ESG, Financial Constraints, and Green Technology Innovation: Evidence from China with the Moderating Role of Environmental Public Attention

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Methodologically, the study integrates financing constraints and public attention as mechanisms, offering a framework for cross-country ESG-innovation research.

🏢実務担当者:Firms can leverage improved ESG ratings to reduce financing barriers and enhance green innovation, especially in regions with high environmental public awareness.

🏛政策担当者:Policymakers can strengthen the ESG-innovation nexus by fostering environmental public attention through awareness campaigns and disclosure mandates.

中国の「ダブルカーボン」目標とESG情報開示基準の継続的な改善を背景に、グリーン技術革新は企業の持続可能な発展の中心となっている。本研究は、中国A株上場企業をサンプルとして、ESGパフォーマンスが企業のグリーン技術革新にどのように影響するか、またその影響が地域や所有形態によって異なるかを検証する。基礎となる経路を解明するため、分析には資金調達制約を媒介メカニズムとして、環境への公的関心を調整要因として組み込む。結果は、ESGパフォーマンスがグリーン革新と正の関連を示し、顕著な地理的変動と企業レベルの不均一性が見られることを示す。その効果は国有企業よりも非国有企業の方が強い。資金調達制約はESGとグリーン革新の関係を媒介し、ESGパフォーマンスの向上が資金調達の摩擦を緩和し、それによって革新活動を支援することを示唆する。さらに、環境への公的関心はESGがグリーン革新に与える正の効果を有意に強化する。環境問題への公的関心が高い地域では、ESGと革新の関連がより顕著になる。全体として、本研究は空間的不均一性と公的環境関心をESG主導のグリーン革新の実証分析に統合することにより、文献に貢献する。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

Against the backdrop of China’s “dual-carbon” objectives and ongoing improvements in ESG disclosure standards, green technological innovation has become central to firms’ sustainable development. Using a sample of Chinese A-share listed companies, this study examines how ESG performance affects firms’ green technology innovation and whether the effect varies across regions and ownership types. To unpack the underlying channels, the analysis incorporates financing constraints as a mediating mechanism and environmental public attention as a moderating factor. The results show that ESG performance is positively associated with green innovation, with pronounced geographic variation and firm-level heterogeneity. The effect is stronger for non-state-owned enterprises than for state-owned enterprises. Financing constraints mediate the ESG–green innovation relationship, suggesting that improved ESG performance can ease funding frictions and thereby support innovation activities. In addition, environmental public attention significantly strengthens the positive effect of ESG on green innovation: in regions with higher public attention to environmental issues, the ESG-innovation linkage becomes more pronounced. Overall, this study contributes to the literature by integrating spatial heterogeneity and public environmental attention into the empirical analysis of ESG-driven green innovation.

• semanticscholar https://journals.zeuspress.org/index.php/FER/article/download/633/558first seen 2026-05-15 18:54:06 · last seen 2026-08-09 06:00:14