ESG信息披露与企业全要素生产率  

ESG Information Disclosure and Enterprise Total Factor Productivity

作　　者：盛明泉[1] 李志杰 汪顺 SHENG Mingquan;LI Zhijie;WANG Shun(School of Accountancy,Anhui University of Finance and Economics,Bengbu 233030,China;School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]安徽大学商学院,安徽合肥230601

出　　处：《统计与信息论坛》2024年第8期88-100,共13页Journal of Statistics and Information

基　　金：国家社会科学基金青年项目“企业融资约束的碳锁定效应及其解锁策略研究”(22CJY032);安徽省社会科学规划重点项目“新发展阶段安徽打造科技创新策源地创新生态系统研究”(AHSKZ2021D25)。

摘　　要：在全面贯彻新发展理念的时代背景下,ESG信息的长期价值属性日益显现,企业在经营活动中积极践行ESG理念更是提升自身可持续发展能力的重要手段。因而,企业ESG信息披露作为重要的非财务信息影响企业的生产经营活动成为企业和学术界关注的焦点。因此,基于2009—2021年沪深A股企业数据,研究ESG信息披露对企业全要素生产率的影响及其作用机制。研究发现:第一,ESG披露对企业全要素生产率会产生显著的促进作用,在经过一系列内生性和稳健性检验后结论依然成立。第二,中介机制表明,ESG信息披露通过提高创新水平和人力资本水平两条路径作用于企业全要素生产率,具体来说,ESG信息披露可以提高创新产出、提高员工信任水平和优化企业人力资本结构进而提升企业全要素生产率。第三,ESG信息披露在市场化程度较低和外部分析师关注较高时对企业全要素生产率存在更为强烈的提升作用。研究结论对于构建和完善具有中国特色的ESG信息披露机制,推动企业进行ESG信息披露,培育ESG竞争优势,健全中国资本市场监管环境,实现经济高质量发展具有启示意义。In the context of fully implementing the new development concept,the long-term value attribute of ESG information is increasingly evident.Actively practicing ESG concepts in business activities is one of the important means for enterprises enhancing their sustainable development capabilities.Therefore,how corporate ESG information disclosure,as important non-financial information,affects the production and operation activities of enterprises has been focused in both practical and academic circles.On the basis,the impact and mechanism of ESG information disclosure on total factor productivity of A-share companies in Shanghai and Shenzhen are empirically analyzed from 2009 to 2021.It has found that,firstly,ESG disclosure has a significant promoting effect on total factor productivity of enterprises.After a series of robustness tests,the conclusion still holds up.Secondly,the intermediary mechanism indicates that ESG information disclosure affects the total factor productivity of enterprises through two paths:improving innovation level and human capital level.Specifically,ESG information disclosure can enhance innovation output,enhance employee trust level,and optimize the human capital structure of enterprises,thereby enhancing their total factor productivity.Thirdly,further analysis indicates that ESG information disclosure has a stronger enhancing effect on the total factor productivity of enterprises when the degree of marketization is low and external analysts paying high attention.Based on the research findings,the following suggestions are proposed:Firstly,enterprises should actively practice the ESG concept,improve their awareness of ESG information disclosure,cultivate ESG competitive advantages,and empower high-quality development of enterprises.At present,the entire economy and society are in a period of transformation.If enterprises blindly pursue short-term economic performance improvement while neglecting sustainable development and green strategic transformation,it will be difficult to keep pace with

关 键 词：ESG 信息披露 全要素生产率 创新 人力资本 

分 类 号：F279.23[经济管理—企业管理]