичных компаний обрабатывающей промышленности, котирующихся на рынке A-акций, за 2010–2022 гг. Использованы эконометрические методы анализа, а также тесты на устойчивость с применением альтернативных показателей. Результаты. Установлено наличие устойчивой положительной зависимости между ESG-показателями и уровнем развития экологических технологических инноваций. Дополнительный анализ выявил два ключевых механизма воздействия ESG: снижение информационной асимметрии и увеличение объемов государственных субсидий. Выводы. Целесообразно совершенствовать систему раскрытия ESG-информации и стимулировать повышение ESG-эффективности предприятий обрабатывающей промышленности как важного условия ускорения экологического технологического прогресса.
Ключевые слова: ESG, экологические технологические инновации, информационная асимметрия, государственные субсидии
Список литературы:
Ge G., Xiao X., Li Z., Dai Q. Does ESG performance promote high-quality development of enterprises in China? The mediating role of innovation input. Sustainability, 2022, vol. 14, iss. 7. DOI: 10.3390/su14073843
Segarra-Oña M., Peiró-Signes A., Mondéjar-Jiménez J., Sáez-Martínez F.J. Friendly environmental policies implementation within the company: An ESG ratings analysis and its applicability to companies’ environmental performance enhancement. Global NEST Journal, 2016, vol. 18, iss. 4, pp. 885–893. DOI: 10.30955/gnj.001553
Xu J., Liu F., Shang Y. R&D investment, ESG performance and green innovation performance: Evidence from China. Kybernetes, 2021, vol. 50, iss. 3, pp. 737–756. DOI: 10.1108/K-12-2019-0793
Bai X., Zhu Y., Han J. ESG performance, institutional investor preference and firm value of listed companies. Journal of Statistics and Information, 2022, vol. 37, iss. 10, pp. 117–128. DOI: cnki.net/SUN/TJLT.2022.10.010
Hai M., Fang Z., Li Z. Does business group’s conscious of social responsibility enhance its investment efficiency? Evidence from ESG disclosure of China’s listed companies. Sustainability, 2022, vol. 14, iss. 8. DOI: 10.3390/su14084817
Song Q., Zhou X., Deng X. How does ESG rating facilitate corporate environmental investment? Finance Forum, 2023, vol. 28, iss. 11, pp. 60–70. DOI: 10.16529/j.cnki.11-4613/f.2023.11.003
Li Z., Shao Y., Li Z., Li M. ESG information disclosure, media supervision and corporate financing Scientific Decision Making, 2022, vol. 7, pp. 1–26. DOI: cnki.net/SUN/KXJC.2022.07.001
Chen H., Zhang L. ESG performance, digital transformation and enterprise value enhancement. Journal of Zhongnan University of Economics and Law, 2023, vol. 3, pp. 136–149. DOI: 10.19639/j.cnki.issn1003-5230.2023.0030
Qiang Q., Wang T., Wang Y. ESG performance, green innovation, and enterprise market value. Journal of Central South University of Forestry & Technology (Social Sciences), 2024, vol. 18, iss. 1, pp. 30–44. DOI: 10.14067/j.cnki.1673-9272.2024.01.004
Sethi S.P. Dimensions of corporate social performance: an analytical framework. California Management Review, 1975, vol. 17, iss. 3, pp. 58–64. DOI: 10.2307/411621
Zhang F., Qin X., Liu L. The interaction effect between ESG and green innovation and its impact on firm value from the perspective of information disclosure. Sustainability, 2020, vol. 12, iss. 5. DOI: 10.3390/su12051866
Broadstock D.C., Chan K., Cheng L.T.W., Wang X. The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 2020, vol. 38, no. 101716. DOI: 10.1016/j.frl.2020.101716
Zhang H., Wang Y., Lin H. The impact of ESG performance on corporate financing cost under internal and external supervision. Review of Industrial Economics, 2024, vol. 1, pp. 41–56. DOI: 10.19313/j.cnki.cn10-1223/f.2024.01.002
Qi S., Lin S., Cui J. Do environmental rights trading schemes induce green innovation? Evidence from listed firms in China. Economic Research Journal, 2018, vol. 53, vol. 12, pp. 129–143. DOI: cnki.net/SUN/JJYJ.2018.12.010
Xiong G., Shi D., Li M. The effect of low-carbon pilot cities on the green technology innovation of enterprises. Science Research Management, 2020, vol. 41, iss. 12, pp. 93–102. DOI: 10.19571/j.cnki.1000-2995.2020.12.008
Wang X., Wang Y. Research on the green innovation promoted by green credit policies. Journal of Management World, 2021, vol. 37, iss. 6, pp. 173–188. DOI: 10.19744/j.cnki.11-1235/f.2021.0085
Yang Z., Chen J., Ling H. Media attention, environmental policy uncertainty and firm’s green technology: Empirical evidence from Chinese A-share listed firms. Journal of Industrial Engineering and Engineering Management, 2023, vol. 37, iss. 4, pp. 1–15. DOI: 10.13587/j.cnki.jieem.2023.04.001
Tao F., Zhao J., Zhou H. Does environmental regulation improve the quantity and quality of green innovation – Evidence from the target responsibility system of environmental protection. China Industrial Economics, 2021, vol. 2, pp. 136–154. DOI: 10.19581/j.cnki.ciejournal.2021.02.016
Li Q., Xiao Z. Heterogeneous environmental regulation tools and green innovation incentives: Evidence from green patents of listed companies. Economic Research Journal, 2020, vol. 55, iss. 9, pp. 192–208. DOI: cnki.net/SUN/ JJYJ.2020.09.013
Lu J., Jiang G. Can CEO green experience promote the green innovation? Business and Management Journal, 2022, vol. 44, iss. 2, pp. 106–121. DOI: 10.19616/j.cnki.bmj.2022.02.007
Wang F., Chen F. Board governance, environmental regulation and green technology innovation – Empirical test based on listed companies in China’s heavy polluting industry. Science Research, 2018, vol. 36, no. 2, pp. 361–369. DOI: 10.16192/j.cnki.1003-2053.2018.02.019
Shen M., Tan W. Digitalization and green innovation performance of enterprises: Identification of double effects based on increment and quality improvement. South China Journal of Economics, 2022, vol. 9, pp. 118–138. DOI: 10.19592/j.cnki.scje.391819
Liu Z., Tong L., Zhong H. Enterprise digital transformation and green technological innovation: Evidence from Chinese listed manufacturing firms. Social Sciences in Guangdong, 2024, vol. 1, pp. 37–47.
