How Does the Mixed-Ownership Reform Affect the ESG Performance of State-Owned Enterprises?
Based on the data of China's A-share listed companies from 2009 to 2022,the promulgation of the"The Decision of the CPC Central Committee on Several Important Issues of Comprehensively Deepening Reform"in 2013 is taken as a quasi-natural experiment for mixed-ownership reform,and the PSM-DID method is used to test how mixed ownership reform affects the ESG performance of state-owned enterprises(SOEs).The results show that mixed-ownership reform can improve the ESG performance of SOEs.The results of the mechanism test show that the mixed-ownership reform can achieve the reform practice of improving the ESG performance of SOEs by reducing the degree of government intervention and alleviating the agency problem.The results of heterogeneity analysis show that the mixed-ownership reform has a stronger effect on the ESG performance of SOEs with higher media attention and better institutional environment.The test results of ESG sub-items show that the mixed-ownership reform can not only improve the environmental performance(E)and social responsibility performance(S)of SOEs,but also optimize their corporate governance mechanism(G).The economic consequence test finds that the improvement in ESG performance of SOEs promoted by mixed-ownership reform can help enhance the corporate value of SOEs in the current and next periods.In view of this,we should continue to further promote the mixed-ownership reform of SOEs and give full play to the positive role of mixed-ownership reform in sustainable economic development.
NETL
NSTL
万方数据
