Research on the Impact of ESG Performance on Green Innovation of Chinese Export Enterprises

Research on the Impact of ESG Performance on Green Innovation of Chinese Export Enterprises | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article Research on the Impact of ESG Performance on Green Innovation of Chinese Export Enterprises Liwei Zhang, Manting Jin This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7692164/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Against the backdrop of China's "dual-carbon" (carbon peaking and carbon neutrality) strategy, this study focuses on the relationship between ESG (Environmental, Social, and Governance) performance and green innovation during the green development transformation of Chinese export enterprises. By constructing a fixed-effects model and conducting empirical analysis using panel data of listed companies from 2009 to 2022, the research reveals the following findings:1.ESG performance significantly promotes green innovation among Chinese export enterprises;2.In regions with a higher degree of openness to the outside world, the promoting effect of ESG performance on green innovation is more pronounced;3.Mechanism tests indicate that environmental regulations play a key mediating role between ESG performance and green innovation;4.Carbon emission levels strengthen the positive impact of ESG performance on environmental regulations;5.Heterogeneity analysis based on property rights shows that the promoting effect of ESG performance on green innovation is more prominent in state-owned enterprises.Based on the research conclusions, this paper proposes that Chinese export enterprises should prioritize market deployment in regions with a high degree of openness, actively comply with the requirements of environmental regulation policies, and fully leverage the demonstrative and leading role of state-owned enterprises in green innovation, so as to promote the high-quality green development of enterprises. Earth and environmental sciences/Environmental sciences Earth and environmental sciences/Environmental social sciences Social science/Environmental studies ESG Performance Green Innovation of Chinese Export Enterprises Degree of Opening-up Environmental Regulation Carbon Emission Introduction In recent years, the importance of global sustainable development issues has grown exponentially, with ESG (Environmental, Social, and Governance) performance emerging as a core criterion for the international community to measure enterprises' comprehensive value. Developed economies represented by the EU have advanced the globalization of ESG standards through legislation and trade policies. Measures such as the "Carbon Border Adjustment Mechanism" (CBAM) introduced in 2023 and strict regulations on supply chain labor standards (e.g., compliance requirements for the "eight-hour workday") have constituted new trade barriers for export enterprises in emerging markets like China. Although China’s Ministry of Commerce has explicitly opposed the potential trade protectionism implicit in such unilateral measures, domestic policies and markets have proactively accelerated their alignment with international ESG frameworks to actively address the pressures brought by the green transformation of global industrial chains. In this trend, the impact of ESG performance on Chinese export enterprises has gradually shifted from early compliance risks to strategic opportunities, particularly demonstrating significant driving potential in the field of green innovation. Currently, China’s ESG practices exhibit a "dual" character: at the policy level, the government guides enterprises to strengthen ESG information disclosure through documents such as Action Plan for Promoting High-Quality Development of Listed Companies, and incorporates environmental responsibilities (e.g., the "dual-carbon" goals) and corporate governance into the performance evaluation systems of state-owned enterprises; at the market level, investors and institutions increasingly regard ESG ratings as a key basis for evaluating enterprises’ long-term competitiveness, prompting export enterprises to enhance their international competitiveness through green technological upgrades. As the world’s largest goods trading nation, Chinese export enterprises are facing unprecedented pressures from international environmental regulations and ESG standards amid the accelerated global green and low-carbon transition. Policies such as the EU’s CBAM and Sustainable Supply Chain Act not only require enterprises to assume higher environmental responsibilities but also directly drive their green transformation; simultaneously, the advancement of domestic "dual-carbon" goals and the improvement of ESG policy systems have prompted export enterprises to view green innovation as a critical path to breaking through international competitive barriers and enhancing core competitiveness. In this context, green innovation is no longer limited to a passive choice for maintaining international market share but has become an active strategic choice for enterprises to achieve sustainable development. Therefore, an in-depth exploration of the impact of ESG performance on the green innovation of Chinese export enterprises is imperative. From an academic research perspective, with the advancement of the global sustainable development agenda, the importance of ESG performance as a dimension for evaluating enterprises’ long-term value has been widely recognized (Eccles et al., 2020). For Chinese export enterprises, ESG performance is transitioning from a mere compliance requirement to a core strategic factor influencing international competitiveness. Existing studies have shown that good ESG practices can significantly enhance enterprises’reputation and market access qualifications in international markets (Gillan et al., 2021), particularly playing a key role in addressing new trade barriers such as the EU’s CBAM (Koch & Mama, 2022). However, most existing literature focuses on the economic consequences of ESG practices in developed countries, with relatively insufficient research on export enterprises in emerging markets (Baldini et al., 2022). As the world’s largest export economy, China’s export enterprises exhibit unique interaction mechanisms between ESG practices and green innovation. A further review of relevant literature reveals that current research on ESG and enterprise green innovation primarily focuses on two directions: one is analyzing the impact of ESG on the sustainable development of enterprises in developed countries, and the other is exploring how ESG enhances the environmental performance of enterprises in emerging markets. However, these studies generally use overall enterprise samples or domestic markets as research objects, lacking targeted analysis of the specific group of Chinese export enterprises. Compared with general enterprises, Chinese export enterprises face dual constraints: they must not only meet strict international compliance requirements such as the EU’s CBAM and supply chain ESG audits but also be guided by domestic "dual-carbon" policies and green trade policies, which may give rise to unique driving mechanisms for their green innovation behaviors. In view of this, this study innovatively focuses on Chinese export enterprises and explores the impact of ESG performance on their green innovation decisions from multiple dimensions, including environmental regulations, degree of openness, and enterprise ownership. Literature Review and Research Hypotheses Existing research indicates that ESG performance has a significant positive effect on the green innovation of Chinese export enterprises. Chunlian Zhang et al. found that ESG performance significantly promotes corporate green innovation, with a positive correlation where higher ESG ratings are associated with stronger innovation performance. The mechanisms primarily involve dual pathways of improving investment efficiency and optimizing government-enterprise relationships, while corporate attributes exert moderating effects. These findings confirm that ESG practices can achieve synergistic outcomes of environmental benefits and economic-social development through driving green innovation. Qiliang Wang et al. demonstrated that commercial banks' ESG performance significantly drives green innovation, with this effect being more pronounced in banks with effective compensation incentives. Further mechanism tests reveal that non-performing loan ratios and the Lerner index play key mediating roles, providing a dual transmission pathway explanation for ESG's promotion of green innovation. Huang and Watson’s study on global manufacturing enterprises showed that firms with high ESG scores have significantly more green patents than their peers, primarily because ESG reduces debt financing costs (by an average of 1.8 percentage points) and attracts long-term investors. Boubakri et al. further noted that this effect is more evident in emerging markets, as international capital is sensitive to ESG risks, and export enterprises need to leverage ESG performance to access cross-border financing. Based on the above research, this paper proposes the following hypothesis: Hypothesis 1: ESG performance has a positive promotional effect on green innovation among Chinese export enterprises. Existing studies indicate that the degree of openness and environmental regulations are important contextual factors influencing the relationship between ESG performance and green innovation. Yao Hongxing et al. revealed through group analysis the heterogeneous impacts of foreign aid, carbon dioxide emissions, trade openness, and energy consumption on economic growth, finding that except for the Southern African Development Community, the role of foreign aid in economic growth varies significantly across countries, while trade openness significantly promotes growth in all regions. Zhibin Zhang et al. showed that the openness of producer services has an inverted U-shaped impact on wage growth in downstream manufacturing through labor productivity and labor income share channels, with particularly significant effects in capital- and technology-intensive and low-competitiveness manufacturing industries. However, during the sample period, China’s producer service trade openness had not yet reached the threshold and remained in the positive incentive stage. Berger et al.’s research on global export enterprises found that the promotional effect of ESG performance on green innovation is stronger in highly open countries (such as Germany and South Korea), primarily due to their exposure to stricter international environmental standards (e.g., the EU’s Carbon Border Adjustment Mechanism) and consumer green preference pressures. Regarding environmental regulations, Lingyan He et al. verified that environmental regulations significantly promote corporate green innovation through the leverage effect of the "Porter Hypothesis," with the mechanisms mainly manifested as dual improvements in R&D investment and environmental protection investment. Heterogeneity analysis shows that this effect is more pronounced in larger enterprises with lower financial constraints, providing empirical evidence for understanding the differential impacts of environmental regulations on green innovation and enriching theoretical research on the relationship between environmental regulations and corporate green innovation. Acemoglu et al. further noted that under carbon pricing policies (such as the EU’s CBAM), export enterprises with high ESG scores will proactively adopt low-carbon technologies to avoid trade barriers, while low-ESG enterprises face risks of innovation lag. Ming Zhang et al. showed that environmental regulations significantly promote green technological innovation but exhibit regional heterogeneity: significant effects in central regions and resource-based cities, but insignificant effects in eastern, western, and non-resource-based cities. The mechanisms primarily operate through two pathways: government technological investment and foreign direct investment, providing an important basis for local governments to formulate differentiated environmental policies to drive green transformation. Chen et al. pointed out that in emerging markets, the impact of ESG on green innovation is weak due to imperfect carbon pricing mechanisms, indicating that the stringency of carbon emission policies is a key moderating variable. Yi He et al. found that green innovation increases with stricter environmental regulation, and increased green innovation improves carbon emission efficiency. Industrial upgrading also increases with environmental regulation, and enhanced industrial upgrading improves carbon emission efficiency. Based on the above research, this paper proposes: Hypothesis 2: The promotional effect of ESG performance on green innovation among Chinese export enterprises is stronger in regions with a higher degree of openness. Hypothesis 3: ESG performance promotes green innovation among Chinese export enterprises through the mediating role of environmental regulations. Hypothesis 4: With the