ESG责任履行能够提高企业被外资并购的可能性吗?——基于上市公司的经验数据  

Can ESG Responsibility Fulfi llment Increase the Likelihood of Enterprises Being Acquired by Foreign Capital?:Based on Empirical Data of Listed Companies

作　　者：冯亚芳 眭强 FENG Ya-fang;SUI Qiang(Jiangsu Administration Institute,Nanjing 210000,China;Jiangsu Provincial Academy of Social Sciences,Nanjing 210000,China)

机构地区：[1]江苏行政学院,南京210000 [2]江苏省社会科学院,南京210000

出　　处：《上海对外经贸大学学报》2025年第1期5-17,共13页Journal of Shanghai University of International Business and Economics

基　　金：国家社会科学基金青年项目“生产能力溢出对长三角城市制造业结构演进的影响研究”(项目编号:24CJY072)的资助。

摘　　要：本文考察了我国企业的ESG评级对其被跨国公司并购的影响及作用机制,并利用2009~2021年A股上市公司数据进行检验。研究发现,企业履行ESG的优势能够显著提升企业被外资并购的可能性,且国有企业相比非国有企业、东部地区相比中西部地区的提升作用更加明显;非重污染企业、高环境规制强度地区企业的ESG优势能够显著提升企业被外资并购的可能性,而重污染企业、低环境规制强度地区企业的提升作用则不显著。机制分析表明,企业践行ESG能够提升企业的社会声誉和治理能力、降低运营成本,由此带来企业价值的提升;也能够促进技术创新、降低融资约束并增加研发投入,由此带来企业生产率水平的提高,通过提升企业价值和生产率进而增加企业被外资并购的可能性。本文揭示了东道国企业践行ESG在外资引进中发挥的重要作用,也对我国向全球传递和践行可持续发展理念具有重要启示。This paper examines the impact and mechanism of ESG(environmental,social and governance)ratings on cross-border M&A,utilizing data from Chinese A-share listed companies during 2009-2021.The fi ndings indicate that superior ESG performance signifi cantly enhances the probability of foreign acquisitions.Specifically,compared to non-state-owned enterprises and central and western regions,the effect is more pronounced in state-owned enterprises and eastern regions.Compared to fi rms in heavily polluting industries and regions with weak environmental regulations,superior ESG performance signifi cantly increases the likelihood of foreign acquisitions for fi rms in non-heavily polluting industries and regions with stringent environmental regulations.Mechanism analysis demonstrates that ESG development enhances corporate social reputation and governance capabilities while reducing operational costs,thereby increasing fi rm value.Additionally,it promotes technological innovation,alleviates fi nancing constraints,and increases R&D investment,leading to improved productivity levels.These improvements in fi rm value and productivity subsequently increase the probability of foreign acquisitions.This study illuminates the crucial role of host country fi rms’ESG development in attracting foreign investment and provides important implications for China’s global communication of sustainable development practices.

关 键 词：外资并购 ESG 责任履行 生产率 企业价值 

分 类 号：F276.7[经济管理—企业管理]