国有股权参股对民营企业ESG表现的影响研究  

Study on the Influence of State-Owned Equity Participation on the ESG Performance of Private Enterprises

作　　者：罗拥华[1] 宋冬黎 LUO Yonghua;SONG Dongli(School of Economics and Management,Hunan University of Technology,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学经济与管理学院,湖南株洲412007

出　　处：《渭南师范学院学报》2024年第11期41-51,共11页Journal of Weinan Normal University

基　　金：湖南省自然科学基金面上项目:产业链升级视角下湖南省装备制造业服务化转型的绩效与路径研究(2021JJ30224);湖南省教育厅科学研究项目:新阶段服务化驱动中国制造业价值链攀升的机制与对策研究(21B0541);湖南省研究生科研创新项目:环境规制对企业ESG信息披露质量的影响研究(CX20240918)。

摘　　要：国有股权参股作为混合所有制改革的一种重要形式,是助力民营企业高质量发展的重要手段。企业践行ESG理念是积极谋求高质量发展的具象行为,随之国有股权参股能否发挥环境、社会与治理效应,并激励民营企业提升ESG表现,成为值得深入探讨的问题。文章利用2009—2022年A股民营上市公司数据,考察了国有股权参股对企业ESG表现的影响。研究发现国有股权参股能够显著提升民营企业ESG表现。进一步的作用机制分析发现,国有股权参股主要通过内部治理机制、资源保障机制有效提升企业的ESG表现。同时网络媒体报道对国有股权参股有着“扩音器”效应,显著增强了国有股权参股对企业ESG表现的促进作用。此外,异质性分析发现,国有股权参股对高污染、高市场竞争程度下的企业ESG表现的促进作用更为显著。研究结果可以为合理布局国有资本提供理论支撑,也可以为民营企业完善ESG战略提供经验数据。State-owned equity participation,as an important form of mixed-ownership reform,serves as a crucial means to promote the high-quality development of private enterprises.Corporate adherence to ESG(Environmental,Social,and Governance)principles is a concrete action in pursuing high-quality development.Consequently,whether state-owned equity participation can exert its environmental,social,and governance effects and give incentive to private enterprises to improve their ESG performance has become a question worthy of in-depth exploration.Using data from A-share private listed compa-nies from 2009 to 2022,this study examines the impact of state-owned equity participation on corporate ESG performance.The findings reveal that state-owned equity participation significantly enhances the ESG performance of private enterprises.Further analysis of the mechanisms shows that state-owned equity participation primarily improves corporate ESG perfor-mance through internal governance and resource support mechanisms.Additionally,media coverage acts as a“megaphone”effect,significantly amplifying the positive impact of state-owned equity participation on corporate ESG performance.Hetero-geneity analysis indicates that the effect of state-owned equity participation in promoting ESG performance is more pro-nounced in high-pollution and highly competitive industries.The results of the study provide theoretical support for the strate-gic allocation of state-owned capital and offer empirical data for private enterprises to refine their ESG strategies.

关 键 词：国有股权参股 内部控制 融资约束 ESG表现 

分 类 号：F121.23[经济管理—世界经济]