inclusion of carbon emission factors, ESG performance significantly enhances the promotional effect of environmental regulations on green innovation activities of Chinese export enterprises. Existing research indicates that corporate ownership significantly moderates the relationship between ESG performance and green innovation. Xuan Zhang et al. found that improving corporate ESG performance can significantly increase access to government subsidies, with property rights heterogeneity: state-owned enterprises exhibit the strongest motivation, followed by non-state-owned enterprises, and central enterprises the weakest. This provides policy insights for optimizing resource allocation and promoting high-quality development through improved ESG practices and information disclosure. Berthelot et al. noted that state-owned enterprises’ ESG performance is often driven by political factors; for example, under "carbon neutrality" policy pressures, Chinese SOEs prioritize investments in renewable energy, though innovation outcomes tend to focus on incremental technological improvements rather than disruptive innovations. Bouslah et al.’s analysis of global listed companies revealed a significant positive correlation between non-SOE ESG performance and the number of green patents, particularly in environmentally sensitive industries (e.g., chemicals, manufacturing), where a 1-unit increase in ESG ratings leads to a 7.2% increase in green patent applications, indicating that market-oriented enterprises view ESG as a source of innovation competitiveness. Xin Jin et al. found that the overall ESG performance of Chinese manufacturing enterprises is relatively low, while digital transformation in state-owned enterprises has become a key pathway to improve ESG performance. Based on the above research, this paper proposes: Hypothesis 5: Compared with non-state-owned enterprises, ESG performance significantly promotes green innovation in state-owned export enterprises. Research Design Sample Selection and Data Source This paper takes Chinese listed companies from 2009 to 2022 as the original sample. The data mainly come from: corporate finance, governance structure and other data from the CSMAR database, and patent information from the CNRDS database. The data preprocessing is as follows: removing companies with ST, PT, and ST* labels at the end of the year; removing companies with missing observation data; retaining commodity circulation enterprises with industry codes "F" and "G" according to the CSRC 2012 industry classification; to avoid the influence of extreme outliers, conducting winsorization on continuous variables at the 1% and 99% levels. After deletion and screening, a total of 3,500 sample observations were finally determined for empirical research using the software Stata 16.0. Selection and Measurement of Variables Dependent Variable:The dependent variable in this paper is the green innovation level (EnvrPat) of export enterprises, calculated by taking the natural logarithm of the sum of the number of green invention patent applications and green utility model applications plus 1. Independent Variable:The independent variable is the enterprise's ESG performance, represented by the Huazheng ESG score. Huazheng ESG has constructed a top-down three-level indicator evaluation system based on the characteristics of Chinese enterprises and the actual status of ESG information disclosure, including 3 first-level indicators, 14 second-level indicators, and 26 third-level indicators. The score ranges from 0 to 100, covers all A-share listed companies nationwide, and has strong objectivity and comparability. Control Variables:The following variables that may affect audit fees are set: enterprise size (Size), debt-to-asset ratio (LEV), return on total assets (ROA), return on net assets (ROE), total asset turnover (ATO), cash flow ratio (Cashflow), inventory ratio (INV), fixed asset ratio (FIXED), operating income growth rate (Growth), and number of directors (Board). Finally, dummy variables for year and industry are added to the regression model. The main variable names, symbols, and definitions are shown in Table 1. Table 1: Definitions of Main Variables Variable Name Symbol Definition Green Innovation Level EnvrPat Natural logarithm of (green invention patents + green utility model patents + 1) ESG Performance ESG_Score Huazheng ESG score (0-100) Environmental Regulation ER Proportion of green environmental protection keywords in the full text of the government work report Openness Level Open Total import and export volume / GDP Corporate Carbon Dioxide Emissions CO2 Absolute value of annual carbon dioxide emissions of the enterprise Enterprise Size Size Natural logarithm of total assets Debt-to-Asset Ratio LEV Total liabilities / total assets Return on Total Assets ROA Net profit / total assets Return on Net Assets ROE Net profit / net assets Total Asset Turnover ATO Operating income / average total assets Cash Flow Ratio Cashflow Operating cash flow / total assets Inventory Ratio INV Inventory / total assets Fixed Asset Ratio FIXED Fixed assets / total assets Operating Income Growth Rate Growth Year-on-year growth rate of operating income Number of Directors Board Total number of directors Model Construction To test the impact of ESG performance on the green innovation level of Chinese export enterprises, this paper constructs Model (1): = + + + ear+ (1) Where the dependent variable EnvrPat it is the natural logarithm of the sum of the number of green invention patent applications and green utility model applications of the enterprise plus 1. The independent variable ESG it is the Huazheng ESG score, and Controls it represents a series of control variables. In addition, industry and year fixed effects are included. Specific control variables are shown in Table 1. Descriptive Statistics The descriptive statistical results of the main variables are shown in Table 2. It can be seen that the maximum value of the green innovation level (EnvrPat) of the observed samples is 6.848, and the minimum value is 0, indicating a large gap in the green innovation level among sample companies. The mean value of the explanatory variable ESG performance (ESG) is 4.283, the median is 4.250, the maximum value is 7, and the minimum value is 1, suggesting significant differences in ESG performance across enterprises. Table 2: Descriptive Statistics VarName Obs Mean SD Min Median Max ESG 3500 4.283 0.925 1.000 4.250 7.000 EnvrPat 3500 0.508 0.942 0.000 0.000 6.848 ER 3500 47.192 16.278 1.000 46.000 134.000 Open 3500 0.515 0.375 0.011 0.465 1.464 CO2 3500 267.688 2422.436 0.093 10.516 50655.930 Size 3500 22.760 1.282 19.831 22.617 26.430 Lev 3500 0.449 0.178 0.030 0.462 0.901 ROA 3500 0.052 0.056 -0.292 0.042 0.238 ROE 3500 0.090 0.099 -0.563 0.081 0.420 ATO 3500 0.746 0.418 0.057 0.659 2.907 Cashflow 3500 0.060 0.063 -0.224 0.056 0.283 INV 3500 0.150 0.098 0.002 0.133 0.675 FIXED 3500 0.257 0.150 0.002 0.228 0.765 Growth 3500 0.145 0.293 -0.582 0.107 3.188 Board 3500 2.176 0.187 1.609 2.197 2.708 Empirical Results and Analysis Correlation Analysis This paper conducts a correlation analysis of the main variables used, and the results are shown in Table 3. As can be seen from the table, without considering other control variables, the correlation coefficient between ESG and the enterprise's green innovation level is 0.158, which is significant at the 1% level. This preliminarily indicates a significant positive correlation between the enterprise's ESG performance and green innovation. In addition, five variables, including Size, Lev, ROE, ATO, and Board, are significantly positively correlated with audit fees. However, the correlation analysis can only reflect whether there is a correlation between the research variables, and whether there is a causal relationship between the variables remains to be further tested. Table 3:Correlation Analysis EnvrPat ESG ER OPEN CO2 Size Lev ROA ROE ATO Cashflow INV FIXED Growth Board EnvrPat 1 ESG 0.158*** 1 ER 0.00600 -0.032* 1 Open 0.048*** -0.00600 -0.00800 1 CO2 0.248*** 0.089*** 0.0200 0.083*** 1 Size 0.326*** 0.296*** 0.053*** -0.096*** 0.242*** 1 Lev 0.178*** -0.081*** 0.0120 -0.179*** 0.046*** 0.394*** 1 ROA -0.0270 0.195*** -0.028* 0.100*** -0.00700 -0.0220 -0.425*** 1 ROE 0.044*** 0.180*** -0.0260 0.072*** 0.00900 0.086*** -0.182*** 0.913*** 1 ATO 0.086*** -0.0110 0.00900 0.0170 0.173*** -0.036** 0.146*** 0.148*** 0.218*** 1 Cashflow 0.0260 0.160*** -0.028* 0.060*** 0.074*** 0.103*** -0.199*** 0.467*** 0.417*** 0.121*** 1 INV -0.033* -0.116*** -0.0210 -0.102*** -0.0230 -0.177*** 0.145*** -0.079*** -0.0270 0.255*** -0.260*** 1 FIXED -0.0210 0.085*** -0.0160 -0.065*** 0.117*** 0.191*** 0.206*** -0.166*** -0.119*** -0.048*** 0.222*** -0.303*** 1 Growth -0.0190 -0.0180 0.00300 0.0190 -0.0140 -0.00500 0.031* 0.243*** 0.275*** 0.132*** 0.00200 0.028* -0.041** 1 Board 0.035** 0.084*** 0.0210 -0.066*** 0.117*** 0.211*** 0.112*** 0.0260 0.042** -0.038** 0.072*** -0.0220 0.182*** -0.0110 1 Note：***p<0.01, **p<0.05, *p<0.1. Regression Results and Analysis This paper conducts OLS regression analysis based on the model, and the results are reported in Table 4. Column (1) shows the regression results without control variables, where the regression coefficient of ESG is 0.16 and significant at the 1% level. After adding control variables in Column (2), ESG remains significantly positive, indicating that enterprises' ESG performance can positively influence their green innovation level. Table 4:Regression Results and Analysis (1) (2) EnvrPat EnvrPat ESG 0.162*** 0.091*** (0.021) (0.022) Size 0.218*** (0.015) Lev 0.144 (0.123) ROA -4.266*** (0.876) ROE 1.912*** (0.454) ATO 0.214*** (0.047) Cashflow 0.418 (0.297) INV -0.416* (0.177) FIXED -0.757*** (0.117) Growth -0.099 (0.058) Board -0.087 (0.086) _cons -0.185* -4.407*** (0.077) (0.322) Industry Yes Yes Year Yes Yes Observations 3500 3500 Note：***p<0.01, **p<0.05, *p<0.1. Regression Analysis of Moderating Variables The previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly drive the enhancement of their green innovation levels. In this section, we further investigate whether this relationship varies when moderating variables are incorporated, and the results are presented in the table 5. It is evident that upon including the degree of opening - up, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.0943, and it is significant at the 1% level. This finding suggests that in regions with a higher degree of opening - up, the facilitating effect of ESG performance on green innovation is more substantial. Table 5:Regression Analysis of Moderating Variables (1) EnvrPat ESG 0.073*** (0.018) ESG*Open 0.094*** (0.009) Size 0.210*** (0.014) Lev 0.203 (0.124) ROA -4.113*** (0.872) ROE 1.816*** (0.446) ATO 0.202*** (0.039) Cashflow 0.389 (0.293) INV -0.316* (0.175) FIXED -0.720*** (0.114) Growth -0.090* (0.053) Board -0.071 (0.082) _cons -4.504*** (0.320) Industry Yes Year Yes Observations 3,500 R-squared 0.146 Note：***p<0.01, **p<0.05, *p<0.1. Regression Analysis of Mediating Variables The previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly boost the enhancement of their green innovation levels. In this section, we further explore whether this relationship exhibits different characteristics when mediating variables are introduced, and the results are presented in the table 6. It is evident that after incorporating environmental regulation, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.227, and it is significant at the 1% level. This indicates that environmental regulation plays a crucial mediating role in the relationship between ESG performance and green innovation. Table 6:Regression Analysis of Mediating Variables (1) EnvrPat ESG 0.093*** (5.361) ER 0.227*** (0.040) Size 0.210*** (14.70) Lev 0.142 (1.149) ROA -4.267*** (-4.880) ROE 1.911*** (4.279) ATO 0.209*** (5.369) Cashflow 0.409 (1.394) INV -0.416** (-2.391) FIXED -0.754*** (-6.592) Growth -0.087 (-1.617) Board -0.080 (-0.971) _cons -4.382*** (-13.636) Industry Yes Year Yes Observations 3500 R-squared 0.141 Note：***p<0.01, **p<0.05, *p<0.1. Furthermore, we introduce carbon emissions as a moderating variable in the mediating path to examine whether there are any variations in this phenomenon. The results are presented in the table 7. It can be observed that after incorporating carbon emissions, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.023, and it is significant at the 1% level. This indicates that with the inclusion of carbon emissions, ESG performance can significantly enhance the facilitating effect of environmental regulations on the green innovation activities of Chinese export enterprises. Table 7 (1) EnvrPat ESG 0.093*** (5.361) ER*CO2 0.023*** (3.432) Size -0.003 (-0.066) Lev -0.356* (-1.705) ROA -0.245 (-0.913) ROE 0.209*** (4.574) ATO 0.001 (0.355) Cashflow 0.004 (0.009) INV 0.122** (2.179) FIXED 0.0230*** (3.432) Growth -0.003 (-0.066) Board -0.356* (-1.705) _cons -6.034*** (-10.290) Industry Yes Year Yes Observations 3500 R-squared 0.189 Note：***p<0.01, **p<0.05, *p<0.1. Robustness Checks To enhance the credibility of this study, we replaced