首页|ESG表现与企业"走出去":路径机制与实证考察

ESG表现与企业"走出去":路径机制与实证考察

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推动降碳、减排、扩绿、增长协同发展是如期实现碳达峰、碳中和目标的重要抓手,企业作为国民经济的微观主体,可持续发展理念正潜移默化地影响其对外直接投资的垄断优势.企业环境、社会和治理(ESG)表现的提升可能成为"走出去"的新型优势.文章基于2010~2022年中国上市公司的面板数据,利用企业个体与时间双向固定效应,实证分析ESG表现的提升对企业"走出去"的影响.研究发现,ESG表现的提升可以显著而稳健地促进企业"走出去",且各分维度中治理表现促进企业"走出去"的效果最显著,而环境表现与社会表现则相对较弱.政策冲击结果显示,《绿色信贷指引》能够准确识别ESG表现的提升与企业"走出去"之间的关系.异质性分析表明,企业所有制、规模、管理层的不同会使ESG表现的作用效果有所差异.调节效应显示,企业的融资约束、经营困境、效率问题会削弱ESG表现提升对企业"走出去"的促进效果.路径分析表明,ESG表现提升可以通过增加企业研发投入、提高企业全要素生产率和促进企业数字化转型来促进企业"走出去".基于此,文章提出要促进ESG信息透明度、制定ESG相关激励措施、积极参与国际ESG倡议等建议.
ESG Performance and Enterprises'Going Global:Path Mechanism and Empirical Examination
Promoting the synergistic development of carbon reduction,emission reduction,greening and growth is an important tool to achieve the goals of carbon peak and carbon neutrality on schedule.As the micro subjects of national economy,the concept of sustainable development is subconsciously affecting the monopoly advantage of their foreign direct investment.This paper empiri-cally analyzes the impact of improved ESG performance on enterprises"going out"based on the panel data of Chinese listed com-panies from 2010 to 2022,utilizing the two-way fixed effects of individual enterprises and time.Therefore,based on the panel da-ta of Chinese listed companies from 2010 to 2022,this paper empirically analyzes the impact of ESG performance improvement on enterprises'"going out"by using individual and time two-way fixed effects.The study finds that the improvement of ESG per-formance can significantly and robustly promote the"going out"of enterprises,and among the sub-dimensions,the governance performance has the most significant effect in promoting the"going out"of enterprises,while the environmental performance and social performance are relatively weak.The results of policy shocks show that the"Green Credit Guidelines"can accurately iden-tify the relationship between the improvement of ESG performance and enterprises'"going global".Heterogeneity analysis shows that the effects of ESG performance vary depending on the firm's ownership,size,management and industry.The moderating effect shows that enterprises'financing constraints,operational difficulties,and efficiency problems will weaken the effect of ESG performance enhancement on enterprises'"going out".The path analysis shows that ESG performance improvement can promote enterprises'"going global"by increasing enterprises'R&D investment,improving enterprises'total factor productivity and enhan-cing enterprises'green innovation ability.Based on this,it is suggested to promote the transparency of ESG information,formu-late ESG-related incentives,and actively participate in international ESG initiatives.

陈伟雄、郝涵宇

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福建师范大学经济学院

ESG表现 对外直接投资 可持续发展 绿色信贷指引

教育部人文社会科学研究项目教育部人文社会科学研究项目福建师范大学生态环境治理的政策与法律研究创新团队经费资助项目

22YJCGJW01222YJC630151

2024

世界经济研究
上海社科院世界经济研究所

世界经济研究

CSTPCDCSSCICHSSCD北大核心
影响因子:1.401
ISSN:1007-6964
年,卷(期):2024.(3)
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