企业ESG表现对创新投入的影响机制研究OACHSSCD

Corporate ESG construction can achieve multiple benefits,including economic,social and environmental benefits.Academics have yet to reach a unified consensus on whether corporate ESG performance promotes investment in innovation.Taking China's A-share listed companies from 2015 to 2023 as the research sample,this paper empirically analyses the impact and its mechanism of ESG performance on corporate innovation investment,and explores the moderating effect of market compe-tition intensity.The results show that ESG performance has a significant promotion effect on corpo-rate innovation investment,and market competition intensity negatively mediates the promotion effect of ESG performance on corporate innovation investment.Further tests of the influence mechanism in-dicate that corporate ESG performance promotes enterprises to strengthen their innovation investment by enhancing corporate reputation,easing financing constraints,and reducing business risks.