Reverse Mixed Reform and ESG Performance of Private Enterprises
As a crucial step in China's economic system reform,reverse mixed reform is a powerful tool to promote the high-quality development of China's economy and the sustainable growth of enterprises.This paper utilizes data from A-share private listed companies from 2009 to 2021,and investigates the impact of reverse mixed reform on the ESG performance of private enterprises con-sidering the dimensions of shareholding depth and balance.The findings reveal that reverse mixed reform significantly improves ESG performance of private enterprises.The mechanism test suggests that reverse mixed reform improves ESG performance of private enter-prises by increasing government subsidies and mitigating the second type of agency costs.Further research at the regional and company levels shows that reverse mixed reform has a more significant positive impact on the ESG performance of private enterprises in central and western regions,as well as those operating in more competitive industries and higher value pressure.This paper provides theoretical support to further deepen reverse mixed reform and empirical evidence to promote the fulfillment of ESG responsibilities of private enter-prises.
NETL
NSTL
万方数据
