Government subsidies, corporate ESG ratings, and green innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-18 DOI:10.1016/j.frl.2025.107793

Jingxuan Zhang , Yanghui Wu , Lin Lin

引用次数: 0

Abstract

Using 2010–2023 data from Chinese listed firms, this study analyzes interactions between government subsidies, ESG (Environmental, Social, and Governance) performance, and green innovation. Empirical results confirm subsidies enhance corporate green innovation, while ESG ratings similarly facilitate such ecological R&D efforts. Moreover, in the process of corporate ESG ratings influencing green innovation, government subsidies serve as a significant moderating factor. Additionally, there are notable differences in the impact of government subsidies on green innovation between state-owned enterprises and private enterprises.

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政府补贴、企业ESG评级和绿色创新

本文利用2010-2023年中国上市公司的数据，分析了政府补贴、ESG（环境、社会和治理）绩效与绿色创新之间的相互作用。实证结果证实，补贴促进了企业的绿色创新，而ESG评级同样促进了这种生态研发努力。此外，在企业ESG评级对绿色创新的影响过程中，政府补贴起到显著的调节作用。此外，政府补贴对国有企业和民营企业绿色创新的影响也存在显著差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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