政府影响力、决策权配置与企业ESG表现——基于企业集团的经验证据  

Government Influence,Decision Right Allocation and ESG Performance of Enterprises——Evidence from Chinese Business Groups

作　　者：刘嫦[1] 于雅琪 Liu Chang;Yu Yaqi(School of Economics and Management,Shihezi University,Shihezi 832003,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000

出　　处：《新疆农垦经济》2024年第9期80-92,共13页Xinjiang State Farms Economy

基　　金：国家社科基金项目(项目编号:23BGL126)。

摘　　要：文章以2010—2021年A股上市公司为研究样本,实证检验决策权配置对企业ESG表现的关系、具体机制路径以及政府影响力(以产权属性和政府控制层级为表征)的异质性作用。研究结果发现,企业集团决策权配置通过发挥资源效应及治理效应显著提高企业ESG表现,随着政府影响力的加大,决策权配置与企业ESG表现之间的正效应越强。进一步经济后果检验表明,决策权集中配置下企业ESG表现的提升能够显著提高企业全要素生产率和企业价值。研究认为应合理配置母子公司间权限,充分发挥国有企业尤其是央企带头领导作用,践行ESG理念,赋能企业高质量发展。The article takes A-share listed companies from 2010 to 2021 as research samples to empirically test the relationship be⁃tween allocation of decision-making right and corporate ESG performance,specific mechanism paths,and the heterogeneity of gov⁃ernment influence(characterized by property rights attributes and government control levels).The research results show that the al⁃location of decision-making right in enterprise groups significantly improves ESG performance by its resource effects and gover⁃nance effects.As government influence increases,the positive effect between decision-making power allocation and ESG perfor⁃mance of enterprises becomes stronger.Further economic consequence testing shows that the improvement of ESG performance of enterprises under centralized allocation of decision-making right can significantly improve total factor productivity and enterprise value.Research suggests that the authority between parent and subsidiary companies should be reasonably allocated,and the lead⁃ing role of state-owned enterprises,especially national enterprises,should be fully utilized to practice the ESG concept and empow⁃er high-quality development of enterprises.

关 键 词：决策权配置 ESG表现 政府影响力 资源效应 治理效应 

分 类 号：D630[政治法律—政治学] F276.4[政治法律—中外政治制度] F832.51[经济管理—企业管理]