【摘要】 企业的“专精特新”转型和企业环境、社会和公司治理（ESG）建设是企业长期可持续发展的两个重要方向，因而企业ESG表现对中小企业“专精特新”转型战略的影响及其作用机制值得深入研究。在构建中小企业“专精特新”转型程度指数的基础上，以2015—2022年我国创业板和中小板的上市企业为研究对象，实证分析企业表现对企业“专精特新”转型的影响及其作用渠道。研究发现：企业的ESG表现促进了中小企业“专精特新”转型，经过一系列稳健性及内生性检验结论依然成立；ESG表现通过缓解企业融资约束、提高员工创新效率和扩大研发人才队伍推动中小企业“专精特新”转型；随着ESG评级不确定性程度提高，ESG表现对企业“专精特新”转型的促进作用相对减弱。基于异质性视角，企业ESG表现对市场竞争压力小和高新技术企业“专精特新”转型的促进作用更明显。因此，有关部门应在中小企业考核中融入ESG原则，构建多元化评价标准，同时为具有ESG表现良好的中小企业提供融资、创新、人才等资源约束方面的政策支持，以此促进经济的高质量和可持续发展。更多还原

【Abstract】 The "specialized, refined, differentiated, and innovative"(SRDI) transformation of enterprises and the development of environmental, social, and governance(ESG) practices represent two key pathways for achieving longterm sustainable development. The impact of enterprises’ ESG performance on the SRDI transformation strategies of small and medium-sized enterprises(SMEs), as well as the underlying mechanisms through which this influence occurs, warrants in-depth investigation. Based on the construction of an index measuring the transformation degree of SMEs toward SRDI transformation, employing ordinary least squares method, this study empirically analyzes the impact of enterprises’ ESG performance on the SRDI transformation of SMEs listed on the Growth Enterprise Market and the Small and Medium Enterprise Board from 2015 to 2022, along with the underlying channels. The findings demonstrate that enterprises’ ESG performance significantly promotes the SRDI transformation of SMEs, and results remain robust after a series of robustness and endogeneity tests. Regarding the channels, ESG performance facilitates SMEs’ SRDI transformation by alleviating financing constraints, enhancing employee innovation efficiency, and expanding R&D talent pools. However, as the uncertainty of ESG ratings increases, the promoting effect of ESG performance on SRDI transformation weakens. From a heterogeneity perspective, the positive impact of ESG performance is more pronounced in enterprises with low market competition pressure and in high-tech industries. Therefore, relevant authorities should incorporate ESG principles into the performance evaluation of SMEs, and establish diversified assessment criteria; at the same time, policy support should be provided to SMEs with strong ESG performance in areas such as financing, innovation, and talent development, in order to alleviate resource constraints and promote highquality and sustainable economic development.更多还原