关联交易、股权制衡与企业ESG表现  

Related Party Transactions,Equity Checks and Balances,and Corporate ESG Performanc

作　　者：贾瑞罡 顾宇鹏 贾创雄 Jia Ruigang;Gu Yupeng;Jia Chuangxiong

机构地区：[1]南京大学商学院,江苏南京210023 [2]南京信息工程大学商学院,江苏南京210044 [3]南京晓庄学院商学院,江苏南京211171

出　　处：《企业经济》2024年第12期111-120,共10页Enterprise Economy

基　　金：教育部产学合作协同育人项目“数智经济背景区块链会计实践教育研究”(项目编号:220605844090059)。

摘　　要：ESG表现作为衡量企业可持续发展的重要指标,越来越受到企业、投资者以及社会的关注。文章选取2012年至2022年沪深A股制造业上市企业作为样本,针对关联交易、股权制衡对企业ESG表现的影响进行实证研究。研究结果显示:不同类型关联交易对企业ESG表现的影响明显不一致,关联担保对企业ESG表现有负面影响,而关联购销和劳务对企业ESG表现有正面促进作用。进一步研究发现,股权制衡对关联担保和企业ESG表现之间的负面关系有“倒U型”的调节作用。为此,投资者和企业应理性看待关联交易;企业应完善股权结构、形成合理的股权制衡;政府应建立健全法律法规及外部监管体系,并加强对企业的引导。As an important indicator to measure the sustainable development of enterprises,ESG performance is receiving more and more attention from enterprises,investors and society.This paper takes A-share listed manufacturing companies in Shanghai and Shenzhen from 2012 to 2022 as samples to conduct empirical research on the impact of related party transactions and equity checks and balances on ESG performance of enterprises.The results show the impact of different types of related party transactions on the ESG performance of enterprises is significantly inconsistent.The related guarantee has a negative impact on the ESG performance of enterprises,while the related purchase and sale and labor service have a positive promotion effect on the ESG performance of enterprises.Further research finds that the equity checks and balances has an"inverted U-shaped"regulating effect on the negative relationship between the related guarantee and the ESG performance of the enterprises.Accordingly,investors and enterprises should treat related party transactions rationally;the enterprises should improve their equity structures and form reasonable equity checks and balances;the government should establish and improve laws and regulations as well as external supervision system,and strengthen its guidance for the enterprises.

关 键 词：关联交易 股权制衡 ESG 

分 类 号：F270[经济管理—企业管理]