国有股权参股、融资约束与民营企业ESG表现  

State-owned Equity Participation,Financing Constraints and the ESG Performance of Private Enterprises

作　　者：汪中原 李竹梅[1] 张国珍 WANG Zhongyuan;LI Zhumei;ZHANG Guozhen(College of Economics and Management,Taiyuan University of Technology,Jinzhong 030600)

机构地区：[1]太原理工大学经济管理学院,山西晋中030600

出　　处：《技术与创新管理》2024年第2期197-208,共12页Technology and Innovation Management

基　　金：教育部人文社会科学研究青年基金项目(22YJC630199)。

摘　　要：在党的十八大将生态文明建设纳入中国特色社会主义“五位一体”总布局的背景下,企业ESG(环境、社会和治理)表现受到广泛关注。以2010—2021年A股非金融类民营上市企业为样本,通过固定效应模型实证检验了国有股权参股对民营企业ESG表现的影响。研究发现国有股权的加入能显著提升民营企业ESG表现,但过多的国有股权参股比例会对民营企业的ESG表现起到抑制作用,即呈现倒U型关系,并得出拐点为7.89%;同时,融资约束在国有股权参股对民营企业ESG表现的影响过程中起到了显著的中介作用;国有股权参股对民营企业ESG表现的影响在中小型企业与高市场化程度地区的企业中更为明显。该研究为促进企业绿色创新与可持续健康发展、推进逆向混合所有制改革提供了一定的理论依据和经验证据。Under the background that the construction of ecological civilization is incorporated into the“five-in-one”general layout of socialism with Chinese characteristics at the 18th National Congress of the Communist Party,the ESG performance of enterprises has attracted wide attention.This paper takes A-share non-financial private listed enterprises from 2010 to 2021 as the sample to test the impact of state-owned equity participation on the ESG performance of private enterprises through empirical analysis.The results show that the participation of state-owned equity can significantly improve the ESG performance of private enterprises,while the excessive proportion of state-owned equity participation can inhibit the ESG performance of private enterprises,which is an inverted U-shaped relationship,and the inflection point is 7.89%.At the same time,it is found that financing constraints play a significant intermediary role in the process of state-owned equity participation’s influence on the ESG performance of private enterprises.The influence of state-owned equity participation on ESG performance of private enterprises is more obvious in small and medium-sized enterprises and the enterprises in areas with high marketization degree.This paper provides some theoretical basis and empirical evidence for promoting the green and sustainable development of enterprises and the reverse mixed-ownership reform.

关 键 词：国有股权参股 ESG 融资约束 U型关系 可持续发展 

分 类 号：F276.5[经济管理—企业管理]