Research on the Impact of Technological Innovation Investment on the ESG Performance of Manufacturing Enterprises

With the deepening of the concept of sustainable development and the continuous advancement of the dual-carbon goals, environmental, social, and governance (ESG) factors have become important indicators for measuring corporate value. As industries with significant resource consumption and environmental impact, technological innovation in manufacturing enterprises is crucial to both the environment and corporate value. This study uses panel data from A-share listed manufacturing companies in China between 2019 and 2023 and constructs a moderated mediation model to explore the impact of technological innovation investment on the ESG performance of manufacturing enterprises. The research finds that technological innovation investment significantly promotes corporate ESG performance; technological innovation investment positively affects ESG performance through enhancing technological innovation capability; the higher the level of government policy support, the stronger the effect of technological innovation investment on technological innovation capability. The conclusions of this study are of great guiding value for manufacturing enterprises in the rational allocation of innovation resources, enhancing technological innovation competitive advantages, and promoting improvements in environmental, social, and governance performance.