Green innovation, primarily substantive green innovation, is critical for improving corporate sustainable development. In contrast to existing literature, this paper examines how environment, society, and governance (ESG) optimizes corporate green innovation structure from an innovation motivation perspective. Based on A-share listed firms, this study reveals a significant enhancement of ESG ratings in corporate green innovation structure, verifying that ESG ratings can promote the shifting from symbolic to substantive green innovation. This impact operates mainly through the monitoring and incentive effects. This paper theoretically enriches the related research and emphasizes the necessity of ESG construction for sustainable development in emerging economies.

中文翻译：

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从象征性绿色创新到实质性绿色创新：ESG评级如何优化企业绿色创新结构

绿色创新，尤其是实质性绿色创新，对于提高企业可持续发展至关重要。与现有文献相反，本文从创新动机的角度考察了环境、社会和治理（ESG）如何优化企业绿色创新结构。本研究以A股上市公司为样本，揭示了ESG评级在企业绿色创新结构中的显着提升，验证了ESG评级能够促进从象征性绿色创新向实质性绿色创新的转变。这种影响主要是通过监督和激励作用发挥作用。本文从理论上丰富了相关研究，强调了ESG建设对于新兴经济体可持续发展的必要性。