风险投资与企业ESG表现  

Venture Capital and Corporate ESG Performance

作　　者：李志斌[1] 李敏诗 许莲艳 缪申培 LI Zhi-bin;LI Min-shi;XU Lian-yan;LIAO Shen-pei

机构地区：[1]扬州大学商学院

出　　处：《科学决策》2024年第4期1-21,共21页Scientific Decision Making

基　　金：国家社会科学基金一般项目(项目编号:19BJY021);全国会计重点科研课题(项目编号:2023kjb1-06)。

摘　　要：在“双碳”目标的大背景下,ESG已经成为企业可持续发展的战略选择。风险资本作为一类特殊的机构投资者,对企业的ESG决策和行为存在重要影响。以2010—2021年沪深两市首次公开发行的A股上市公司为研究样本,实证研究风险投资对企业ESG表现的影响。研究发现,风险投资对企业ESG表现存在显著的负向影响,验证了风险资本的“逐名”假说。进一步分析表明,风险资本联合、风险资本声誉较高、风险资本有外资背景等因素显著地抑制了风险投资对企业ESG表现的负向作用。研究结论拓展了企业ESG表现影响因素的相关研究,为强化政府对风险资本的正确引导,以及企业提高ESG表现提供了有益的思路和启示。In the context of the“dual-carbon”goal,ESG has become a strategic choice for the sustainable development of enterprises.As a special kind of institutional investors,venture capital has an important influence on the ESG decisions and behaviors of enterprises.Taking the IPO A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as A research sample,the impact of venture capital on corporate ESG performance is empirically studied.The study found that venture capital has a significant negative impact on the ESG performance of enterprises,which verified the“name by name”hypothesis of venture capital.Further analysis shows that the combination of venture capital,high reputation of venture capital and foreign venture capital background significantly inhibit the negative effect of venture capital on the ESG performance of enterprises.The research conclusion expands the relevant research on the influencing factors of corporate ESG performance,and provides useful ideas and enlightenment for strengthening the government’s correct guidance to venture capital and improving the ESG performance of enterprises.

关 键 词：风险投资 企业ESG表现 风险资本特征 

分 类 号：F270.7[经济管理—企业管理] F830.9[经济管理—国民经济]