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This research analyzes the effects of ESG performance on green innovation within 4667 A-share listed companies in China over the period from 2009 to 2022. Findings suggest that ESG performance positively influences green innovation within these corporations. Through detailed mechanism analysis, it was observed that ESG performance boosts green innovation by improving equity concentration and reducing financial constraints. Furthermore, heterogeneity analysis demonstrates that non-state-owned enterprises exhibit a stronger positive correlation between ESG performance and green innovation compared to state-owned ones. Additionally, enterprises within high-pollution sectors that demonstrate superior ESG performance show greater enhancements in green innovation than those in less polluting industries.

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Analyzing the Effect of ESG Metrics on Green Innovation in China’s Listed Corporations: A Micro-Level Study

  • 会议论文

  • 发表日期：

    2025年

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  • Xinling Jiang,
  • Yiting Wang

摘要

This research analyzes the effects of ESG performance on green innovation within 4667 A-share listed companies in China over the period from 2009 to 2022. Findings suggest that ESG performance positively influences green innovation within these corporations. Through detailed mechanism analysis, it was observed that ESG performance boosts green innovation by improving equity concentration and reducing financial constraints. Furthermore, heterogeneity analysis demonstrates that non-state-owned enterprises exhibit a stronger positive correlation between ESG performance and green innovation compared to state-owned ones. Additionally, enterprises within high-pollution sectors that demonstrate superior ESG performance show greater enhancements in green innovation than those in less polluting industries.