摘要
近年来,在碳达峰、碳中和与经济高质量发展要求的政策背景下,ESG正在成为衡量上市公司社会责任感的新标尺,越发受到企业和投资者的关注。全要素生产率被视为高质量发展的微观基础,研究ESG战略如何影响全要素生产率,进而赋能企业和中国经济高质量发展具有重要的理论与现实意义。以20092021年中国A股上市公司为研究样本,建立多元回归模型,实证检验ESG责任履行对企业全要素生产率的影响。企业ESG责任履行可以通过技术创新效应和资源配置效应促进全要素生产率的显著提高,在使用工具变量、替换被解释变量衡量方式、滞后解释变量后,结论依然稳健。融资约束和信息透明度在其中起到了调节作用,ESG责任履行对全要素生产率的促进作用随着融资约束程度的下降而提高,高水平的信息透明度对ESG-TFP正相关关系的促进作用更强。进一步纳入企业、行业和市场层面特征的异质性检验表明,ESG责任履行对企业全要素生产率的促进效应在国有企业、重污染行业、市场化程度低的环境中更显著。研究结论总体证实企业ESG责任履行具有显著的经济提升效应,为促进企业履行ESG责任、政府和相关监管评级机构完善监管规则,进而提高全要素生产率提供了经验证据。
Under the policy framework of achieving carbon peaking,carbon neutrality,and promoting high-quality economic development,ESG(Environmental,Social,and Governance)performance has emerged as a critical benchmark for evaluating the social responsibility of listed companies.This growing focus from both enterprises and investors makes it essential to examine how ESG strategies influence total factor productivity(TFP),a micro-foundation of high-quality development,thereby empowering firms and China’s economic growth.Using a sample of Chinese A-share listed companies from 2009 to 2021,a multivariate regression model is constructed to empirically test the impact of ESG responsibility fulfillment on corporate TFP.The findings reveal that ESG responsibility fulfillment significantly enhances TFP through technological innovation and resource allocation effects.These conclusions remain robust when accounting for instrumental variables,alternative measurements of the dependent variable,and lagged explanatory variables.Financing constraints and information transparency play moderating roles in this relationship.The positive impact of ESG responsibility fulfillment on TFP strengthens as financing constraints decrease,while higher levels of information transparency amplify the ESG-TFP relationship.Further heterogeneity analysis,incorporating firm,industry,and market-level characteristics,indicates that the impact of ESG responsibility fulfillment on TFP is more pronounced in state-owned enterprises,highly polluting industries,and less marketized environments.The research confirms the significant economic enhancement effects of ESG responsibility fulfillment,providing empirical evidence to support initiatives encouraging corporate ESG engagement.It also offers valuable insights for governments and regulatory bodies to refine governance frameworks,ultimately fostering increased TFP and contributing to sustainable and high-quality economic development.
作者
郑宝红
刘琦
ZHENG Baohong;LIU Qi(School of Management,Hefei University of Technology,Hefei 230009,China;Key Laboratory of Process Optimization and Intelligent Decision-making,Ministry of Education,Hefei University of Technology,Hefei 230009,China)
出处
《重庆邮电大学学报(社会科学版)》
2025年第1期140-151,共12页
Journal of Chongqing University of Posts and Telecommunications(Social Science Edition)
基金
国家自然科学基金项目(71702042)。
关键词
ESG责任履行
全要素生产率
融资约束
信息透明度
ESG implementation
total factor productivity
financing constraints
information transparency
