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随着中国可持续治理要求的强化,ESG(环境、社会和治理)已成为衡量企业长期竞争力与资源获取能力的重要参考指标。低空经济虽被列为战略性新兴产业,但受技术密集、资本投入大和风险属性强等特征影响,企业普遍面临融资约束与研发投入不足的问题,其高质量发展受到制约。基于2015—2024年A股低空经济板块上市公司的面板数据,考察ESG是否通过缓解融资约束和促进研发投入提升企业全要素生产率。研究结果表明,ESG绩效显著提高企业全要素生产率,且融资约束与研发投入发挥部分中介作用。研究不仅阐明了ESG在战略性新兴产业中的微观治理机制,也为完善低空经济金融支持体系与产业治理框架提供了经验证据和政策参考。

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