ESG评级与制造业企业包容性绿色全要素生产率提升研究
ESG Rating and the Enhancement of Inclusive Green Total Factor Productivity in Manufacturing Enterprises
李钢 1熊昭2
作者信息
- 1. 中国社会科学院工业经济研究所,100006
- 2. 中国社会科学院大学应用经济学院,102488
- 折叠
摘要
企业的ESG表现受到利益相关方的广泛关注,对企业经营产生持续深远影响.与此同时,传统企业内部效率评价指标,如TFP和GTFP等,仅刻画了企业在某些特定领域的效率,需探索更加全面的效率评价指标.作者基于2009-2022年制造业上市企业的数据,通过引入企业与绿色发展相关的非期望产出、与包容性发展相关的非期望产出,构建包容性绿色全要素生产率(IGTFP)指标体系,全面衡量企业的表现.在构建以上内部指标的基础上,作者进一步检验ESG评级这一外部评价体系对企业内部运行效率的影响.研究表明,ESG评级可显著提升企业的包容性绿色全要素生产率,这一促进作用在大规模企业、国有控股企业和行业高竞争度的企业中更为显著.ESG评级通过增加环保投入、提升企业关注度、缓解融资约束和提升创新效率影响企业的包容性绿色全要素生产率.应进一步完善ESG相关政策框架,鼓励企业加强ESG建设,同时对不同类型、不同地区、不同行业竞争度和不同规模的企业针对性施策,助力企业提升包容性绿色全要素生产率,进而实现高质量发展.
Abstract
Corporate ESG performance has garnered widespread attention from stakeholders,exerting a sustained and profound influence on internal business decisions.Meanwhile,traditional internal efficiency evaluation indicators such as TFP and GTFP only capture efficiency in specific areas,necessitating the exploration of more comprehensive efficiency evaluation metrics.The authors,based on data from listed manufacturing firms from 2009 to 2022,introduce green non-expected outputs and inclusive non-expected outputs to construct the inclusive green total factor productivity indicator system,comprehensively measuring firm performance.Based on the construction of the above internal indicators,the authors further examine the impact of the ESG rating system on corporate internal operational efficiency.The study finds that ESG ratings can significantly enhance a company's inclusive green total factor productivity,with this promotional effect being more pronounced in large-scale enterprises,state-owned enterprises,and industries with high competitive intensity.ESG ratings influence a company's inclusive green total factor productivity through four mechanisms:increasing environmental protection investments,alleviating financing constraints,enhancing innovation efficiency,and increasing corporate attention.Therefore,the authors suggest that the ESG-related policy framework should be further improved to encourage companies to strengthen ESG construction.At the same time,targeted policies should be implemented for companies with different ownership structures,regions,industry competitiveness,and scales to help companies improve inclusive green total factor productivity and achieve high-quality development.
关键词
ESG评级/包容性绿色全要素生产率/制造业企业Key words
ESG rating/inclusive green total factor productivity/manufacturing companies引用本文复制引用
出版年
2025
NETL
NSTL
万方数据