the independent variable in the baseline regression with Wind ESG ratings to proxy corporate ESG performance. The results are presented in Table 8(1)(2). Regardless of whether control variables are included, the regression coefficients between WindESG and EnvrPat are significantly positive, strongly supporting the hypotheses proposed in the previous sections. Additionally, we replaced the dependent variable in the baseline regression. We used the natural logarithm of the number of green invention patent applications plus 1 and the natural logarithm of the number of green utility model patent applications plus 1 to represent the enterprise's green innovation level. The regression results are shown in Table 8(3)(4). The regression coefficients of the independent variable ESG are significantly positive at the 5% level, indicating that good ESG performance can simultaneously promote the increase of both green invention patents and utility model patents of enterprises. Table 8:Robustness Checks (1) (2) (1) (2) EnvrPat EnvrPat EnvrInvPat EnvrUtyPat WindESG 0.268*** 0.120*** (8.295) (3.695) ESG 0.013** 0.010** (2.430) (2.161) Size 0.0423 0.035 -0.020 (1.208) (1.279) (-0.841) Lev -0.544 -0.232 -0.362 (-1.016) (-0.643) (-0.946) ROA -0.552*** -0.509*** -0.175 (-2.897) (-3.117) (-1.347) ROE -0.510** -0.4768** -0.040 (-2.213) (-2.485) (-0.235) ATO 0.202*** 0.173*** 0.109*** (4.869) (5.059) (3.655) Cashflow -0.001 0.001 -0.001 (-0.425) (0.438) (-0.615) INV 0.002 0.001 0.002* (1.282) (0.809) (1.841) FIXED 0.200*** 0.215*** -0.003 (3.155) (3.797) (-0.079) Growth 0.0879 -0.035 0.150*** (1.627) (-0.754) (4.519) Board -0.363 -0.636 0.183*** 0.149*** (-0.468) (-1.013) (5.059) (3.655) _cons -1.061*** -5.389*** -5.143*** -2.679*** (-5.613) (-11.176) (-10.661) (-6.592) Industry Yes Yes Yes Yes Year Yes Yes Yes Yes Observations 3500 3500 3500 3500 R-squared 0.116 0.203 0.185 0.112 Note：***p<0.01, **p<0.05, *p<0.1. Heterogeneity Test The previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly promote the improvement of their green innovation level. In this section, we further investigate whether this phenomenon varies under different property rights. According to the property rights nature of enterprises, the following group regression is designed, and the results are shown in Table 9. It can be observed that, among state-owned enterprises, the regression coefficient between ESG performance and green innovation is 0.0393, significant at the 1% level. In contrast, for non-state-owned enterprises, the regression coefficient of ESG is -0.0187 and not significant. This indicates that only in state-owned enterprises can ESG performance significantly drive the enhancement of green innovation levels. Table 9:Heterogeneity Test (1) (2) State-owned Enterprises Non-state-owned Enterprises EnvrPat EnvrPat ESG 0.039*** -0.019 (3.139) (-0.820) Size 0.027 0.015 (0.494) (0.395) Lev -0.363 -0.636 (-0.468) (-1.013) ROA -0.353 -0.773*** (-1.308) (-2.843) ROE 0.020 -1.246*** (0.060) (-3.719) ATO 0.214*** 0.266*** (3.548) (4.709) Cashflow 0.001 -0.003 (0.291) (-0.983) INV 0.004 0.001 (1.524) (0.537) FIXED 0.001 0.275*** (0.002) (3.797) Growth 0.008 0.0006 (1.876) (1.324) Board -0.078 -0.094 (-0.983) （-0.633） _cons -7.289*** -4.700*** (-9.797) (-5.560) Industry Yes Yes Year Yes Yes Observations 3500 3500 R-squared 0.194 0.196 Note：***p<0.01, **p<0.05, *p<0.1. Research Conclusions and Implications This paper takes Chinese A-share listed companies from 2009 to 2022 as the research sample to empirically investigate the impact mechanism of ESG performance on green innovation of Chinese export enterprises. The results show that ESG performance has a significant promoting effect on corporate green innovation, and this conclusion remains valid after robustness tests. Further analysis reveals that: in regions with a high degree of opening-up, the promoting effect of ESG performance on green innovation is more obvious; environmental regulations play an important mediating role in the relationship between ESG performance and green innovation; carbon emission levels strengthen the positive impact of ESG performance on environmental regulations. Compared with non-state-owned enterprises, the positive impact of ESG performance on green innovation is more prominent in state-owned enterprises. Based on the above conclusions, the following implications are drawn:First, at the enterprise level, the promoting effect of ESG performance on green innovation should be fully emphasized, and the ESG concept should be deeply integrated into the development strategy. Export enterprises need to focus on addressing environmental challenges, establish a dynamic monitoring mechanism to keenly grasp the changing trends of international environmental protection regulations, and continuously optimize the green innovation path.Second, the government should implement differentiated regional support policies. For export-oriented economic regions with a high degree of openness, it is recommended to establish a linkage mechanism between ESG performance and trade facilitation policies, and fully release their green innovation potential through resource tilting and policy guidance.Third, it is proposed to construct a trinity policy coordination system of "ESG-environmental regulations-green innovation". Specifically, the leverage effect of ESG can be strengthened by dynamically improving environmental regulatory standards, and a positive association mechanism between ESG ratings and environmental law enforcement intensity should be prioritized.Fourth, improve the index design of the ESG evaluation system. It is recommended to incorporate key environmental indicators such as carbon emissions into the policy framework, and implement incentive measures such as tax preferences and green credit for enterprises with excellent ESG performance, so as to enhance the guiding effectiveness of environmental regulations on green innovation.Fifth, give full play to the comparative advantages of different ownership enterprises. On the one hand, state-owned export enterprises should rely on their institutional advantages to play a leading role in the national green development strategy; on the other hand, policy guidance is needed to improve the ESG awareness of non-state-owned enterprises and help them improve their internal governance structure and green innovation capacity building. Declarations Funding Statement: The authors would like to clarify that this research, including its design, execution, data analysis, and the preparation of the manuscript, received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors. There are no competing interests to declare. Author Contribution Jin wrote the main manuscript text.Zhang reviewed the manuscript. Data Availability Data is provided within the figures and tables ,the file name is figure.xlsx.It should be noted that there is no data in the manuscript. References Eccles, Robert G., and Svetlana Klimenko. 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PLoS ONE 18(5): e0279220. https://doi.org/10.1371/journal. pone.0279220 Wang Q, Zhang Y, Li Y, Wang P (2024) ESG performance and green innovation in commercial banks: Evidence from China. PLoS ONE19(11): e0308513. https://doi.org/10.1371/ journal.pone.0308513 Huang, Y., & Watson, M. D. (2023). ESG performance and the cost of debt: Evidence from global supply chains. Journal of Banking & Finance, 147, 106632. https://doi.org/10.1016/j.jbankfin.2022.106632 Boubakri, N., El Ghoul, S., & Wang, H. (2022). ESG disclosure and foreign institutional investment. Journal of International Business Studies, 53(6), 1133-1164. https://doi.org/10.1057/s41267-021-00472-9 Hongxing Y, Abban OJ, Dankyi Boadi A (2021) Foreign aid and economic growth: Do energy consumption, trade openness and CO2 emissions matter? A DSUR heterogeneous evidence from Africa’s trading blocs. PLoS ONE 16(6): e0253457. https://doi.org/10.1371/journal.pone.0253457 Zhang Z, Wang D (2024) Does the opening of producer services promote the wage growth of the downstream manufacturing industry?—Empirical evidence from Chinese manufacturing listed companies. PLoS ONE 19(4): e0293915. https://doi.org/10.1371/journal. pone.0293915 Berger, A., Imbierowicz, B., & Rauch, C. (2022). The role of trade openness in corporate sustainability. Journal of International Business Studies, 53(4), 621-644. https://doi.org/10.1057/s41267-021-00484-5 He, Lingyan, and Miao Wang. "Environmental regulation and green innovation of polluting firms in China." PLoS One 18.3 (2023): e0281303.https://doi.org/10.1371/journal.pone.0281303 Acemoglu, D., Akcigit, U., & Kerr, W. R. (2021). Transition to clean technology. Journal of Political Economy, 129(3), 000-000. https://doi.org/10.1086/713105 Zhang, Ming, Wancheng Xie, and Wen Gao. "Have environmental regulations promoted green technological innovation in cities? Evidence from China’s green patents." Plos one 17.12 (2022): e0278902. https://doi.org/10.1371/journal.pone.0278902 Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2022). Does carbon risk matter for corporate ESG strategies? Journal of Corporate Finance, 75, 102264. https://doi.org/10.1016/j.jcorpfin.2022.102264 He, Yi, Xiang Zhang, and Qinghua Xie. "Environmental regulation and carbon emission efficiency: Evidence from pollution levy standards adjustment in China." Plos one 19.2 (2024): e0296642.https://doi.org/10.1371/journal.pone.0296642 Zhang, Xuan, Jingxian Zhang, and Yongjie Feng. "Can companies get more government subsidies through improving their ESG performance? Empirical evidence from China." Plos one 18.10 (2023): e0292355.https://doi.org/10.1371/journal.pone.0292355 Berthelot, S., Coulmont, M., & Serret, V. (2021). Do state-owned enterprises respond to climate policy? Evidence from global ESG data. Journal of Business Ethics, 174(3), 421-440. https://doi.org/10.1007/s10551-021-04886-1 Bouslah, K., Kryzanowski, L., & M’Zali, B. (2023). ESG performance and market-driven green innovation: Evidence from global firms. Journal of Banking & Finance, 148, 106740. https://doi.org/10.1016/j.jbankfin.2023.106740 Jin, Xin, and Yizhu Wu. "How does digital transformation affect the ESG performance of Chinese manufacturing state-owned enterprises?—Based on the mediating mechanism of dynamic capabilities and the moderating mechanism of the institutional environment." Plos one 19.5 (2024): e0301864.https://doi.org/10.1371/journal.pone.0301864 Additional Declarations No competing interests reported. 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Developed economies represented by the EU have advanced the globalization of ESG standards through legislation and trade policies. Measures such as the \"Carbon Border Adjustment Mechanism\" (CBAM) introduced in 2023 and strict regulations on supply chain labor standards (e.g., compliance requirements for the \"eight-hour workday\") have constituted new trade barriers for export enterprises in emerging markets like China. Although China\u0026rsquo;s Ministry of Commerce has explicitly opposed the potential trade protectionism implicit in such unilateral measures, domestic policies and markets have proactively accelerated their alignment with international ESG frameworks to actively address the pressures brought by the green transformation of global industrial chains. In this trend, the impact of ESG performance on Chinese export enterprises has gradually shifted from early compliance risks to strategic opportunities, particularly demonstrating significant driving potential in the field of green innovation. Currently, China\u0026rsquo;s ESG practices exhibit a \"dual\" character: at the policy level, the government guides enterprises to strengthen ESG information disclosure through documents such as Action Plan for Promoting High-Quality Development of Listed Companies, and incorporates environmental responsibilities (e.g., the \"dual-carbon\" goals) and corporate governance into the performance evaluation systems of state-owned enterprises; at the market level, investors and institutions increasingly regard ESG ratings as a key basis for evaluating enterprises\u0026rsquo; long-term competitiveness, prompting export enterprises to enhance their international competitiveness through green technological upgrades.\u003c/p\u003e\u003cp\u003eAs the world\u0026rsquo;s largest goods trading nation, Chinese export enterprises are facing unprecedented pressures from international environmental regulations and ESG standards amid the accelerated global green and low-carbon transition. Policies such as the EU\u0026rsquo;s CBAM and Sustainable Supply Chain Act not only require enterprises to assume higher environmental responsibilities but also directly drive their green transformation; simultaneously, the advancement of domestic \"dual-carbon\" goals and the improvement of ESG policy systems have prompted export enterprises to view green innovation as a critical path to breaking through international competitive barriers and enhancing core competitiveness. In this context, green innovation is no longer limited to a passive choice for maintaining international market share but has become an active strategic choice for enterprises to achieve sustainable development. Therefore, an in-depth exploration of the impact of ESG performance on the green innovation of Chinese export enterprises is imperative.