企业ESG表现如何影响企业全要素生产率？

摘要选择2011—2021年中国沪深A股上市企业为研究样本,采用华证ESG(环境、社会和公司治理)评级衡量企业ESG 表现,并在此基础上构建面板数据模型,研究企业ESG表现对全要素生产率的影响及其作用机制,并进一步分析这种影响的异质性。结果表明:企业良好的ESG表现可以促进企业全要素生产率的提升,并且这一结论在经过替换解释变量衡量方式、采用工具变量法缓解可能存在的内生性问题以及Heckman两阶段方法克服样本选择偏误等一系列稳健性检验后依然成立。作用机制研究表明,企业良好的ESG 表现主要通过缓解企业融资约束和增加企业研发投入提升企业全要素生产率。异质性分析结果表明,企业良好的ESG表现对全要素生产率的提升作用在大规模企业和国有企业中更显著。研究结论为企业加强ESG建设,强化ESG 信息披露,缓解企业融资约束和增加企业研发投入,提升企业全要素生产率,进而促进经济高质量发展具有重要借鉴意义。

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	符加林
	黄晓红

关键词： ESG表现研发投入全要素生产率高质量发展

Abstract： In this paper, China A-share listed companies from 2011 to 2021 are selected as research samples, and ESG (Environment, Society and Corporate Governance) rating is used to measure the ESG performance of enterprises. On this basis, a panel data model is constructed to empirically study the impact of ESG performance on total factor productivity and its mechanism, and further study the heterogeneity of this impact. The results show that good ESG performance can promote the improvement of total factor productivity, and this conclusion is still valid after a series of robustness tests, such as replacing the measurement method of explanatory variables, using instrumental variables to alleviate possible endogenous problems, and Heckman two-stage method to overcome sample selection errors. The research on the mechanism of action indicates that the good ESG performance of enterprises mainly improves the total factor productivity of enterprises by alleviate financing constraints and increase R&D investment. The results of heterogeneity analysis show that the effect of good ESG performance on total factor productivity is more significant in large-scale enterprises and state-owned enterprises. The research conclusion has important reference significance for enterprises to strengthen ESG construction, strengthen ESG information disclosure, ease financing constraints and increase R&D investment, improve enterprise total factor productivity, and then promote high-quality economic development.

Keywords： ESG Performance R&D Investment Total Factor Productivity High-quality Development

收稿日期 2022-09-02; 接受日期 ;

基金资助:国家社会科学基金项目(21CJL006);河南省软科学研究计划重点项目(222400410004);河南省高等学校哲学社会科学应用研究重大项目(2023-YYZD-28)

作者简介: 符加林(1970— ),男,河南信阳人,博士,教授,主要从事公司治理、营销管理研究;黄晓红(1967— ),女,湖北建始人,博士,教授,主要从事互联网金融、声誉管理研究。

引用本文:

符加林, 黄晓红.企业ESG表现如何影响企业全要素生产率？[J]. 经济经纬, 2023,3: 108-117

FU Jialin, HUANG Xiaohong.How Does ESG Performance Affect the Total Factor Productivity of Enterprises?[J] Economic Survey, 2023,V40(3): 108-117

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2023/V40/I3/108