Li D., Zheng M., Cao C. et al. The impact of legitimacy pressure and corporate profitability on green innovation: Evidence from China top 100. Journal of Cleaner Production, 2017, vol. 141, pp. 41–49. DOI: 10.1016/j.jclepro.2016.08.123
Wu J., Hua X. Top management team attention and firm green innovation strategy: Empirical evidence from listed Chinese manufacturing companies. Science of Science and Management of S&T, 2021, vol. 42, iss. 9, pp. 122–142. DOI: cnki.net/SUN/KXXG.2021.09.008
Chen X., Li M., Zhang Z. Environmental regulation, government subsidies and green technology innovation – Empirical research based on the mediation effect model. Journal of Industrial Technological Economics, 2019, vol. 38, iss. 9, pp. 18–25. DOI: cnki.net/SUN/GHZJ.2019.09.003
Bian C., Chu Z., Sun Z. Policy simulation modeling environmental regulation and green credit in enterprise’s green innovation in technology: An evolutionary game analysis of government intervention. Management Review, 2022, vol. 34, iss. 10, pp. 122–133. DOI: 10.14120/j.cnki.cn11-5057/f.2022.10.009
Huang D.Z.-X. Environmental, social and governance factors and assessing firm value: Valuation, signaling and stakeholder perspectives. Accounting and Finance, 2022, vol. 62, pp. 1983–2010. DOI: 10.1111/acfi.12849
Wang X., Zhao M., Zhang S., Cheng L. Corporate strategic radicality, digital transformation, and ESG performance: Moderating effect of corporate life cycle stage. Soft Science, 2024, vol. 38, iss. 3, pp. 77–84. DOI: 10.13956/j.ss.1001-8409.2024.03.11
Chatterjee S., Kar A.K. Why do small and medium enterprises use social media marketing and what is the impact: Empirical insights from India. International Journal of Information Management, 2020, vol. 53, no. 102103. DOI: DOI: 10.1016/j.ijinfomgt.2020.102103
Stallkamp M., Schotter A.P.J. Platforms without borders? The international strategies of digital platform firms. Global Strategy Journal, 2019, vol. 11, iss. 1, pp. 58–80. DOI: 10.1002/gsj.1336
Fatemi A., Fooladi I., Tehranian H. Valuation effects of corporate social responsibility. Journal of Banking and Finance, 2015, vol. 59, pp. 182–192. DOI: 10.1016/j.jbankfin.2015.04.028
Yang J., Zhu G., Wang Z. The impact of ESG performance on corporate total factor productivity. Finance and Accounting Monthly, 2023, vol. 44, iss. 19, pp. 31–37. DOI: 10.19641/j.cnki.42-1290/f.2023.19.005
Wang Y., Wang Y. Corporate ESG performance, risk-taking, and green technological innovation. Friends of Accounting, 2023, iss. 10, pp. 94–102.
Fang X., Hu D. Corporate ESG performance and innovation: Empirical evidence from A-share listed companies. Economic Research Journal, 2023, vol. 58, iss. 2, pp. 91–106. DOI: cnki.net/SUN/JJYJ.2023.02.006
Wang B., Yang M. A study on the mechanism of ESG performance on corporate value – Empirical evidence from A-share listed companies in China. Soft Science, 2022, vol. 36, iss. 6, pp. 78–84. DOI: 10.13956/j.ss.1001-8409.2022.06.11
Gao J., Chu D., Lian Y., Zheng J. Can ESG performance improve enterprise investment efficiency? Securities Market Herald, 2021, vol. 11, pp. 24–34.
Long Z., Zhang X. The impact of ESG performance on corporate green technology innovation: Based on the empirical evidence of Chinese listed companies. South China Finance, 2023, vol. 9, pp. 56–70.
Peng B., Zhang Y., Wang Z. The impact of corporate ESG performance on green innovation efficiency. Statistics & Decision, 2024, vol. 40, iss. 5, pp. 172–176. DOI: 10.13546/j.cnki.tjyjc.2024.05.031
Xu L., Lin S., Qian S. Slow-release effect of environmental information disclosure and green technology innovation on financing constraints. Securities Market Herald, 2021, no. 9, pp. 23–33.
Xie J., Nozawa W., Yagi M. et al. Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 2019, vol. 28, iss. 2, pp. 286–300. DOI: 10.1002/bse.2224
Bai J., Dong Y., Luo W. Can a chain of shareholders improve the quality of corporate disclosure? Journal of Financial Development Research, 2022, iss. 10, pp. 73–81. DOI: 10.19647/j.cnki.37-1462/f.2022.10.010
Jiang T. Mediating effects and moderating effects in causal inference. China Industrial Economics, 2022, no. 5, pp. 100–120. DOI: 10.19581/j.cnki.ciejournal.2022.05.005
