实际控制人股权配置对企业ESG表现的影响研究  

Research on the Impact of Actual Controller’s Equity Allocation on the ESG Performance of Enterprises

作　　者：李官辉 LI Guan-hui(School of Economics and Management,Jinzhong University,Jinzhong 030619,China)

机构地区：[1]晋中学院经济管理系,山西晋中030619

出　　处：《经济问题》2024年第12期98-106,共9页On Economic Problems

基　　金：国家自然科学基金青年项目“管理体制改革、数智化赋能与国家审计促进国企高质量发展”(72102132);山西省高等学校哲学社会科学项目“数据资产入表对审计报告行为的影响研究——以山西企业为例”(2024W170);晋中学院博士专项资金资助项目“数据资产入表对审计报告行为的影响研究”(JUD2023034)。

摘　　要：ESG表现是企业高质量发展的重要标志,受企业实际控制人股权配置情况的重要影响。利用2009—2022年我国A股上市公司的数据,研究实际控制人股权配置对企业ESG表现的影响。研究发现,实际控制人股权配置与企业ESG表现存在显著的倒“U”型关系,且其拐点为0.342。调节效应检验发现,两权分离度与市场化程度显著增强了实际控制人股权配置与企业ESG表现的倒“U”型关系。异质性检验发现,实际控制人股权配置与企业ESG表现的倒“U”型关系在非高新技术企业、非重污染企业、非第一代实控人、实际控制人在控股股东单位任职的企业更为明显。ESG performance is an important indicator of the high-quality development of enterprises and is significantly influenced by the actual controllers of enterprises.Based on the data of China’s A-share listed compa‐nies from 2009 to 2022,this paper investigates the impact of the equity allocation of actual controllers on the high quality development of enterprises.It is discovered that there exists a significant inverted U-shaped relationship between the equity allocation of actual controllers and ESG performance,with the inflection point being 0.342.The moderating effect test indicates that the degree of separation of the two rights and the degree of marketization sig‐nificantly strengthen the inverted U-shaped relationship between the equity allocation of the actual controller and ESG performance.The heterogeneity test reveals that the inverted U-shaped relationship between the equity alloca‐tion of the actual controller and ESG performance is more pronounced in non-high-tech enterprises,non-heavy polluting enterprises,enterprises with non-first-generation actual controllers,and enterprises in which the actual controller serves as the controlling shareholder.

关 键 词：实际控制人 股权配置 企业高质量发展 ESG表现 

分 类 号：F275[经济管理—企业管理]