ESG가 부담일까, 기회일까? 중국 비(非)국유기업의 R&D투자에 대한 영향 분석

This study aims to analyze the impact of ESG practices on the R&D investment of Chinese non-state-owned enterprises and examine its heterogeneity across industries and regions. The study used the data of Shanghai-Shenzhen A-share listed non-state-owned enterprises from 2012 to 2023, Sourced from HuaZheng ESG assessment and CSMAR database. This study adopts a two-way fixed-effects model and uses Stata 18.0 to conduct empirical analysis. The results show that ESG practices positively impact on enterprises’ R&D investment. The comparative analysis shows that the effect of ESG on less polluting industries is stronger than highly polluting ones, and more significant in the eastern and central regions compared to the western and northeastern regions. This study provides a theoretical basis for policy formulation, particularly for governments, when formulate proper ESG policies for specific regions and industries to promote high-quality growth and green transition strategies. In addition, the result also provides empirical evidence for non-state-owned enterprises that maximize the impact of ESG and strategic adoption of ESG practices can help overcome resource constraints, foster innovation and promote high-quality development.