\u003c/p\u003e\u003cp\u003eFrom an academic research perspective, with the advancement of the global sustainable development agenda, the importance of ESG performance as a dimension for evaluating enterprises\u0026rsquo; long-term value has been widely recognized (Eccles et al., 2020). For Chinese export enterprises, ESG performance is transitioning from a mere compliance requirement to a core strategic factor influencing international competitiveness. Existing studies have shown that good ESG practices can significantly enhance enterprises\u0026rsquo;reputation and market access qualifications in international markets (Gillan et al., 2021), particularly playing a key role in addressing new trade barriers such as the EU\u0026rsquo;s CBAM (Koch \u0026amp; Mama, 2022). However, most existing literature focuses on the economic consequences of ESG practices in developed countries, with relatively insufficient research on export enterprises in emerging markets (Baldini et al., 2022). As the world\u0026rsquo;s largest export economy, China\u0026rsquo;s export enterprises exhibit unique interaction mechanisms between ESG practices and green innovation.\u003c/p\u003e\u003cp\u003eA further review of relevant literature reveals that current research on ESG and enterprise green innovation primarily focuses on two directions: one is analyzing the impact of ESG on the sustainable development of enterprises in developed countries, and the other is exploring how ESG enhances the environmental performance of enterprises in emerging markets. However, these studies generally use overall enterprise samples or domestic markets as research objects, lacking targeted analysis of the specific group of Chinese export enterprises. Compared with general enterprises, Chinese export enterprises face dual constraints: they must not only meet strict international compliance requirements such as the EU\u0026rsquo;s CBAM and supply chain ESG audits but also be guided by domestic \"dual-carbon\" policies and green trade policies, which may give rise to unique driving mechanisms for their green innovation behaviors. In view of this, this study innovatively focuses on Chinese export enterprises and explores the impact of ESG performance on their green innovation decisions from multiple dimensions, including environmental regulations, degree of openness, and enterprise ownership.\u003c/p\u003e"},{"header":"Literature Review and Research Hypotheses","content":"\u003cp\u003eExisting research indicates that ESG performance has a significant positive effect on the green innovation of Chinese export enterprises. Chunlian Zhang et al. found that ESG performance significantly promotes corporate green innovation, with a positive correlation where higher ESG ratings are associated with stronger innovation performance. The mechanisms primarily involve dual pathways of improving investment efficiency and optimizing government-enterprise relationships, while corporate attributes exert moderating effects. These findings confirm that ESG practices can achieve synergistic outcomes of environmental benefits and economic-social development through driving green innovation. Qiliang Wang et al. demonstrated that commercial banks' ESG performance significantly drives green innovation, with this effect being more pronounced in banks with effective compensation incentives. Further mechanism tests reveal that non-performing loan ratios and the Lerner index play key mediating roles, providing a dual transmission pathway explanation for ESG's promotion of green innovation. Huang and Watson’s study on global manufacturing enterprises showed that firms with high ESG scores have significantly more green patents than their peers, primarily because ESG reduces debt financing costs (by an average of 1.8 percentage points) and attracts long-term investors. Boubakri et al. further noted that this effect is more evident in emerging markets, as international capital is sensitive to ESG risks, and export enterprises need to leverage ESG performance to access cross-border financing. Based on the above research, this paper proposes the following hypothesis:\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;Hypothesis 1: ESG performance has a positive promotional effect on green innovation among Chinese export enterprises.\u003c/p\u003e\n\u003cp\u003eExisting studies indicate that the degree of openness and environmental regulations are important contextual factors influencing the relationship between ESG performance and green innovation. Yao Hongxing et al. revealed through group analysis the heterogeneous impacts of foreign aid, carbon dioxide emissions, trade openness, and energy consumption on economic growth, finding that except for the Southern African Development Community, the role of foreign aid in economic growth varies significantly across countries, while trade openness significantly promotes growth in all regions. Zhibin Zhang et al. showed that the openness of producer services has an inverted U-shaped impact on wage growth in downstream manufacturing through labor productivity and labor income share channels, with particularly significant effects in capital- and technology-intensive and low-competitiveness manufacturing industries. However, during the sample period, China’s producer service trade openness had not yet reached the threshold and remained in the positive incentive stage. Berger et al.’s research on global export enterprises found that the promotional effect of ESG performance on green innovation is stronger in highly open countries (such as Germany and South Korea), primarily due to their exposure to stricter international environmental standards (e.g., the EU’s Carbon Border Adjustment Mechanism) and consumer green preference pressures. Regarding environmental regulations, Lingyan He et al. verified that environmental regulations significantly promote corporate green innovation through the leverage effect of the \"Porter Hypothesis,\" with the mechanisms mainly manifested as dual improvements in R\u0026amp;D investment and environmental protection investment. Heterogeneity analysis shows that this effect is more pronounced in larger enterprises with lower financial constraints, providing empirical evidence for understanding the differential impacts of environmental regulations on green innovation and enriching theoretical research on the relationship between environmental regulations and corporate green innovation. Acemoglu et al. further noted that under carbon pricing policies (such as the EU’s CBAM), export enterprises with high ESG scores will proactively adopt low-carbon technologies to avoid trade barriers, while low-ESG enterprises face risks of innovation lag. Ming Zhang et al. showed that environmental regulations significantly promote green technological innovation but exhibit regional heterogeneity: significant effects in central regions and resource-based cities, but insignificant effects in eastern, western, and non-resource-based cities. The mechanisms primarily operate through two pathways: government technological investment and foreign direct investment, providing an important basis for local governments to formulate differentiated environmental policies to drive green transformation. Chen et al. pointed out that in emerging markets, the impact of ESG on green innovation is weak due to imperfect carbon pricing mechanisms, indicating that the stringency of carbon emission policies is a key moderating variable. Yi He et al. found that green innovation increases with stricter environmental regulation, and increased green innovation improves carbon emission efficiency. Industrial upgrading also increases with environmental regulation, and enhanced industrial upgrading improves carbon emission efficiency. Based on the above research, this paper proposes:\u003c/p\u003e\n\u003cp\u003eHypothesis 2: The promotional effect of ESG performance on green innovation among Chinese export enterprises is stronger in regions with a higher degree of openness.\u003c/p\u003e\n\u003cp\u003eHypothesis 3: ESG performance promotes green innovation among Chinese export enterprises through the mediating role of environmental regulations.\u003c/p\u003e\n\u003cp\u003eHypothesis 4: With the inclusion of carbon emission factors, ESG performance significantly enhances the promotional effect of environmental regulations on green innovation activities of Chinese export enterprises.\u003c/p\u003e\n\u003cp\u003eExisting research indicates that corporate ownership significantly moderates the relationship between ESG performance and green innovation. Xuan Zhang et al. found that improving corporate ESG performance can significantly increase access to government subsidies, with property rights heterogeneity: state-owned enterprises exhibit the strongest motivation, followed by non-state-owned enterprises, and central enterprises the weakest. This provides policy insights for optimizing resource allocation and promoting high-quality development through improved ESG practices and information disclosure. Berthelot et al. noted that state-owned enterprises’ ESG performance is often driven by political factors; for example, under \"carbon neutrality\" policy pressures, Chinese SOEs prioritize investments in renewable energy, though innovation outcomes tend to focus on incremental technological improvements rather than disruptive innovations. Bouslah et al.’s analysis of global listed companies revealed a significant positive correlation between non-SOE ESG performance and the number of green patents, particularly in environmentally sensitive industries (e.g., chemicals, manufacturing), where a 1-unit increase in ESG ratings leads to a 7.2% increase in green patent applications, indicating that market-oriented enterprises view ESG as a source of innovation competitiveness. Xin Jin et al. found that the overall ESG performance of Chinese manufacturing enterprises is relatively low, while digital transformation in state-owned enterprises has become a key pathway to improve ESG performance. Based on the above research, this paper proposes:\u003c/p\u003e\n\u003cp\u003eHypothesis 5: Compared with non-state-owned enterprises, ESG performance significantly promotes green innovation in state-owned export enterprises.\u003c/p\u003e"},{"header":"Research Design","content":"\u003cp\u003e\u003cstrong\u003eSample Selection and Data Source\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis paper takes Chinese listed companies from 2009 to 2022 as the original sample. The data mainly come from: corporate finance, governance structure and other data from the CSMAR database, and patent information from the CNRDS database. The data preprocessing is as follows: removing companies with ST, PT, and ST* labels at the end of the year; removing companies with missing observation data; retaining commodity circulation enterprises with industry codes \u0026quot;F\u0026quot; and \u0026quot;G\u0026quot; according to the CSRC 2012 industry classification; \u0026nbsp;to avoid the influence of extreme outliers, conducting winsorization on continuous variables at the 1% and 99% levels. After deletion and screening, a total of 3,500 sample observations were finally determined for empirical research using the software Stata 16.0.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eSelection and Measurement of Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eDependent Variable:The dependent variable in this paper is the green innovation level (EnvrPat) of export enterprises, calculated by taking the natural logarithm of the sum of the number of green invention patent applications and green utility model applications plus 1.\u003c/p\u003e\n\u003cp\u003eIndependent Variable:The independent variable is the enterprise\u0026apos;s ESG performance, represented by the Huazheng ESG score. Huazheng ESG has constructed a top-down three-level indicator evaluation system based on the characteristics of Chinese enterprises and the actual status of ESG information disclosure, including 3 first-level indicators, 14 second-level indicators, and 26 third-level indicators. The score ranges from 0 to 100, covers all A-share listed companies nationwide, and has strong objectivity and comparability.