企业ESG表现与国际资本流动——来自跨国数据的经验研究  

ESG Performance of Enterprises and International Capital Flows——Empirical Research from Cross-Border Data

作　　者：刘文革[1] 刘杰[1] LIU Wenge;LIU Jie(School of International Economics and Politics,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁大学国际经济政治学院,沈阳110036

出　　处：《商业研究》2024年第5期145-152,共8页Commercial Research

基　　金：国家社会科学基金项目“东北老工业基地国有高端装备制造企业混合所有制改革机制与路径选择”,项目编号:19BJY104。

摘　　要：ESG作为企业可持续发展的核心竞争力,可能成为驱动国际资本流动的新动因。本文基于2004—2021年51个国家面板数据,探究企业ESG影响国际资本流动的效果、作用机制、异质性表现及非线性关系。研究发现,ESG能够显著且稳健地促进国际资本的流动;机制分析表明,ESG作为推动企业可持续发展并增强企业价值的重要工具,会重塑企业价值观,通过提高企业生产率和金融发展水平途径,促进国际资本流动;进一步异质性分析表明,ESG对国际资本影响存在“边际效应”非线性递减特征。因此,考虑到ESG对全球资本市场的重要性,应加快建立健全ESG中国化制度体系,完善ESG披露指南、提高企业ESG信息披露和ESG治理水平。ESG,as the fundamental competitive advantage of corporate sustainable development,may become a new driver of international capital flows.This paper employs panel data from 51 countries from 2004 to 2021 to investigate the impact,mechanism of action,heterogeneous performance,and non-linear relationship between corporate ESG and international capital flows.The findings indicate that ESG has a significant and robust impact on international capital flows.The mechanism analysis demonstrates that ESG,as a crucial instrument for promoting sustainable development and enhancing corporate value,influences corporate values and facilitates international capital flows by enhancing corporate productivity and financial development.Furthermore,the heterogeneity analysis reveals a“marginal effect”and a nonlinear relationship between the effects of ESG on international capital.Further heterogeneity analysis demonstrates that the impact of ESG on international capital is characterised by a nonlinear decreasing marginal effect.Consequently,in light of the pivotal role ESG plays in the global capital market,it is imperative to expedite the establishment of a robust ESG system in China,enhance the ESG disclosure guidelines,and elevate the standards of corporate ESG disclosure and ESG governance.

关 键 词：可持续发展 ESG 企业生产率 国际资本 

分 类 号：F270[经济管理—企业管理]