关键词: ESG信息披露, 绿色创新, 重污染企业 

Abstract: This paper studies the impact of ESG (Environmental, Social and Governance, ESG) information disclosure on corporate green innovation performance based on the data from listed companies in heavy polluting industries from 2010 to 2020. The study finds that there is a U-shaped relationship between ESG information disclosure and the green innovation performance of heavy polluting companies. ESG information disclosure could affect the green innovation performance of heavy polluting companies through cost effect, resource effect and governance effect. Further research finds that both environmental uncertainty and environmental regulation positively moderate the relationship between ESG disclosure and green innovation performance: with the increase of environmental uncertainty, the inflection point of the U-shaped relationship between ESG disclosure and green innovation performance shifts to the left, and the resource and governance effects brought about by ESG disclosure become more pronounced, which could counteract the shocks brought about by the cost effect and accelerate the relationship between ESG disclosure and green innovation performance moving to a positive correlation. As environmental regulation becomes more sophisticated, the inflection point of the U-shaped relationship between ESG disclosure and green innovation performance shifts to the left, and the resource and governance effects of ESG disclosure are strengthened, offsetting the negative effects of the cost effect, accelerating the relationship between ESG disclosure and green innovation performance moving to a positive correlation. This paper proposes solutions to the problem of green innovation performance improvement of heavy polluting enterprises from the perspective of ESG information disclosure, and provides empirical evidence for the economic consequences of ESG information disclosure.

Key words: ESG Information Disclosure, Green Innovation, Heavy Polluting Enterprises