中国海洋大学学报(社会科学版)

ESG表现是贯彻可持续发展理念、推动经济高质量发展的重要引擎。基于2012—2022年中国A股上市公司面板数据，系统考察ESG绩效指标对企业价值的影响，并重点分析绿色技术创新在其中的作用路径。研究发现：第一，ESG表现对企业价值具有显著的正向影响，实证表明ESG评分越高的企业表现出的价值创造能力越优秀；第二，通过路径分析发现，绿色技术创新在ESG企业价值创造过程中发挥部分中介效应；第三，在不同产权属性与行业类别的企业间，ESG表现对企业价值的影响程度呈现差异性，非国有企业与非污染企业相较于国有企业和污染企业呈现出更明显的促进作用。研究结论丰富了有关ESG表现、绿色技术创新与企业价值三者关系及作用机制的研究成果，并为政府完善相关政策、机构优化评级标准和进一步提升企业价值提供理论支持。

ESG performance serves as an important driver for advancing sustainable development and promoting high-quality economic growth. Using panel data from Chinese A-share listed companies over the period 2012—2022, this paper systematically examines the impact of ESG performance on firm value, with a particular focus on the role of green technological innovation as an underlying mechanism. The main findings are as follows. First, ESG performance has a significant positive effect on firm value, with empirical evidence indicating that firms with higher ESG scores exhibit stronger value creation capabilities. Second, pathway analysis reveals that green technological innovation plays a partial mediating role in the relationship between ESG performance and firm value. Third, the effect of ESG performance on firm value exhibits heterogeneity across firms with different ownership structures and industry classifications, with more pronounced effects observed for non-state-owned firms and non-polluting firms compared with state-owned and polluting firms. These findings enrich the existing literature on the relationship and mechanisms linking ESG performance, green technological innovation, and firm value, and provide theoretical support for governments to refine relevant policies, for rating agencies to improve evaluation standards, and for firms to further enhance their value.