ESG表现、投资效率与企业全要素生产率
葛格 1肖翔 2李珍珠1
作者信息
- 1. 北京交通大学经济管理学院(北京 100044)
- 2. 北京交通大学经济管理学院(北京 100044);中东欧研究中心
- 折叠
摘要
随着可持续发展理念的不断深入和新质生产力发展需求的日益紧迫,探讨ESG与企业全要素生产率间的关系具有重要意义.基于 2010-2022年A股上市公司的数据,考察ESG表现对企业全要素生产率的影响及其机制.结果显示:良好的ESG表现有利于提升企业全要素生产率;ESG表现通过改善投资效率,即减少投资过度或投资不足来提升企业全要素生产率;ESG表现对企业全要素生产率的提升作用在成长性好、重污染行业企业和市场化水平高的企业中更明显;相较于公司治理表现,环境表现和社会责任表现对企业全要素生产率的影响更强.为推动我国ESG的发展,应当构建跨部门的协调机制、统一ESG信息披露标准、规范ESG信息披露管理和完善ESG考核评价的奖惩机制.
Abstract
With a growing emphasis on sustainable development and the pressing need to enhance new quality productivity,it is crucial to explore the relationship between ESG and total factor productivity of enterprises.Based on the data of A-share listed companies from 2010 to 2022,this paper examines the impact of ESG performance on total factor productivity of enterprises and its mechanism.The results show that the good ESG performance is conducive to improving the total factor productivity of enterprises.ESG performance improves total factor productivity of enterprises by improving investment efficiency,namely reducing over-investment or under-investment.The effect of ESG performance on improving total factor productivity of enterprises is more obvious among enterprises with good growth potential and heavy pollution industries and enterprises with high marketization level.Compared with corporate governance performance,environmental performance and social responsibility performance have a stronger impact on corporate total factor productivity.In order to promote the development of ESG in China,we should build a cross-departmental coordination mechanism,unify standards of ESG information disclosure,standardize ESG information disclosure management and improve the reward and punishment mechanism of ESG assessment.
关键词
ESG表现/企业全要素生产率/投资效率/可持续发展/新质生产力Key words
ESG performance/total factor productivity of enterprises/investment efficiency/sustainable development/new quality productivity引用本文复制引用
基金项目
国家社会科学基金一般项目(19BGJ001)
出版年
2024
NETL
NSTL
万方数据