混合所有制改革与民营经济高质量发展——基于企业ESG表现视角的研究  

Mixed Ownership Reform and High-Quality Development of Private Economy:A Study Based on the Perspective of Corporate ESG Performance

作　　者：邵剑兵[1] 姜道平 SHAO Jian-bing;JIANG Dao-ping(School of Business,Faculty of Economics,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁大学经济学部商学院,辽宁沈阳110036

出　　处：《经济问题》2024年第3期16-22,共7页On Economic Problems

基　　金：国家社会科学基金项目“大数据情境下国有企业高管层激励与监管动态耦合研究”(18BGL081)。

摘　　要：以2013—2021年沪深A股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,国有资本参股程度越高,民营企业ESG的表现越好。机制检验表明,国有资本参股通过提高环保补助、强化社会责任信息披露质量和降低第二类代理成本提高民营企业的ESG表现。此外,国家股参股和国有股权参与度高的企业中,国有资本参股对民营企业ESG表现的促进作用更为显著。分项检验发现,国有资本参股主要通过提高社会和治理维度来提高民营企业的ESG表现,而国有资本参股对环境表现的提高作用存在环境治理和压力的差异性。Using the listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2021 as the research sample,this study empirically examined the impact of state-owned capital participation on the ESG performance of private enterprises.The research reveals that the higher the degree of state-owned capital participa⁃tion,the better the ESG performance of private enterprises.Mechanism tests indicate that state-owned capital par⁃ticipation enhances the ESG performance of private enterprises by increasing environmental subsidies,strengthen⁃ing the quality of social responsibility information disclosure,and reducing the second type of agency costs.Fur⁃thermore,in companies where there is a high level of state ownership participation and national stock participa⁃tion,the promoting effect of state-owned capital participation on the ESG performance of private enterprises is more significant.Sub-item tests show that state-owned capital participation mainly enhances the ESG performance of private enterprises by improving the social and governance dimensions,while the effect on environmental perfor⁃mance varies based on environmental governance and pressure.

关 键 词：逆向混改 环境、社会和治理 环保补助 社会责任信息披露 代理成本 

分 类 号：F276.5[经济管理—企业管理]