ESG表现对重污染行业绿色技术创新的影响研究OA

With the advancement of the carbon peaking and carbon neutrality goals and the deepening of environmental governance,how ESG performance affects green technological innovation in heavy-polluting industries has become a focal issue.Using listed companies in heavy-polluting industries in China's A-share market from 2013 to 2023 as the research sample,this paper empirically tests the impact of ESG performance on corporate green technological innovation and its underlying mechanisms.The results show that good ESG performance significantly promotes corporate green technological innovation.Analyst attention and financing constraints play a mediating role between ESG performance and green technological innovation;moreover,compared with internal factors such as financing constraints,external factors such as analyst attention exert a more direct and significant effect.Additionally,market power negatively moderates the positive relationship between ESG performance and green technological innovation.Heterogeneity analysis indicates that the promoting effect of ESG performance on green technological innovation is stronger in non-state-owned enterprises and high-tech enterprises.This study provides a theoretical basis and managerial implications for strengthening corporate ESG performance and promoting the green development and transformation of heavy-polluting industries.