\u003c/p\u003e\n\u003cp\u003eControl Variables:The following variables that may affect audit fees are set: enterprise size (Size), debt-to-asset ratio (LEV), return on total assets (ROA), return on net assets (ROE), total asset turnover (ATO), cash flow ratio (Cashflow), inventory ratio (INV), fixed asset ratio (FIXED), operating income growth rate (Growth), and number of directors (Board). Finally, dummy variables for year and industry are added to the regression model. The main variable names, symbols, and definitions are shown in Table 1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 1: Definitions of Main Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"Left\"\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"636\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eVariable Name\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eSymbol\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eDefinition\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eGreen Innovation Level\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eNatural logarithm of (green invention patents + green utility model patents + 1)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eESG Performance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eESG_Score\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eHuazheng ESG score (0-100)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eEnvironmental Regulation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eER\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eProportion of green environmental protection keywords in the full text of the government work report\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eOpenness Level\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eOpen\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eTotal import and export volume / GDP\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eCorporate Carbon Dioxide Emissions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eCO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eAbsolute value of annual carbon dioxide emissions of the enterprise\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eEnterprise Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eNatural logarithm of total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eDebt-to-Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eLEV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eTotal liabilities / total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eReturn on Total Assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eNet profit / total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eReturn on Net Assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eNet profit / net assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eTotal Asset Turnover\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eOperating income / average total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eCash Flow Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eOperating cash flow / total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eInventory Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eInventory / total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eFixed Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eFixed assets / total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eOperating Income Growth Rate\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eYear-on-year growth rate of operating income\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 156px;\"\u003e\n \u003cp\u003eNumber of Directors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 374px;\"\u003e\n \u003cp\u003eTotal number of directors\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eModel Construction\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eTo test the impact of ESG performance on the green innovation level of Chinese export enterprises, this paper constructs Model (1):\u003c/p\u003e\n\u003cp\u003e\u003cimg width=\"72\" height=\"20\" src=\"data:image/png;base64,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\" alt=\"image\"\u003e\u003cstrong\u003e=\u003c/strong\u003e\u003cimg width=\"18\" height=\"19\" src=\"data:image/png;base64,R0lGODlhEgATAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAABAASAA8AhAAAAAAAAAAAOgAAZgA6OgA6ZgA6kABmtjoAADo6OjpmkDpmtjqQ22YAAGY6AGa222a2/5A6AJDb/7ZmALaQOrb//9uQOtu2Ztu2kNv///+2Zv/bkP//tv//2wECAwECAwVvICACmBMEwjOuqxYY2YYMFbtyjSABsm6PllcGEDz8RpMAo0MJLIZHXABCQTyPIhkN4DJiXTBuYHtMeoNhLiJQqHUigUNszRDhGDgjTpA4EVQiLhAAEzBgUCyChDRFR4qFGXB1PzJ4DV5YIhdrCkMhADs=\" alt=\"image\"\u003e\u003cstrong\u003e+\u003c/strong\u003e\u003cimg width=\"61\" height=\"20\" src=\"data:image/png;base64,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\" alt=\"image\"\u003e\u003cstrong\u003e+\u003c/strong\u003e\u003cimg width=\"101\" height=\"20\" src=\"data:image/png;base64,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\" alt=\"image\"\u003e\u003cstrong\u003e+\u003c/strong\u003e\u003cimg width=\"110\" height=\"19\" src=\"data:image/png;base64,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\" alt=\"image\"\u003e\u003cstrong\u003eear+\u003c/strong\u003e\u003cimg width=\"20\" height=\"20\" src=\"data:image/png;base64,R0lGODlhFAAUAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAACAAUAAwAhQAAAAAAAAAAOgAAZgA6kABmtjoAADoAOjo6ADo6Zjo6kDqQ22YAAGY6Zma222a2/5A6AJC225Db/7ZmALZmZrZmkLa2Zrbb/7b//9uQOtuQZtu2Ztvbttv///+2Zv/bkP//tv//2wECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwECAwZgQABggwgYFR2hcqn8GASS0ISQZFpBjIHEylWGLAbjo8vEBhxlxqLrCWgBnMal6xwDNOFAYo4dYJRtYmQZVEtTVVwhEGtKWIx0BmMeBQAfBxEVf1xOAg6TlU9oZEoUmktBADs=\" alt=\"image\"\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e (1)\u003c/p\u003e\n\u003cp\u003eWhere the dependent variable\u0026nbsp;EnvrPat it\u0026nbsp;is the natural logarithm of the sum of the number of green invention patent applications and green utility model applications of the enterprise plus 1. The independent variable\u0026nbsp;ESG it\u0026nbsp;is the Huazheng ESG score, and\u0026nbsp;Controls it represents a series of control variables. In addition, industry and year fixed effects are included. Specific control variables are shown in Table 1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u0026nbsp;Descriptive Statistics\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe descriptive statistical results of the main variables are shown in Table 2. It can be seen that the maximum value of the green innovation level (EnvrPat) of the observed samples is 6.848, and the minimum value is 0, indicating a large gap in the green innovation level among sample companies. The mean value of the explanatory variable ESG performance (ESG) is 4.283, the median is 4.250, the maximum value is 7, and the minimum value is 1, suggesting significant differences in ESG performance across enterprises.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2: Descriptive Statistics\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"Left\"\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eVarName\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eObs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eSD\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eMin\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eMedian\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eMax\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e4.283\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.925\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e4.250\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e7.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.508\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.942\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e6.848\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eER\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e47.192\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e16.278\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e46.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e134.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eOpen\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.515\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.375\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.011\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.465\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e1.464\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eCO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e267.688\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e2422.436\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.093\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e10.516\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e50655.930\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e22.760\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e1.282\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e19.831\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e22.617\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e26.430\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.449\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.178\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.030\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.462\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.901\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.052\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e-0.292\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.042\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.238\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.090\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.099\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e-0.563\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.081\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.420\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.746\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.418\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.057\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.659\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e2.907\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.060\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e-0.224\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.283\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.098\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.133\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.675\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.257\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.228\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.765\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.145\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.293\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e-0.582\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.107\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3.188\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e2.176\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e0.187\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e1.609\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e2.197\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 86px;\"\u003e\n \u003cp\u003e2.708\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eEmpirical Results and Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCorrelation Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis paper conducts a correlation analysis of the main variables used, and the results are shown in Table 3. As can be seen from the table, without considering other control variables, the correlation coefficient between ESG and the enterprise\u0026apos;s green innovation level is 0.158, which is significant at the 1% level. This preliminarily indicates a significant positive correlation between the enterprise\u0026apos;s ESG performance and green innovation. In addition, five variables, including Size, Lev, ROE, ATO, and Board, are significantly positively correlated with audit fees. However, the correlation analysis can only reflect whether there is a correlation between the research variables, and whether there is a causal relationship between the variables remains to be further tested.