创新是实现重污染行业可持续发展的重要手段。要保持创新的持续韧性,使ESG理念融入企业运营,需关注创新驱动价值的持续生成机制。基于重污染行业2011-2020年上市公司数据,采用PVAR模型研究研发投入、ESG与企业价值的联动效应。研究发现：(1)研发投入驱动企业价值、ESG单向联动,ESG与研发投入的互为引致效应主要来自公司治理的贡献,ESG与企业价值的双向互动效应主要来自社会责任的贡献。(2)研发投入的价值回报滞后与持续韧性不足并存,与环境责任相关的研发投入严重不足。(3)小企业、高成长企业ESG、研发投入向企业价值的转化和互动不足。

Innovation is an important means to achieve sustainable development in the heavily polluted industry. To maintain the sustainable resilience of innovation and incorporate ESG concepts into business operations, it is necessary to focus on the continuous generation mechanism of value-driven by innovation. Based on the data of listed companies in the heavily polluted industry from 2011 to 2020, the PVAR model was used to study the linkage effect of R D investment, ESG, and corporate value. The study found that: (1) R&D investment drives corporate value, and ESG has a unidirectional linkage with R D investment. The mutual causal effect between ESG and R D investment is mainly contributed by corporate governance, while the bidirectional interaction effect between ESG and corporate value is mainly contributed by social responsibility. (2) The value return of R D investment lags behind, and the lack of sustainable resilience coexists with the insufficiency of R D investment related to environmental responsibility. (3) Small and high-growth enterprises have inadequate conversion and interaction of ESG and R D investment towards corporate value.

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国家自然科学基金青年项目“基加利修正案背景下我国建筑部门的协同减排效益及路径研究”(72204017)