媒体ESG关注与企业数字型跨国并购  

Media ESG Attention and Enterprises'Digital Cross-Border M&As

作　　者：申明浩 刘奕岍 谭伟杰 SHEN Minghao;LIU Yiqian;TAN Weijie

机构地区：[1]广东外语外贸大学粤港澳大湾区研究院 [2]广东外语外贸大学经济贸易学院 [3]上海财经大学公共经济与管理学院

出　　处：《世界经济研究》2024年第7期72-90,M0003,共20页World Economy Studies

基　　金：国家社会科学基金重大项目“粤港澳大湾区数据要素跨境流动路径研究”(项目编号:21&ZD123)经费资助。

摘　　要：随着ESG理念日渐成为国际共识,媒体对企业ESG行动的关注能否形成良好的非正式制度环境,塑造企业负责任的国际形象,从而促进企业数字型跨国并购数量和规模的提升值得探讨。文章选用2015~2022年中国A股上市公司为研究样本,系统分析媒体ESG关注对企业数字型跨国并购的影响及其作用机制。研究结果表明,媒体ESG关注对企业数字型跨国并购产生了显著而稳健的正向影响,且这一作用通过塑造企业外部ESG声誉和改善企业内部数字化经营状况实现。异质性分析表明,高管团队异质性高的企业、敏感性行业的企业、跨行业并购和技术型并购更受益于媒体ESG关注的数字并购促进效应;同时,环境和治理维度的媒体关注对数字并购的激励作用更强。基于制度协同效应的拓展性分析表明,媒体ESG关注与政府ESG治理在促进企业数字型跨国并购中具有互补效应,与政府数字采购在促进企业数字型跨国并购中则具有替代效应。研究结论为探索从企业ESG优势外部动因视角提升国际竞争与合作话语权、政府与市场合力塑造数字经济“走出去”制度优势提供了有益启发。As the ESG(Environmental,Social and Governance)concept has gradually become an international consensus,it is worth exploring whether media attention to corporate ESG actions can form a favorable informal institutional environment,shape the responsible international image of enterprises,and thus promote the increase in the number and scale of enterprises'digital crossborder mergers and acquisitions(M&As).This paper selects Chinese A-share listed companies from 2015 to 2022 as the research sample,and systematically analyzes the impact of media ESG attention on enterprises'digital cross-border M&As and its mechanism.The research results show that media ESG attention has a significant and robust positive effect on enterprises'digital crossborder M&As,and this effect is achieved by shaping the external ESG reputation of enterprises and accelerating the digital transformation of enterprises.Heterogeneity analysis shows that enterprises with high management team heterogeneity,enterprises from sensitivity industries,cross-industry acquisitions,and technology-based acquisitions benefit more from the promotion effect of media ESG attention on digital M&As.Meanwhile,media attention to the environmental dimension has a stronger incentive effect on digital M&As.Based on the complementary analysis of formal and informal institutions,the results indicate that media ESG attention and government ESG governance have a complementary effect in promoting enterprises'digital cross-border M&As,while media ESG attention and government digital procurement have a substitutional effect.The research conclusions provide useful insights for enterprises to enhance their international discourse power by ESG practice,and for the government to build institutional advantages for the"going global"of the digital economy by combining media functions。

关 键 词：媒体ESG关注 数字型跨国并购 企业ESG声誉 数字化转型 

分 类 号：G206[文化科学—传播学] F271[经济管理—企业管理] F49[经济管理—国民经济] F125