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 3:Correlation Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eER\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eOPEN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.158***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eER\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00600\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.032*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eOpen\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.048***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.00600\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.00800\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.248***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.089***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0200\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.083***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.326***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.296***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.053***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.096***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.242***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.178***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.081***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0120\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.179***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.046***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.394***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0270\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.195***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.028*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.100***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.00700\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0220\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.425***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.044***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.180***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0260\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.072***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00900\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.086***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.182***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.913***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.086***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0110\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00900\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0170\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.173***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.036**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.146***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.148***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.218***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0260\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.160***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.028*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.060***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.074***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.103***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.199***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.467***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.417***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.121***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.033*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.116***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0210\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.102***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0230\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.177***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.145***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.079***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0270\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.255***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.260***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0210\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.085***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0160\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.065***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.117***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.191***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.206***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.166***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.119***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.048***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.222***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.303***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0190\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0180\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00300\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0190\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0140\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.00500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.031*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.243***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.275***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.132***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00200\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.028*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.041**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.035**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.084***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0210\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.066***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.117***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.211***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.112***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0260\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.042**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.038**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.072***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0220\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.182***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.0110\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u0026nbsp;Regression Results and Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis paper conducts OLS regression analysis based on the model, and the results are reported in Table 4. Column (1) shows the regression results without control variables, where the regression coefficient of ESG is 0.16 and significant at the 1% level. After adding control variables in Column (2), ESG remains significantly positive, indicating that enterprises\u0026apos; ESG performance can positively influence their green innovation level.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 4:Regression Results and Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"99%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.162***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.091***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.021)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.022)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.218***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.015)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.144\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.123)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-4.266***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.876)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e1.912***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.454)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.214***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.047)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.418\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.297)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.416*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.177)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.757***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.117)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.099\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.058)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.087\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.086)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.185*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-4.407***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.077)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.322)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRegression Analysis of Moderating Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly drive the enhancement of their green innovation levels. In this section, we further investigate whether this relationship varies when moderating variables are incorporated, and the results are presented in the table 5. It is evident that upon including the degree of opening - up, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.0943, and it is significant at the 1% level. This finding suggests that in regions with a higher degree of opening - up, the facilitating effect of ESG performance on green innovation is more substantial.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 5:Regression Analysis of Moderating Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"center\"\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"99%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.073***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.018)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eESG*Open\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.094***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.009)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.210***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.014)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.203\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.124)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-4.113***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.872)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e1.816***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.446)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.202***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.039)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.389\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.293)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.316*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.175)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.720***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.114)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.090*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.053)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.071\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.082)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-4.504***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(0.320)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 451px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 451px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e3,500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 79px;\"\u003e\n \u003cp\u003eR-squared\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.146\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRegression Analysis of Mediating Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly boost the enhancement of their green innovation levels. In this section, we further explore whether this relationship exhibits different characteristics when mediating variables are introduced, and the results are presented in the table 6. It is evident that after incorporating environmental regulation, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.227, and it is significant at the 1% level. This indicates that environmental regulation plays a crucial mediating role in the relationship between ESG performance and green innovation.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 6:Regression Analysis of Mediating Variables\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\" width=\"99%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.093***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(5.361)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eER\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.227***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(0.040)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.210***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(14.70)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.142\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(1.149)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-4.267***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-4.880)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e1.911***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(4.279)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.209***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(5.369)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.409\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(1.394)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.416**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-2.391)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.754***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-6.592)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.087\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-1.617)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.080\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-0.971)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e-4.382***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e(-13.636)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 262px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 306px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 262px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 306px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 46px;\"\u003e\n \u003cp\u003eR-squared\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 53px;\"\u003e\n \u003cp\u003e0.141\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003eFurthermore, we introduce carbon emissions as a moderating variable in the mediating path to examine whether there are any variations in this phenomenon. The results are presented in the table 7. It can be observed that after incorporating carbon emissions, the regression coefficient between ESG performance and the green innovation of Chinese export enterprises is 0.023, and it is significant at the 1% level. This indicates that with the inclusion of carbon emissions, ESG performance can significantly enhance the facilitating effect of environmental regulations on the green innovation activities of Chinese export enterprises.