【摘要】 本文以2010—2020年重污染企业为样本，研究环境、社会及治理（ESG）信息披露对企业绿色创新绩效的影响。研究发现，ESG信息披露与重污染企业绿色创新绩效间存在U型关系；ESG信息披露可通过成本效应、资源效应与治理效应影响重污染企业绿色创新绩效。环境不确定性与环境规制皆对ESG信息披露与绿色创新绩效之间的关系起正向调节作用，具体地：当环境不确定性较大时，ESG信息披露与绿色创新绩效之间的U型关系的转折点左移，ESG信息披露所带来的资源效应与治理效应相比成本效应更加凸显，可抵御环境不确定性带来的冲击；随着环境规制趋于完善，ESG信息披露与绿色创新绩效之间的U型关系的转折点左移，ESG信息披露所带来的资源效应与治理效应的积极作用得到强化，可抵减成本效应的负向影响。本文从ESG信息披露视角为重污染企业绿色创新绩效的提升提出了思路，同时为ESG信息披露经济后果提供了经验证据。更多还原

【Abstract】 This paper studies the impact of ESG(Environmental, Social and Governance, ESG)information disclosure on corporate green innovation performance based on the data from listed companies in heavy polluting industries from 2010 to 2020. The study finds that there is a U-shaped relationship between ESG information disclosure and the green innovation performance of heavy polluting companies.ESG information disclosure could affect the green innovation performance of heavy polluting companies through cost effect, resource effect and governance effect. Further research finds that both environmental uncertainty and environmental regulation positively moderate the relationship between ESG disclosure and green innovation performance: with the increase of environmental uncertainty, the inflection point of the U-shaped relationship between ESG disclosure and green innovation performance shifts to the left, and the resource and governance effects brought about by ESG disclosure become more pronounced, which could counteract the shocks brought about by the cost effect and accelerate the relationship between ESG disclosure and green innovation performance moving to a positive correlation. As environmental regulation becomes more sophisticated, the inflection point of the U-shaped relationship between ESG disclosure and green innovation performance shifts to the left, and the resource and governance effects of ESG disclosure are strengthened, offsetting the negative effects of the cost effect, accelerating the relationship between ESG disclosure and green innovation performance moving to a positive correlation. This paper proposes solutions to the problem of green innovation performance improvement of heavy polluting enterprises from the perspective of ESG information disclosure, and provides empirical evidence for the economic consequences of ESG information disclosure.更多还原