ESG表现、融资约束与企业双元创新

——兼论数字化转型的调节作用

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中图分类号：F275；F832.5 文献标识码：A doi：10.3969/j.issn.1672-2272.202502049

ESG Performance， Financing Constraints and Corporate Ambidextrous Innovation ： A Discussion on the Moderating Role of Digital Transformation

Zou Peiyan

（Schoolof Economics and Management，Hunan Universityof Technology，Zhuzhou 412Ooo，China）

Abstract：This study examines the relationship between digital transformation，corporate ESG performance，and dual innovation using panel data from Shanghai and Shenzhen A-share listed companies from 2017 to 2O22，while also investigating the mediating role of financing constraints in this process.Empirical analysis reveals that strong ESG performance significantly promotes both exploratory and developmental innovation.Additionally，digital transformation exerts apositive moderating effect：superior ESG performance reduces financing constraints，thereby facilitating dual innovation. Heterogeneity analysis shows that the promotional effect of ESG performance on dual innovation is more prominent in non-state-owned enterprises，high-tech industry firms，and companies with standard audit opinions. The findings provide theoretical support for enhancing corporate ESG performance，optimizing financing channels，accelerating digital transformation，and improving national policies in China，while offering important practical guidance for promoting corporate dual innovation.

Key Words：ESG Performance；Dual Innovation；Financing Constraints；Digital Transformation

0 引言

近年来，气候变化、贫富差距和公共卫生事件等全球性的社会、生态问题，对人类的生存和发展构成了严峻挑战，促使可持续发展理念的兴起，并逐渐推动可持续发展理念成为重塑各国发展模式的核心理念[]。（剩余13744字）