Market Driving Forces of Common Prosperity:Evidence from ESG Rating and Labor Income Distribution of Manufacturing Firms
In the process of promoting high-quality development in the manufacturing industry,exploring effective ways to simultane-ously increase the labor income share in the manufacturing sector can enrich the practical framework for common prosperity.Based on the ESG rating events of SynTao Green Finance,this study uses data from A-share listed companies from 2007 to 2022 to con-struct a multi-period Difference-in-Differences model to explore the impact and mechanism of ESG rating on the labor income share of manufacturing enterprises.The study finds that ESG rating significantly increases the labor income share of manufacturing enterprises.The mechanism analysis shows that ESG rating has both market incentives and market supervision functions,thereby in-creasing the labor income share of manufacturing enterprises.Among them,market incentives are manifested in that ESG rating en-courages enterprises to actively invest in sustainable development practices,while market supervision is manifested in that ESG rat-ing forms external supervision pressure from multiple market entities on enterprises.Heterogeneity analysis finds that the role of ESG rating in increasing the labor income share of enterprises is more prominent in the fields of intelligent manufacturing and green industries,and the intensification of industry competition and the improvement of regional marketization can strengthen the factor in-come distribution effect of ESG rating.It is further found that ESG rating is beneficial to narrowing internal income inequality within enterprises.This study not only provides empirical evidence for deepening the construction of China's ESG system and thereby form-ing a market driving force to promote common prosperity,but also adds a new practical dimension for achieving the unity of efficien-cy and fairness,and thus comprehensively building a high-level socialist market economy system.
ESG RatingShare of Labor IncomeManufacturing EnterprisesMarket IncentivesMarket Surveillance
NETL
NSTL
万方数据