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 7\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"center\"\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\" width=\"99%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.093***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(5.361)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eER*CO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.023***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(3.432)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-0.066)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.356*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-1.705)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.245\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-0.913)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.209***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(4.574)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(0.355)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.004\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(0.009)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.122**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(2.179)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.0230***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(3.432)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-0.066)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-0.356*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-1.705)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e-6.034***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e(-10.290)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 262px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 306px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 262px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 306px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 46px;\"\u003e\n \u003cp\u003eR-squared\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 53px;\"\u003e\n \u003cp\u003e0.189\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRobustness Checks\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eTo enhance the credibility of this study, we replaced the independent variable in the baseline regression with Wind ESG ratings to proxy corporate ESG performance. The results are presented in Table 8(1)(2). Regardless of whether control variables are included, the regression coefficients between WindESG and EnvrPat are significantly positive, strongly supporting the hypotheses proposed in the previous sections.\u003c/p\u003e\n\u003cp\u003eAdditionally, we replaced the dependent variable in the baseline regression. We used the natural logarithm of the number of green invention patent applications plus 1 and the natural logarithm of the number of green utility model patent applications plus 1 to represent the enterprise\u0026apos;s green innovation level. The regression results are shown in Table 8(3)(4). The regression coefficients of the independent variable ESG are significantly positive at the 5% level, indicating that good ESG performance can simultaneously promote the increase of both green invention patents and utility model patents of enterprises.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 8:Robustness Checks\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"99%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003eEnvrInvPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003eEnvrUtyPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eWindESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.268***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.120***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(8.295)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(3.695)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.013**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.010**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(2.430)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(2.161)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0423\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.035\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.020\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(1.208)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(1.279)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.841)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.544\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.232\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.362\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-1.016)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.643)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.946)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.552***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.509***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.175\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-2.897)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-3.117)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-1.347)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.510**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.4768**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.040\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-2.213)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-2.485)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.235)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.202***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.173***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.109***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(4.869)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(5.059)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(3.655)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-0.425)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(0.438)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.615)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.002*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(1.282)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(0.809)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(1.841)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.200***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.215***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(3.155)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(3.797)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.079)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0879\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-0.035\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.150***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(1.627)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-0.754)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(4.519)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.363\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e-0.636\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.183***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.149***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e(-0.468)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e(-1.013)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(5.059)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(3.655)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-1.061***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e-5.389***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-5.143***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e-2.679***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-5.613)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e(-11.176)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-10.661)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e(-6.592)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 100px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 100px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 117px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 17px;\"\u003e\n \u003cp\u003eR-squared\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.116\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 20px;\"\u003e\n \u003cp\u003e0.203\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.185\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 117px;\"\u003e\n \u003cp\u003e0.112\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHeterogeneity Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe previous regression analysis has demonstrated that the ESG performance of Chinese export enterprises can significantly promote the improvement of their green innovation level. In this section, we further investigate whether this phenomenon varies under different property rights. According to the property rights nature of enterprises, the following group regression is designed, and the results are shown in Table 9. It can be observed that, among state-owned enterprises, the regression coefficient between ESG performance and green innovation is 0.0393, significant at the 1% level. In contrast, for non-state-owned enterprises, the regression coefficient of ESG is -0.0187 and not significant. This indicates that only in state-owned enterprises can ESG performance significantly drive the enhancement of green innovation levels.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 9:Heterogeneity Test\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"center\"\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eState-owned Enterprises\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eNon-state-owned Enterprises\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003eEnvrPat\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eESG\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.039***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.019\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(3.139)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-0.820)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eSize\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.027\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.015\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.494)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.395)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eLev\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.363\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.636\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-0.468)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-1.013)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.353\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.773***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-1.308)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-2.843)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.020\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-1.246***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.060)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-3.719)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eATO\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.214***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.266***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(3.548)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(4.709)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eCashflow\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.291)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-0.983)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eINV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.004\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(1.524)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.537)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eFIXED\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.275***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(0.002)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(3.797)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eGrowth\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.008\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.0006\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(1.876)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(1.324)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eBoard\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.078\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-0.094\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-0.983)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e（-0.633）\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e_cons\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-7.289***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e-4.700***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-9.797)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e(-5.560)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 170px;\"\u003e\n \u003cp\u003eIndustry\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 199px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 199px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 170px;\"\u003e\n \u003cp\u003eYear\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 199px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 199px;\"\u003e\n \u003cp\u003eYes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 170px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 199px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 199px;\"\u003e\n \u003cp\u003e3500\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 29px;\"\u003e\n \u003cp\u003eR-squared\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.194\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 35px;\"\u003e\n \u003cp\u003e0.196\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eNote：***p\u0026lt;0.01, **p\u0026lt;0.05, *p\u0026lt;0.1.