ESG表现与家族企业长期导向  

ESG Performance and Long-term Orientation of Family Firms

作　　者：罗进辉[1] 王雨婷 刘海潮 LUO JinHui;WANG YuTing;LIU HaiChao(Xiamen University,Xiamen 361005)

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《财贸研究》2023年第2期78-96,共19页Finance and Trade Research

基　　金：国家社会科学基金重大项目“新时代构建亲清政商关系研究”(22ZDA045)。

摘　　要：基于治理效应和资源效应双重视角,利用华证ESG评级的指标数据,考察ESG表现对家族企业长期导向的影响。研究结果表明:家族企业的ESG表现越好,其长期导向越强;家族管理涉入和市场化环境会削弱ESG表现对家族企业长期导向的正向影响。对ESG的分项指标进行研究后发现,相对于公司治理表现,环境保护表现和社会责任表现对家族企业长期导向的影响更明显。作用机制检验结果显示,ESG表现通过减少代理问题增强了家族企业的长期导向动机,通过缓解融资约束提高了家族企业的长期导向能力。Drawing on both perspectives of governance effect and resource effect,this paper examines the impact of ESG performance on the long-term orientation of family firms by using the index data of Huazheng ESG rating.The results show that the better the ESG performance of family companies,the stronger their long-term orientation,and the family management involvement and marketization environment can weaken the positive effect of ESG performance.After distinguishing the specific dimensions of ESG,it is found that,compared with corporate governance performance,environmental protection performance and social responsibility performance have a more obvious effect on family firms’long-term orientation.Further mechanism analyses show that ESG performance enhances family firms’long-term orientation motivation through reducing agency problems and improves the family firm’s long-term orientation ability through alleviating financing constraints.

关 键 词：ESG 家族企业 长期导向 家族管理涉入 市场化环境 

分 类 号：F275.5[经济管理—企业管理]