名不副实还是名实相符?——企业ESG评价和精准扶贫  

In Name Only or in Deed as Well?:Corporate ESG Evaluation and Targeted Poverty Alleviation

作　　者：周方召 张露 陈嘉琪 徐娜娜 ZHOU Fang-zhao;ZHANG Lu;CHEN Jia-qi;XU Na-na(Business School,Jiangnan University,Wuxi 214122,Jiangsu,China)

机构地区：[1]江南大学商学院,江苏无锡214122

出　　处：《上海对外经贸大学学报》2025年第1期18-33,共16页Journal of Shanghai University of International Business and Economics

基　　金：教育部人文社会科学研究项目“异质性机构投资者的ESG持股偏好、溢价来源及基金业绩评价研究”(项目编号:20YJA790095)的资助。

摘　　要：企业ESG(环境、社会和治理)评价的得分依赖于其披露的社会责任信息,精准扶贫提供了检验ESG评价和真实的社会责任履行之间名实相符的证据。本文以2016~2021年中国A股上市公司为样本,运用工具变量和PSM方法实证检验企业ESG评价对精准扶贫参与和投入的影响,并揭示企业积极参与社会责任履行的战略性动机。研究结果发现:高ESG评级的上市公司更倾向于积极参与精准扶贫项目,并且在参与扶贫的项目上投入金额也更多,显示出企业扶贫责任履行与其社会责任ESG评价“名实相符”。上市公司参与精准扶贫活动有助于降低股价崩盘风险,也体现了企业参与社会责任履行的战略性动机考量。进一步研究发现,在涉及深度贫困县的扶贫中,企业的ESG评价和实际投入之间关系并不明显,表明在帮扶深度贫困地区时企业力量不足。研究结论揭示了企业ESG评价和真实社会责任履行之间的实际联系,丰富了社会责任承担的动因与经济后果领域的文献,对进一步促进企业社会责任履行、完善乡村振兴战略和实现共同富裕的中国式现代化推进具有重要的现实意义。The score of a company’s ESG(Environmental,Social and Governance)evaluation depends on the social responsibility information it discloses.Targeted poverty alleviation provides evidence to assess the alignment between ESG ratings and actual social responsibility practices.Using a sample of A-share listed companies in China from 2016 to 2021,this study empirically examines the impact of ESG ratings on participation and investment in targeted poverty alleviation,employing methods such as instrumental variables and propensity score matching(PSM).The fi ndings reveal the strategic motivations behind companies’active engagement in social responsibility.The results show that:Companies with higher ESG ratings are more likely to actively participate in and invest targeted poverty alleviation projects.This demonstrates that the fulfi llment of poverty alleviation responsibilities by companies aligns with their ESG evaluations of social responsibility.This eff ect is more pronounced in well-performing companies and state-owned enterprises.Participation in targeted poverty alleviation activities by listed companies reduces the risk of stock price crashes,reflecting strategic motivational considerations for corporate engagement in social responsibility fulfi lment.Further research reveals that the relationship between a company’s ESG ratings and actual investment is not significant in extremely poor counties,highlighting the inadequacy of corporate eff orts in these areas.The conclusions reveal the real connection between ESG evaluations and actual social responsibility practices,and enrich the literature on the motivations and economic consequences of social responsibility.It has important practical implications for promoting corporate social responsibility,improving rural revitalization strategies,and advancing a Chinesestyle modernization that aims for common prosperity.

关 键 词：精准扶贫 ESG评级 社会责任 

分 类 号：F270[经济管理—企业管理] F230[经济管理—国民经济]