Correlations matrix.

Given the contradictory empirical evidence on the relationship between green R&D expenditure and corporate Green Innovation performance (GIP), The present research study is a distinctive investigation into the moderating impacts of ESG reporting on this relationship. We utilized a data collection of 3,846, firm-year observations of A-share listed firms in China from 2016 to 2022 from CSMAR and Bloomberg databases. The firm’s Corporate GIP is assessed and measured by looking at the total quantity of green patents. Lastly, models with multiple regression analyses and fixed effects were employed. The findings show that ESG reporting has a positive and significant impact on the association between corporate GIP and green R&D expenditure, implying its compensating and supportive function in the form of green signals in green outputs. This research could help executives and lawmakers, especially in developing countries to build innovative environmental strategies for business sustainability.

鉴于现有关于绿色研发支出与企业绿色创新绩效（Green Innovation Performance，GIP）之间关系的实证研究结论存在分歧，本研究针对环境、社会和公司治理（Environmental, Social and Governance，ESG）披露在该关系中的调节效应展开了独具特色的探究。本研究选取2016年至2022年中国A股上市公司的3846个公司-年度观测样本，数据来源于CSMAR与彭博（Bloomberg）数据库。企业绿色创新绩效以绿色专利总数量作为评估与测度指标。本研究最终采用多元回归分析与固定效应模型开展实证检验。研究结果表明，ESG披露对企业绿色创新绩效与绿色研发支出之间的关联具有显著正向调节作用，意味着其可通过绿色信号的形式为绿色产出发挥补偿与支撑功能。本研究可为企业高管与立法者，尤其是发展中国家的相关主体制定面向企业可持续发展的创新性环境战略提供有益参考。