ESG表现与企业风险-基于资源获取视角的解释  

ESG Performance and Corporate Risk:An Explanation from a Resource Acquisition Perspective

作　　者：谭劲松[1,2] 黄仁玉 张京心 TAN Jinsong;HUANG Renyu;ZHANG Jingxin(Center for Accounting,Finance and Institutions,Sun Yat-sen University,Guangzhou 510275,China;School of Business,Sun Yat-sen University,Guangzhou 510275,China;College of Economics&Management,South China Agricultural University,Guangzhou 510642,China)

机构地区：[1]中山大学现代会计与财务研究中心,广州510275 [2]中山大学管理学院,广州510275 [3]华南农业大学经济管理学院,广州510642

出　　处：《管理科学》2022年第5期3-18,共16页Journal of Management Science

基　　金：国家自然科学基金(71972189,72202075)。

摘　　要：随着可持续发展理念成为当今社会发展共识,环境、社会和治理(ESG)因素逐渐成为企业及其利益相关者密切关注的话题。一些学者开始探索企业ESG表现的经济后果,然而,企业风险作为关乎企业生存发展的关键因素,却鲜有研究关注ESG表现对企业风险的影响,对相关逻辑机制的探索也较为匮乏。以2008年至2018年A股上市公司为研究样本,从企业资源获取的视角,研究ESG表现对企业风险的影响。基于资源依赖理论和利益相关者理论,检验良好的ESG表现帮助企业提升从消费者、供应链、投资人、债权人和政府等不同利益相关方渠道获取资源的能力,以及企业股权性质、规模、现金持有水平、行业地位和地区市场环境等资源获取影响因素的调节效应。研究结果表明,(1)ESG表现对企业风险具有显著的抑制作用,经过一系列内生性检验和稳健性测试后结果依旧稳健。(2)作用机制检验表明,良好的ESG表现能够帮助企业从消费者和供应链渠道获取高质量交易和更多利润,从投资者和债权人渠道获取更低成本的融资,从政府渠道获取政府补贴支持。通过提高企业从利益相关者渠道获取资源的能力,降低企业风险。(3)国有股权性质、企业规模较大、高现金持有水平、高行业地位和优越的地区经济条件显著削弱ESG表现对企业风险的抑制作用。从资源获取视角探索ESG表现对企业风险的抑制作用,为深入理解ESG表现的价值提供新视角和新证据,为企业的风险管理提供新的有效途径,研究结果为推广ESG理念、引导企业将自身发展与国家战略要求相统一提供理论支持。As the concept of sustainable development has become the consensus of today′s social development, ESG has gradually become a topic that companies and their stakeholders pay close attention to. Some scholars have begun to explore the economic consequences of corporate ESG performance. However, there is limited literature on the impact of ESG performance on corporate risk as a key factor for the survival and development of companies, and the exploration of related logic mechanisms is also lacking.Using A-share listed companies from 2008 to 2019 as the research sample, this study investigates the impact of ESG performance on corporate risk from the perspective of corporate resource acquisition. Based on resource dependence theory and stakeholder theory, we test whether ESG performance can help companies improve their abilities to obtain resources from different stakeholders such as consumers, supply chains, investors, creditors, and governments. We also test the moderating effect of equity nature, corporate size, cash holding, industry status and regional market environment.The results of this study can illustrate that:(1) ESG performance has a significant inhibitory effect on corporate risk, and the results remain robust after a series of endogeneity tests and robustness tests.(2) The mechanism tests show that good ESG performance can help companies obtain high-quality transactions and more profits from consumers and supply chain channels,obtain lower-cost financing from investors and creditors, as well as government subsidies support from government channels.Corporate risk can be reduced through improving the ability of companies to obtain resources from stakeholders.(3) The nature of state-owned equity, high corporate size, high cash holdings, high industry status, and favorable regional economic conditions significantly weaken the inhibitory effect of ESG performance on corporate risk.From the perspective of resource acquisition, this study explores the inhibitory effect of ESG performance on corporate risk, a

关 键 词：ESG 企业风险 利益相关者 资源获取 可持续发展 

分 类 号：F275[经济管理—企业管理]