企业加强ESG实践能否助力企业高质量发展——来自中国上市公司的证据
Can Companies Strengthen ESG Practices to Boost High-Quality Corporate Development?:Evidence from Chinese Listed Companies
韩一鸣 1胡洁 2于宪荣3
作者信息
- 1. 南开大学经济学院
- 2. 中国社会科学院数量经济与技术经济研究所、中国经济社会发展与智能治理实验室;中国社会科学院大学
- 3. 中国社会科学院大学应用经济学院
- 折叠
摘要
微观企业的高质量发展对于宏观经济的高质量发展至关重要.以可持续发展为核心的ESG体系将重塑企业的经营理念,深刻影响企业行为,由此成为推动企业高质量发展的有效抓手.本文以2010-2020年中国沪深A股上市公司为研究样本,从多个维度对企业高质量发展进行度量,实证检验企业加强ESG实践对于企业高质量发展的助力作用.研究发现:(1)企业加强ESG实践可以通过缓解融资约束、提高研发投入和提升供应链稳定性等渠道助力企业的高质量发展,且该结论经过一系列稳健性检验之后依旧成立.(2)异质性检验表明,对于国有企业和营商环境较好地区的企业来说,其助力效果更显著.(3)拓展分析表明,ESG评级的不确定性会误导和模糊信号的传递,从而削弱对于企业高质量发展的助力作用.本文的研究在理论上为构建中国特色的ESG体系提供了经验支持,在实践上为推动企业的高质量发展提供了新思路.
Abstract
The high-quality development of micro enterprises is crucial to the high-quality development of the macro economy.The ESG system,which is centered on sustainable development,will reshape the business philosophy of enterprises and profoundly influence their behaviors,thus becoming an effective tool to promote the high-quality development of enterprises.This paper takes Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the research sample,measures the high-quality development of enterprises from multiple dimensions,and empirically examines the role of strengthening ESG practices for the high-quality development of enterprises.The study finds that(1)Strengthening ESG practices by firms can contribute to high-quality development by alleviating financing constraints,increasing R&D investment,and improving supply chain stability,and this finding is still valid after a series of robustness tests.(2)Heterogeneity tests show that the effect is more significant for state-owned enterprises and enterprises in regions with better business environments.(3)Extended analysis shows that the uncertainty of ESG ratings can mislead and blur the signaling,thus weakening the effect on the high-quality development of enterprises.The research in this paper provides empirical support for the construction of an ESG system with Chinese characteristics in theory,and provides new ideas for promoting the high-quality development of enterprises in practice.
关键词
ESG/企业高质量发展/融资约束/研发投入/供应链稳定性/ESG不确定性Key words
ESG/corporate quality development/financing constraints/R&D investment/supply chain stability/ESG uncertainty引用本文复制引用
基金项目
中国社会科学院创新工程基础研究学者项目(XJ2022005)
出版年
2024
NETL
NSTL
万方数据