企业ESG表现、内外部关注与绿色协同创新

崔丽¹　王嘉帅¹　张帅²　王昱¹

（1.大连理工大学；2.首都经济贸易大学）

摘要：环境、社会与治理（ESG）强调企业多维度的可持续经营责任。在经济高质量发展的背景下，良好的ESG表现如何增强企业与外部机构之间的合作、推进绿色协同创新，日益受到各界关注。本文基于2012—2023年沪深A股上市公司数据，实证分析企业ESG表现对绿色协同创新的影响。研究结果表明，企业ESG表现对绿色协同创新具有正向影响，且该结论在经过内生性分析和稳健性检验后仍然成立。机制分析结果显示，良好的ESG表现能够通过内外部关注机制促进绿色协同创新。异质性分析发现，该促进作用在非重污染行业企业、位于直辖市与计划单列市的企业、大规模企业与国有企业中更为明显。拓展性分析结果表明，良好的ESG表现更能提高实质性绿色协同创新水平。本文的研究不仅有助于为企业推进ESG建设促进绿色协同创新，进而实现绿色可持续发展提供理论支持，而且为政府推进企业ESG信息披露制度和统一ESG评价标准提供了相应的理论依据和实践参考。

关键词：企业ESG表现；外部关注；内部关注；绿色协同创新；可持续发展

作者简介：崔丽，大连理工大学商学院副教授，盘锦，124221；王嘉帅，大连理工大学商学院硕士研究生；张帅，首都经济贸易大学工商管理学院讲师，通信作者，北京，100070；王昱，大连理工大学商学院副教授。

基金项目：辽宁省社会科学规划基金一般项目“制造企业‘绿色—智能’协同创新机制及多级结构路径研究”（L24BGL008）

引用格式：崔丽,王嘉帅,张帅,等.企业ESG表现、内外部关注与绿色协同创新[J].经济与管理研究,2026,47(2):87-103.

Corporate ESG Performance, Internal and External Concerns, and Green Collaborative Innovation

CUI Li¹, WANG Jiashuai¹, ZHANG Shuai², WANG Yu¹

(1. Dalian University of Technology, Panjin 124221;

2. Capital University of Economics and Business, Beijing 100070)

Abstract: Against the backdrop of increasingly severe global environmental issues, green collaborative innovation (GCI), through collaborative and sharing mechanisms between firms and their partners, effectively reduces innovation risks and has emerged as a superior pathway for firms to overcome the dilemma of green innovation and achieve green transformation. However, in practice, a lack of trust and conflicts of interest among partners constrain the effectiveness of GCI. Environmental, social, and governance (ESG) emphasizes the multi-dimensional sustainable management responsibilities of firms. Strong ESG performance can not only mitigate information asymmetry in collaborations but also offer a viable pathway to address trust and interest conflicts in GCI by prioritizing partners’ interests. Therefore, this paper empirically analyzes the impact of ESG performance on GCI and its underlying mechanisms using a sample of Chinese A-share listed companies from 2012 to 2023.

The findings show that ESG performance can promote firms’ GCI. This conclusion remains valid after addressing endogeneity concerns and conducting robustness tests. In terms of mechanisms, strong ESG performance enhances GCI through two pathways: first, amplifying the firm’s sustainability signals through external concerns, which attracts partners to engage in collaborative innovation; and second, fostering a long-term sustainability orientation through internal concerns, which encourages firms to proactively establish stable partnerships, thereby facilitating the implementation of GCI. Heterogeneity analysis further reveals that the promoting effect is more pronounced among firms located in municipalities and cities with independent planning status, those operating in non-heavy-polluting industries, large-scale enterprises, and state-owned enterprises. Extended analysis indicates that strong ESG performance has a more substantial effect on substantive GCI. The findings provide theoretical support for firms advancing ESG development to foster green collaborative innovation and achieve sustainable development, offering a theoretical basis and practical references for the government to promote corporate ESG disclosure systems and establish unified ESG evaluation standards.

The contributions of this paper are threefold. First, it shifts the research focus from closed corporate green innovation to cross-organizational open GCI, addressing the gap in understanding how ESG performance influences inter-organizational GCI and enriching theoretical research on green innovation through multi-actor interaction and cross-organizational boundary perspectives. Second, based on the attention-based view, it reveals the role of internal and external concerns in the relationship between ESG performance and GCI, thereby unpacking the “black box” of how ESG performance drives GCI. Third, by delving into the differential impact of ESG performance on GCI driven by different motivations, it provides more nuanced empirical evidence for accurately understanding the innovation value of ESG.

Keywords: corporate ESG performance; external concern; internal concern; green collaborative innovation; sustainable development

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