“ESG新政”与国有企业ESG发展:昙花一现还是新动力——基于国资委“105号”文准自然实验的经验考察证据  

The“ESG New Deal”and ESG Development of State-owned Enterprises:A Flash in the Pan or a New Power:Empirical Investigation Evidence Based on the“105 Document”of the State-owned Assets Supervision and Administration Commission for Quasi Natural Experiments

作　　者：黄静 张金昌[2] 潘艺 HUANG Jing;ZHANG Jinchang;PAN Yi(Graduate School of Chinese Academy of Social Sciences,Beijing 102488,China;Institute of Industrial Economics,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院大学研究生院,北京102488 [2]中国社会科学院工业经济研究所,北京100006

出　　处：《国土资源科技管理》2024年第4期110-123,共14页Scientific and Technological Management of Land and Resources

基　　金：国家社会科学基金重大资助项目(21ZDA023);中国社会科学院重大创新工程项目(2101000100020086)。

摘　　要：国务院国资委“105号”文的实施,为国有企业ESG发展创造了条件。本文以2010—2022年上市企业为研究对象,运用双重差分法实证检验“ESG新政”对国有企业ESG发展的影响,研究发现:“ESG新政”能显著促进国有企业ESG发展;机制检验结果表明,“ESG新政”的实施降低了国有企业融资成本水平,提升了企业高学历人才水平,促进了企业ESG发展,但也抑制了国有企业研发投入,不利于企业ESG发展;异质性分析发现,“ESG新政”对大型、非工业、经济发达地区企业的ESG发展有显著促进作用。据此提出促进企业ESG发展的建议。The implementation of the“105 Document”issued by the State-owned Assets Supervision and Administration Commission of State Council has created conditions for the development of ESG in state-owned enterprises.This article takes listed companies from 2010 to 2022 as the research object,and uses the double difference method to empirically test the impact of the“ESG New Deal”on the ESG development of state-owned enterprises.The study found that the“ESG New Deal”can significantly promote the ESG development of state-owned enterprises;The results of mechanism testing indicate that the implementation of the“ESG New Policy”has reduced the financing cost level of state-owned enterprises,improved the level of highly educated talents in enterprises,promoted the development of enterprise ESG,but also suppressed research and development investment in state-owned enterprises,which is not conducive to the development of enterprise ESG;Heterogeneity analysis found that the“ESG New Deal”has a significant promoting effect on the ESG development of large,non industrial,and economically developed regions’enterprises.Based on this,policy recommendations are proposed to promote the development of enterprise ESG.

关 键 词：ESG 国有企业 双重差分法 

分 类 号：F273.1[经济管理—企业管理] X322[经济管理—国民经济]