企业ESG表现具有同群效应吗?——基于空间计量模型的实证检验  

Does the ESG Performance of Enterprises Have a Peer Effect?——Empirical Testing Based on Spatial Econometric Models

作　　者：张琨 连璐瑶 Zhang Kun;Lian Luyao(School of Economics,Hebei University of Economics and Business,Shijiazhuang Hebei 050061,China;School of Accounting,Hebei University of Economics and Business,Shijiazhuang Hebei 050061,China)

机构地区：[1]河北经贸大学经济学院,河北石家庄050061 [2]河北经贸大学会计学院,河北石家庄050061

出　　处：《河北经贸大学学报》2025年第1期80-91,共12页Journal of Hebei University of Economics and Business

基　　金：河北省社会科学基金一般项目“数字经济赋能河北制造业高质量发展的作用机制与贡献研究”(HB23YJ011)。

摘　　要：随着“双碳”目标的提出以及绿色可持续发展的推进,ESG理念为企业决策提供了新的思路。基于此,以2015—2022年中国A股上市企业为研究样本,引入空间面板计量模型,构建地区和行业空间权重矩阵,来考察企业ESG表现的同群效应。研究结果表明:同群企业ESG表现(内生同群效应)和其特征变量(外生同群效应)对目标企业ESG表现具有正向影响,且行业同群效应强于地区同群效应,模范企业能够激励同区域和同行业企业积极履行社会责任;机制检验发现,在市场竞争越激烈的行业以及法治环境越好的地区,企业ESG表现的同群效应越显著。对同群效应的经济后果进行分析,发现地区和行业同群效应分别对企业股票收益和股票流动性具有显著正向作用。因此,中国应充分发挥标杆企业的领航作用,加强地区法治环境建设,完善ESG披露准则,重视行业协会建设,进而提升企业ESG表现以及股票市场表现。With the introduction of"peak carbon dioxide emissions and carbon neutrality"target and the promotion of green and sustainable development,ESG concept provides new ideas for enterprise decision-making.Based on this,the article takes Chi-nese A-share listed companies from 2015 to 2022 as the research sample,introduces a spatial panel econometric model,con-structs a regional and industry spatial weight matrix,and examines the peer effect of ESG performance of enterprises.The research results indicate that the ESG performance of peer firms(endogenous peer effect)and its characteristic variable(exogenous peer effect)have a positive impact on the ESG performance of target enterprises,and the industry peer effect is stronger than the re-gional peer effect.Model enterprises can motivate enterprises in the same region and industry to actively fulfill their social respon-sibilities.Mechanism testing found that in industries with more intense market competition and regions with better legal environ-ment,the peer effect of ESG performance of enterprises is more significant.By analyzing the economic consequences of peer effect,it is found that the regional and industry peer effects respectively have significant positive effects on the stock returns and stock liquidity of enterprises.Therefore,China should give full play to the leading role of benchmark enterprises,strengthen the construction of regional legal environment,improve the ESG disclosure standards,pay attention to the construction of industry as-sociations,and then enhance the ESG performance and stock market performance of enterprises.

关 键 词：ESG表现 同群效应 空间计量 空间权重矩阵 股票市场 

分 类 号：F275.5[经济管理—企业管理]