对外直接投资与企业ESG表现——基于“一带一路”倡议的经验证据  

OFDI and ESG Performance of Enterprises:Based on Empirical Evidence from the Belt&Road Initiative

作　　者：刘晓丹[1] 苏二豆 衣长军[3] LIU Xiaodan;SU Erdou;YI Changjun(CEEC Economic and Trade Cooperation Institute/School of Business,Ningbo University,Ningbo 315211,China;School of Economics,Capital University of Economics and Business,Beijing 100070,China;School of Business Administration,Huaqiao University,Quanzhou 362021,China)

机构地区：[1]宁波大学中东欧经贸合作研究院/商学院,浙江宁波315211 [2]首都经济贸易大学经济学院,北京100070 [3]华侨大学工商管理学院,福建泉州362021

出　　处：《中南财经政法大学学报》2024年第3期124-135,共12页Journal of Zhongnan University of Economics and Law

基　　金：浙江省自然科学基金探索项目“最优区分视角下中国跨国企业履行社会责任与海外子公司成长”(LQ24G020001);宁波市区域经济研究基地项目“宁波与中东欧国家投资合作环境评价研究”(JD6-005);宁波大学龙元建筑金融研究院课题“中国建筑业企业ESG表现对海外子公司生存的影响研究”(LYYB2312)。

摘　　要：本文运用中国沪深A股制造业上市公司2010—2020年数据,以“一带一路”倡议为准自然实验,探讨企业OFDI对ESG的影响及ESG调整动机。研究发现,中国企业通过参与“一带一路”倡议进行OFDI显著提高了ESG水平,尤其是环境维度的ESG。随着OFDI深入推进,企业ESG的改善效应逐步增强。OFDI更有助于提升国际化经验不足企业和投资到可持续发展目标较高东道国企业的ESG水平。此外,当面临严格的制度约束时,企业OFDI对ESG的提升效应更大,且制度约束主要作用于环境维度的ESG;若企业高阶资源较为丰富,则其ESG改善幅度更大,且主要表现为社会和治理维度的ESG改善效应。本文的研究丰富了我国企业对“一带一路”沿线国家直接投资的ESG改善效应研究,并为推动我国企业ESG建设提供了理论支持和经验证据。This study examines the impact of outward foreign direct investment(OFDI)on environmental,social,and governance(ESG)performance in Chinese manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.Leveraging the Belt and Road Initiative(BRI)as a natural experiment,the research finds that Chinese enterprises'OFDI,facilitated by the BRI,significantly boosts ESG performance,particularly emphasizing the environmental dimension.The positive effects on ESG become more pronounced as OFDI progresses.OFDI is likely to enhance the ESG performance of companies with limited international experience,investing in host countries aligned with high sustainable development goals.Moreover,in the presence of stringent institutional constraints,the BRI substantially enhances ESG performance,particularly in the environmental dimension.Companies with abundant higher-order resources tend to witness a more significant impact on the social and governance dimensions of ESG,leading to the development of sustainable competitive advantages.This study enriches the literature on the implications of Chinese enterprises'investments in Belt and Road countries on ESG,offering theoretical backing and empirical findings to advance the establishment of ESG within Chinese enterprises.

关 键 词：对外直接投资 “一带一路”倡议 ESG 

分 类 号：F125[经济管理—世界经济]