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eResearch Conclusions and Implications\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis paper takes Chinese A-share listed companies from 2009 to 2022 as the research sample to empirically investigate the impact mechanism of ESG performance on green innovation of Chinese export enterprises. The results show that ESG performance has a significant promoting effect on corporate green innovation, and this conclusion remains valid after robustness tests. Further analysis reveals that: in regions with a high degree of opening-up, the promoting effect of ESG performance on green innovation is more obvious; environmental regulations play an important mediating role in the relationship between ESG performance and green innovation; carbon emission levels strengthen the positive impact of ESG performance on environmental regulations. Compared with non-state-owned enterprises, the positive impact of ESG performance on green innovation is more prominent in state-owned enterprises.\u003c/p\u003e\n\u003cp\u003eBased on the above conclusions, the following implications are drawn:First, at the enterprise level, the promoting effect of ESG performance on green innovation should be fully emphasized, and the ESG concept should be deeply integrated into the development strategy. Export enterprises need to focus on addressing environmental challenges, establish a dynamic monitoring mechanism to keenly grasp the changing trends of international environmental protection regulations, and continuously optimize the green innovation path.Second, the government should implement differentiated regional support policies. For export-oriented economic regions with a high degree of openness, it is recommended to establish a linkage mechanism between ESG performance and trade facilitation policies, and fully release their green innovation potential through resource tilting and policy guidance.Third, it is proposed to construct a trinity policy coordination system of \u0026quot;ESG-environmental regulations-green innovation\u0026quot;. Specifically, the leverage effect of ESG can be strengthened by dynamically improving environmental regulatory standards, and a positive association mechanism between ESG ratings and environmental law enforcement intensity should be prioritized.Fourth, improve the index design of the ESG evaluation system. It is recommended to incorporate key environmental indicators such as carbon emissions into the policy framework, and implement incentive measures such as tax preferences and green credit for enterprises with excellent ESG performance, so as to enhance the guiding effectiveness of environmental regulations on green innovation.Fifth, give full play to the comparative advantages of different ownership enterprises. On the one hand, state-owned export enterprises should rely on their institutional advantages to play a leading role in the national green development strategy; on the other hand, policy guidance is needed to improve the ESG awareness of non-state-owned enterprises and help them improve their internal governance structure and green innovation capacity building.\u003c/p\u003e"},{"header":"Declarations","content":"\u003ch2\u003eFunding Statement:\u003c/h2\u003e\u003cp\u003eThe authors would like to clarify that this research, including its design, execution, data analysis, and the preparation of the manuscript, received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors. There are no competing interests to declare.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eJin wrote the main manuscript text.Zhang reviewed the manuscript.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eData is provided within the figures and tables ,the file name is figure.xlsx.It should be noted that there is no data in the manuscript.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eEccles, Robert G., and Svetlana Klimenko. \u0026quot;The investor revolution.\u0026quot; Harvard Business Review 97.3 (2019): 106-116. http://scholarship.law.ufl.edu/facultypub\u003c/li\u003e\n\u003cli\u003eGillan, Stuart L., Andrew Koch, and Laura T. Starks. \u0026quot;Firms and social responsibility: A review of ESG and CSR research in corporate finance.\u0026quot; Journal of Corporate Finance 66 (2021): 101889.https://doi.org/10.1016/j.jcorpfin.2021.101889\u003c/li\u003e\n\u003cli\u003eKoch, Nicolas, and Houdou Basse Mama. \u0026quot;Does the EU Emissions Trading System induce investment leakage? Evidence from German multinational firms.\u0026quot; Energy Economics 81 (2019): 479-492.\u003c/li\u003e\n\u003cli\u003eBaldini, M., Maso, L.D., Liberatore, G. et al. Role of Country- and Firm-Level Determinants in Environmental, Social, and Governance Disclosure. J Bus Ethics 150, 79\u0026ndash;98 (2018). https://doi.org/10.1007/s10551-016-3139-1\u003c/li\u003e\n\u003cli\u003eZhang C, Chen D (2023) Do environmental, social, and governance scores improve green innovation? Empirical evidence from Chinese-listed companies. PLoS ONE 18(5): e0279220. https://doi.org/10.1371/journal. pone.0279220\u003c/li\u003e\n\u003cli\u003eWang Q, Zhang Y, Li Y, Wang P (2024) ESG performance and green innovation in commercial banks: Evidence from China. PLoS ONE19(11): e0308513. https://doi.org/10.1371/ journal.pone.0308513\u003c/li\u003e\n\u003cli\u003eHuang, Y., \u0026amp; Watson, M. D. (2023). ESG performance and the cost of debt: Evidence from global supply chains. Journal of Banking \u0026amp; Finance, 147, 106632. https://doi.org/10.1016/j.jbankfin.2022.106632\u003c/li\u003e\n\u003cli\u003eBoubakri, N., El Ghoul, S., \u0026amp; Wang, H. (2022). ESG disclosure and foreign institutional investment. Journal of International Business Studies, 53(6), 1133-1164. https://doi.org/10.1057/s41267-021-00472-9\u003c/li\u003e\n\u003cli\u003eHongxing Y, Abban OJ, Dankyi Boadi A (2021) Foreign aid and economic growth: Do energy consumption, trade openness and CO2 emissions matter? A DSUR heterogeneous evidence from Africa\u0026rsquo;s trading blocs. PLoS ONE 16(6): e0253457. https://doi.org/10.1371/journal.pone.0253457\u003c/li\u003e\n\u003cli\u003eZhang Z, Wang D (2024) Does the opening of producer services promote the wage growth of the downstream manufacturing industry?\u0026mdash;Empirical evidence from Chinese manufacturing listed companies. PLoS ONE 19(4): e0293915. https://doi.org/10.1371/journal. pone.0293915\u003c/li\u003e\n\u003cli\u003eBerger, A., Imbierowicz, B., \u0026amp; Rauch, C. (2022). The role of trade openness in corporate sustainability. Journal of International Business Studies, 53(4), 621-644. https://doi.org/10.1057/s41267-021-00484-5\u003c/li\u003e\n\u003cli\u003eHe, Lingyan, and Miao Wang. \u0026quot;Environmental regulation and green innovation of polluting firms in China.\u0026quot; PLoS One 18.3 (2023): e0281303.https://doi.org/10.1371/journal.pone.0281303 \u003c/li\u003e\n\u003cli\u003eAcemoglu, D., Akcigit, U., \u0026amp; Kerr, W. R. (2021). Transition to clean technology. Journal of Political Economy, 129(3), 000-000. https://doi.org/10.1086/713105\u003c/li\u003e\n\u003cli\u003eZhang, Ming, Wancheng Xie, and Wen Gao. \u0026quot;Have environmental regulations promoted green technological innovation in cities? Evidence from China\u0026rsquo;s green patents.\u0026quot; Plos one 17.12 (2022): e0278902. https://doi.org/10.1371/journal.pone.0278902\u003c/li\u003e\n\u003cli\u003eChen, Y., Podolski, E. J., \u0026amp; Veeraraghavan, M. (2022). Does carbon risk matter for corporate ESG strategies? Journal of Corporate Finance, 75, 102264. https://doi.org/10.1016/j.jcorpfin.2022.102264\u003c/li\u003e\n\u003cli\u003eHe, Yi, Xiang Zhang, and Qinghua Xie. \u0026quot;Environmental regulation and carbon emission efficiency: Evidence from pollution levy standards adjustment in China.\u0026quot; Plos one 19.2 (2024): e0296642.https://doi.org/10.1371/journal.pone.0296642 \u003c/li\u003e\n\u003cli\u003eZhang, Xuan, Jingxian Zhang, and Yongjie Feng. \u0026quot;Can companies get more government subsidies through improving their ESG performance? Empirical evidence from China.\u0026quot; Plos one 18.10 (2023): e0292355.https://doi.org/10.1371/journal.pone.0292355\u003c/li\u003e\n\u003cli\u003eBerthelot, S., Coulmont, M., \u0026amp; Serret, V. (2021). Do state-owned enterprises respond to climate policy? Evidence from global ESG data. Journal of Business Ethics, 174(3), 421-440. https://doi.org/10.1007/s10551-021-04886-1\u003c/li\u003e\n\u003cli\u003eBouslah, K., Kryzanowski, L., \u0026amp; M\u0026rsquo;Zali, B. (2023). ESG performance and market-driven green innovation: Evidence from global firms. Journal of Banking \u0026amp; Finance, 148, 106740. https://doi.org/10.1016/j.jbankfin.2023.106740\u003c/li\u003e\n\u003cli\u003eJin, Xin, and Yizhu Wu. \u0026quot;How does digital transformation affect the ESG performance of Chinese manufacturing state-owned enterprises?\u0026mdash;Based on the mediating mechanism of dynamic capabilities and the moderating mechanism of the institutional environment.\u0026quot; Plos one 19.5 (2024): e0301864.https://doi.org/10.1371/journal.pone.0301864 \u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"ESG Performance, Green Innovation of Chinese Export Enterprises, Degree of Opening-up, Environmental Regulation, Carbon Emission","lastPublishedDoi":"10.21203/rs.3.rs-7692164/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7692164/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eAgainst the backdrop of China's \"dual-carbon\" (carbon peaking and carbon neutrality) strategy, this study focuses on the relationship between ESG (Environmental, Social, and Governance) performance and green innovation during the green development transformation of Chinese export enterprises. By constructing a fixed-effects model and conducting empirical analysis using panel data of listed companies from 2009 to 2022, the research reveals the following findings:1.ESG performance significantly promotes green innovation among Chinese export enterprises;2.In regions with a higher degree of openness to the outside world, the promoting effect of ESG performance on green innovation is more pronounced;3.Mechanism tests indicate that environmental regulations play a key mediating role between ESG performance and green innovation;4.Carbon emission levels strengthen the positive impact of ESG performance on environmental regulations;5.Heterogeneity analysis based on property rights shows that the promoting effect of ESG performance on green innovation is more prominent in state-owned enterprises.Based on the research conclusions, this paper proposes that Chinese export enterprises should prioritize market deployment in regions with a high degree of openness, actively comply with the requirements of environmental regulation policies, and fully leverage the demonstrative and leading role of state-owned enterprises in green innovation, so as to promote the high-quality green development of enterprises.\u003c/p\u003e","manuscriptTitle":"Research on the Impact of ESG Performance on Green Innovation of Chinese Export Enterprises","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-10-22 09:19:33","doi":"10.21203/rs.3.rs-7692164/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"78d476a9-ec82-49fd-9e6c-ecd38689153e","owner":[],"postedDate":"October 22nd, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":56534074,"name":"Earth and environmental sciences/Environmental sciences"},{"id":56534075,"name":"Earth and environmental sciences/Environmental social sciences"},{"id":56534076,"name":"Social science/Environmental studies"}],"tags":[],"updatedAt":"2025-11-11T23:08:18+00:00","versionOfRecord":[],"versionCreatedAt":"2025-10-22 09:19:33","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7692164","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7692164","identity":"rs-7692164","version":["v1"]},"buildId":"XKTyCvWXoU3ODBz1xrDgd","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}