ESG表现对企业绿色创新质量的影响研究

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中图分类号：F273 文献标识码：A 文章编号：1672-7312（2025）06-0691-09

Abstract： This study aims to explore the impact of corporate environmental，social and governance （ESG）performance on the quality of corporate green innovation，as well as the moderating effect of government subsidies and environmental protection investment.The research is based on the panel data of China's A-share listed companies from 2O09 to 2O22 for empirical analysis.The results show that ESG performance can significantly improve the quality of corporate green innovation，and this conclusion is further verified in the robustness analysis.The results of heterogeneity analysis show that for enterprises without greenwashing and whose executives show overconfidence，their good ESG performance can better promote the improvement of green innovation quality. In addition，the analysis finds that government subsidies play a positive moderating role，that is，the more subsidies the government provides to enterprises，the stronger the promotion effect of ESG performance on the quality of green innovation is， indicating that government subsidies can encourage enterprises to beter transform ESG concepts into actual innovation results. However， environmental investment negatively moderates this positive relationship， that is，increasing environmental investment weakens the positive association between ESG performance and green innovation quality.Therefore，improving the ESG performance of enterprises is an important way to enhance the quality of green innovation，and the government should optimize the subsidy policy and give full play to its guiding role.Enterprises need to carefully plan environmental protection investment，coordinate the relationship between environmental protection and innovation，and achieve sustainable green development.

Key words： ESG performance; government subsidies; environmental protection investment; green innovation quality; green transformation; sustainable development

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