华北水利水电大学学报（社会科学版）

党的二十大报告指出坚持把发展经济的着力点放在实体经济上，而制造业是实体经济高水平发展的重要支撑。如何以创新驱动制造业高质量发展提升实体经济发展水平是我国当前发展的战略重点。同时，作为考察企业在环境、社会和治理方面表现的综合指标，环境、社会和治理(ESG)指标对企业的创新和绿色发展有重要影响。鉴于此，本研究以2009—2021年中国沪深A股上市公司中的制造业企业为研究样本，建立面板双向固定效应模型，从微观视角实证检验ESG表现对制造业企业创新水平的影响及作用机制。结果表明：良好的ESG表现可以有效提升制造业企业的创新水平，媒体关注度和政府补助在其中发挥部分中介作用。并且，这一促进作用在国有企业和大型企业中更为显著；东部地区企业的ESG表现对企业实质性创新水平的提升效果更强，而中西部地区企业的ESG表现对企业策略性创新的促进效应更强。为促进企业创新，助力实体经济实现高质量发展，应鼓励企业积极承担社会责任，健全ESG信息披露制度和表现评价体系，引导投资者树立ESG投资理念。

The report of the 20th National Congress of the Communist Party of China pointed out that the focus of economic development should be on the real economy, and the manufacturing industry is an important support for the high-level development of the real economy. How to drive the high-quality development of the manufacturing industry to improve the level of real economic development is the strategic focus of China's current development. At the same time, as a comprehensive indicator to examine the environmental, social and governance performance of enterprises, ESG has an important impact on the innovation and green development of enterprises. In view of this, this study takes the manufacturing enterprises in China's Shanghai and Shenzhen A-share listed companies from 2009 to 2021 as a research sample, and empirically examines the impact and mechanism of ESG performance on the innovation level of manufacturing enterprises from a micro perspective by establishing a panel two-way fixed effect model. Research shows that good ESG performance can effectively improve the innovation level of manufacturing enterprises, and media attention and government subsidies play a partly mediating role. Moreover, this promotion effect is more pronounced in state-owned enterprises and large enterprises; The ESG performance of enterprises in the eastern region has a stronger effect on the improvement of the substantive innovation level of enterprises, while the ESG performance of enterprises in the central and western regions has a stronger effect on the promotion of strategic innovation. In order to promote enterprise innovation and help the real economy achieve high-quality development, enterprises should be encouraged to actively assume social responsibility, improve the ESG information disclosure system and performance evaluation system, and guide investors to establish ESG investment concepts.