【摘要】 “双碳”目标提出促使政府与社会越来越关注企业ESG表现。基于2013—2023年A股农业上市企业数据，实证分析农业企业ESG表现与绿色技术创新对企业绩效的影响以及绿色技术创新的调节效应。结果表明：(1)具备良好ESG表现的农业上市企业绩效更优；(2)绿色技术创新对企业绩效存在积极的正向影响，但这种正向作用具有滞后效应；(3)绿色技术创新在ESG表现与企业绩效关系间发挥显著的调节作用，有助于增强ESG表现对企业绩效的正向影响。异质性分析发现，在绿色技术创新的调节作用下，非国有企业、市场化水平高地区的企业ESG表现对企业绩效的促进作用更显著。更多还原

【Abstract】 The Chinese government has been endeavoring to have carbon dioxide emissions peak before 2030 and achieve carbon neutrality before 2060, which has heightened governmental and societal attention to corporate ESG(Environmental, Social, and Governance) performance. Agricultural listed companies, as the core carriers of the green technology innovation system, not only construct mechanisms for enhancing multidimensional environmental benefits through green technology research and application innovation but also create synergies along the industrial chain via innovation. In this context, it is essential for agricultural listed companies to prioritize ESG performance, enhance the quality and transparency of ESG disclosures, ensure standardized and sustainable high-quality development pathways, and continuously improve green technology innovation capabilities. Existing research indicates that ESG practices in China remain nascent, with no consensus on how its three dimensions(environmental performance, social responsibility, and corporate governance) impact corporate performance. Few studies have directly linked corporate ESG performance, green technology innovation, and corporate performance, particularly exploring the moderating role of green technology innovation in the "ESG-performance" nexus. Notably, specialized research on agricultural listed enterprises is scarce. Therefore, this study focuses on agricultural listed companies to investigate three core relationships: the impact of ESG performance on corporate performance, the effect of green technology innovation on corporate performance, and the moderating role of green technology innovation in the relationship between ESG performance and corporate performance. This paper examines ESG performance among China′s agricultural listed companies, exploring the interplay between ESG performance, green technology innovation, and corporate performance. The study employs initial samples of agricultural firms listed on China′s A-share market from 2013 to 2023, selecting 821 valid observations following rigorous screening. It utilizes descriptive statistical analysis, correlation analysis, and regression modeling to test the hypotheses. Additionally, robustness checks are conducted to address potential endogeneity issues, omitted control variables, and alternative sample intervals. Further analysis examines the distinct impacts of the environmental, social, and governance dimensions of ESG on firm performance. Heterogeneity tests are also performed based on ownership structure(state-owned versus non-state-owned) and regional distribution(eastern versus non-eastern regions). According to the empirical analysis, it is concluded that(1) agricultural listed companies with superior ESG performance exhibit significantly higher corporate performance;(2) green technology innovation exerts a positive impact on corporate performance; however, this facilitating effect not only exhibits a time-lagged characteristic but also demonstrates a progressively declining trend over time;(3) investments in green technology innovation act as a significant moderator, amplifying the positive influence of ESG performance on corporate performance;(4) heterogeneity analysis further reveals that non-state-owned and eastern-region agricultural listed companies demonstrate stronger ESG-driven performance enhancements, particularly under the moderating effect of green technology innovation. Thus, in regions with relatively weaker economic foundations and imperfect market mechanisms, it is necessary to formulate and actively utilize ESG strategies to promote sustainable agricultural development and modernization in these areas. In contrast, in the eastern regions, the focus should be on strengthening ESG disclosure and regulatory oversight, and driving agricultural sustainability to a higher level. Non-state-owned enterprises should closely monitor their performance in environmental protection, social responsibility, and corporate governance on an ongoing basis; while state-owned enterprises should gradually increase their investment in the ESG domain, continuously optimize their internal control mechanisms, and improve efficiency levels to resolve existing issues and achieve sustainable development. The theoretical contributions of this study are threefold. First, it uncovers the significant positive impact of ESG performance on agricultural listed companies’ corporate performance, enriching ESG-related research and providing empirical evidence for understanding how agricultural enterprises can optimize ESG practices to enhance economic benefits within a sustainable development framework. Second, it highlights the dynamic, time-decaying nature of green technology innovation’s performance-enhancing effects, deepening scholarly insights into the temporal evolution of green innovation’s economic consequences. This offers policymakers and corporate managers theoretical guidance for designing innovation incentives and strategic investments with temporal considerations. Third, it underscores the catalytic role of green technology innovation in advancing corporate sustainability strategies, opening new theoretical perspectives for research in related fields.更多还原