The"ESG New Deal"and ESG Development of State-owned Enterprises:A Flash in the Pan or a New Power:Empirical Investigation Evidence Based on the"105 Document"of the State-owned Assets Supervision and Administration Commission for Quasi Natural Experiments
The implementation of the"105 Document"issued by the State-owned Assets Supervision and Administration Commission of State Council has created conditions for the development of ESG in state-owned enterprises.This article takes listed companies from 2010 to 2022 as the research object,and uses the double difference method to empirically test the impact of the"ESG New Deal"on the ESG development of state-owned enterprises.The study found that the"ESG New Deal"can significantly promote the ESG development of state-owned enterprises;The results of mechanism testing indicate that the implementation of the"ESG New Policy"has reduced the financing cost level of state-owned enterprises,improved the level of highly educated talents in enterprises,promoted the development of enterprise ESG,but also suppressed research and development investment in state-owned enterprises,which is not conducive to the development of enterprise ESG;Heterogeneity analysis found that the"ESG New Deal"has a significant promoting effect on the ESG development of large,non industrial,and economically developed regions'enterprises.Based on this,policy recommendations are proposed to promote the development of enterprise ESG.
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