摘要
为研究中国煤炭企业能否在“双碳”目标的约束下,通过提升ESG表现降低融资约束程度,实现企业高质量创新发展。基于理论分析提出研究假设,以2010—2020年煤炭上市公司的面板数据为研究样本,选择强度、持续性和效率三个维度实证检验煤炭企业的ESG表现、融资约束与高质量创新的关系。研究结果表明,煤炭企业ESG表现显著正向影响创新投资强度、创新持续性以及创新效率,即煤炭企业ESG表现显著正向影响高质量创新,而融资约束在这一影响过程中发挥中介效应,并且是部分中介效应。这一结论通过替换指标的度量方法、中介效应稳健性检验和内生性检验后依然成立。因此,树立ESG理念并积极参与ESG实践是煤炭企业实现高质量创新的科学路径之一。
In order to investigate whether Chinese coal companies can reduce financing constraints by improving ESG performance under the constraint of the carbon peaking and carbon neutrality goals, and achieve high-quality innovation and development of enterprises, based on the theoretical analysis and research hypothesis, the panel data of listed coal companies from 2010 to 2020 was used as the research samples to empirically test the relationships among ESG performance, financing constraints and high-quality innovation through the dimensions of intensity, persistence and efficiency. The results show that ESG performance of coal companies significantly and positively affects innovation investment intensity, innovation persistence and innovation efficiency, ESG performance of coal companies significantly and positively affects high-quality innovation, while financing constraints play a mediating effect in this influence process, and it is a partial mediating effect. Further, the findings remain valid after replacing the metrics, robustness test of the mediating effect and endogeneity test. Therefore, establishing ESG concept and actively participating in ESG practice is one of the scientific paths for coal companies to achieve high-quality innovation.
作者
郝毓婷
张永红
HAO Yuting;ZHANG Yonghong(School of Economics and Management,Taiyuan University of Technology,Taiyuan,Shanxi o30024,China)
出处
《矿业研究与开发》
CAS
北大核心
2023年第2期194-201,共8页
Mining Research and Development
基金
山西省哲学社会科学专项课题(2022YD048)。
关键词
煤炭企业
高质量创新
ESG表现
融资约束
“双碳”目标
Coal company
High-quality innovation
ESG performance
Financing constraint
Carbon peaking and carbon neutrality goals
