国有资本参股对民营企业ESG表现的影响研究  

Research on the Impact of State-Owned Capital Participation on ESG Performance of Private Enterprises

作　　者：魏延鹏 毛志宏[1] 王浩宇[1,2] WEI Yanpeng;MAO Zhihong;WANG Haoyu(Jilin University,Changchun,China)

机构地区：[1]吉林大学商学与管理学院,长春市130015 [2]吉林大学数量经济研究中心

出　　处：《管理学报》2023年第7期984-993,共10页Chinese Journal of Management

基　　金：吉林省科技发展计划资助项目(20210601059FG);吉林大学廉政建设专项研究课题(2021LZY003)。

摘　　要：以2009~2020年民营上市公司为研究样本,实证检验了国有资本参股对民营企业ESG表现的影响。研究发现,国有资本参股提升了民营企业ESG表现。基于外部利益相关者视角的研究发现,国有资本参股对ESG表现的正向影响,在政府干预程度强、行业竞争度强、供应链集中度高以及媒体关注度高的民营企业中更加显著。进一步地,作用机制检验发现,国有资本参股通过发挥治理效应和资源效应提升了民营企业ESG表现;经济后果检验发现,国有资本参股与ESG表现的协同作用促进了民营企业的未来可持续发展。Taking private listed companies from 2007 to 2019 as research sample,this study empirically tests the impact of state-owned capital participation on ESG performance of private enterprises.It is found that state-owned capital participation improves the ESG performance of private enterprises.Based on the perspective of external stakeholders,it is found that the positive impact of state-owned capital participation on ESG performance is more significant in private enterprises with strong government intervention degree,strong IN competition degree,high supply chain concentration degree and high media attention.Furthermore,the mechanism test shows that state-owned capital participation improves the ESG performance of private enterprises by exerting the governance effect and resource effect.The economic consequences test shows that the synergistic effect of state-owned capital participation and ESG performance promotes the sustainable development of private enterprises in the future.

关 键 词：混合所有制改革 利益相关者理论 国有资本 ESG表现 

分 类 号：C93[经济管理—管理学]