ESG表现、资本配置效率与企业绿色发展
ESG Performance,Capital Allocation Efficiencyand Corporate Green Development
姬晓聪 1李欣芳1
作者信息
- 1. 青岛理工大学商学院,山东青岛 266520
- 折叠
摘要
ESG关注企业在环境、社会责任、公司治理等方面的实践,传达了经济效益与环境和社会效益于一体的可持续发展理念.企业良好的ESG表现可以通过向外界传递积极信号、驱动市场激励和强化外部监管,对企业的绿色发展产生重要影响.基于此,选取2011-2022年中国A股上市企业为样本,深入探讨ESG表现与企业绿色发展的关系.实证结果表明,ESG表现对企业绿色发展具有显著的促进作用;资本配置效率在ESG表现与绿色发展的关系中起部分中介作用.异质性检验发现,在市场竞争程度较弱与环境规制强度较小的企业中,提升ESG表现对企业绿色发展的促进效应更为显著.研究结论拓展了 ESG和绿色发展相关领域的理论研究,进一步明确了 ESG表现影响企业绿色发展的作用路径,对促进经济高质量发展具有启示意义.
Abstract
ESG focuses on the practice of enterprises in environment,social responsibility,corporate governance,etc.,and conveys the concept of sustainable development that integrates economic benefits with environmental and social benefits.A company's good ESG performance can have a significant im-pact on the green development of a company by sending positive signals to the outside world,driving market incentives and external supervision.Based on this,this paper selects a sample of A-share listed companies from 2011 to 2022 to deeply explore the relationship between ESG performance and corpo-rate green development.The empirical results show that ESG performance has a significant role in pro-moting the green development of enterprises.The efficiency of capital allocation plays a partial media-ting role in the relationship between ESG performance and green development.The heterogeneity test finds that the improvement effect of ESG performance on the green development of enterprises is more significant among enterprises with weaker market competition and weaker environmental regulatory in-tensity.This study incorporates the efficiency of capital allocation into the research framework of ESG and green development,expands the research on ESG and green development,and has implications for further clarifying the role path of ESG,improving the construction of ESG system,and promoting high-quality economic development.
关键词
ESG表现/企业绿色发展/资本配置效率Key words
ESG Performance/Green Development of Enterprises/Efficiency of Capital Allocation引用本文复制引用
出版年
2024
NETL
NSTL
万方数据