本文选取我国2011-2021年A股上市制造业企业作为样本,采用双向固定效应模型分析制造业企业ESG(Environment Social Government)表现对其高质量发展的影响,并进一步探索投资者关注对ESG表现与企业高质量发展关系的中介效应.研究发现:(1)制造业企业ESG的良好表现能够促进企业高质量发展;(2)投资者关注在企业ESG表现影响其高质量发展的过程中发挥中介作用,媒体关注在企业ESG表现影响其高质量发展的过程中发挥调节作用;(3)ESG表现对企业的影响程度因企业所有权性质和研发投入不同而不同.
Research on the Mechanism of ESG Performance Influencing High-Quality Development of Manufacturing Firms—Based on the Perspective of Mediating Effect of Investor Attention
This paper selects China's 2011-2021 A-shares listed manufacturing enterprises as samples and adopts a two-way fixed-effects model to analyze the impact of manufacturing enterprises'ESG(Environment Social Government)performance on their high-quality development,and further explores the mediating effect of investor attention on the relationship between ESG performance and enterprises'high-quality development.The study finds that:(1)Good ESG performance of manufacturing firms can promote firms'high-quality development.(2)Investor attention plays a mediating role in the process of firms'ESG performance affecting their high-quality development.(3)The extent of the impact of ESG performance on firms differs depending on the nature of firms'ownership and R&D investment.The findings of this paper have important implications for promoting green transformation of manufacturing enterprises to enhance competitiveness and realize sustainable high-quality development.
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