耐心资本对企业ESG表现的影响研究  

Research on the Influence of Patience Capital on ESG Performance of Enterprises

作　　者：李思飞[1] 温磊 LI Si-fei;WEN Lei(School of International Business,Beijing Foreign Studies University,Beijing 100089,China)

机构地区：[1]北京外国语大学国际商学院,北京100089

出　　处：《经济问题》2025年第1期48-56,共9页On Economic Problems

基　　金：国家自然科学基金面上项目“会计信息形式质量与资本市场效率”(72473012);北京市社会科学基金项目“数字化转型对京津冀企业ESG的影响及路径研究”(22GLC057);中央高校基本科研业务费专项资金资助“气候风险与企业财务决策研究”(2024JJ001)。

摘　　要：随着ESG理念的逐渐流行,如何提升企业的ESG表现成为社会公众关注的焦点。耐心资本提倡长期的投资理念,与ESG理念相契合,可能成为促进企业ESG表现提升的重要引擎。为此,基于2009—2022年A股上市公司的样本,实证检验了耐心资本对企业ESG表现的影响。研究发现:耐心资本能够促进企业ESG表现提升。机制检验发现,代理成本、融资约束和信息不对称是耐心资本影响企业ESG表现的重要机制;异质性分析发现,耐心资本对分析师关注度高、媒体关注度高以及属于重点污染监控单位的企业ESG表现具有更明显的提升效应;分项检验发现,耐心资本主要促进了企业社会和公司治理表现提升,对于企业环境表现则没有显著影响。研究结论对于培育和壮大耐心资本、促进企业ESG表现提升具有重要的参考价值。With the gradual popularity of ESG concept,how to improve the ESG performance of enterprises has become the focus of public attention.Patience capital advocates long-term investment concept,which is in line with ESG concept and may become an important engine to promote ESG performance of enterprises.Therefore,based on the sample of A-share listed companies from 2009 to 2022,this paper empirically tests the influence of patient capital on ESG performance of enterprises.It is found that patient capital can promote the ESG performance of enterprises;The mechanism test shows that agency cost,financing constraints and information asymmetry are important mechanisms for patient capital to affect ESG performance.Heterogeneity analysis shows that patient capital has a more obvious improvement effect on ESG performance of enterprises with higher attention level of analysts,higher media and key pollution monitoring units;It is found that patient capital mainly promotes the performance of corporate society and corporate governance,but has no significant effect on environmental performance.The research conclusion has important reference value for cultivating and expanding patient capital and promoting ESG performance improvement of enterprises.

关 键 词：耐心资本 企业ESG表现 信息不对称 融资约束 代理成本 

分 类 号：F832[经济管理—金融学] F49F275