ESG绩效对企业生产效率的影响研究——基于中国制造业上市公司的证据分析  

Study on the effect of ESG performance on enterprise production efficiency--Empirical analysis from listed company of manufacturing industry in China

作　　者：崔清泉 丁燕 CUI Qingquan;DING Yan(School of Management,Chongqing University of Technology,Chongqing 400054,China;School of Economic&Management,Northwest University,Xi′an 710127,China)

机构地区：[1]重庆理工大学管理学院,重庆400054 [2]西北大学经济管理学院,陕西西安710127

出　　处：《资源开发与市场》2025年第2期240-250,共11页Resource Development & Market

基　　金：国家社会科学基金项目(编号:21BJY123);重庆市教委人文社会科学研究项目(编号:24SKGH215)。

摘　　要：ESG绩效体现了企业综合实力,是实现中国制造业企业提质增效的新突破点,是制造业企业生产效率提升的新动能。基于2012—2020年中国制造业上市公司的面板数据,采用固定效应模型系统分析和实证检验ESG绩效对制造业企业生产效率的影响关系及作用机制。结果表明:制造业企业ESG表现对生产效率具有显著的促进作用,技术创新和融资约束在这一过程中起到中介作用;进一步研究还发现,企业内部控制水平和外部媒体关注均正向调节ESG绩效与生产效率之间的关系,且相较于污染性质的企业而言,非污染企业ESG实践的提升效应更加明显。基于上述结论,提出促进中国制造业高质量发展的相关建议。ESG performance reflects the comprehensive strength of enterprises,and is a new breakthrough point to realize the quality and efficiency of China′s manufacturing enterprises.It is also a new driving force for improving the production efficiency of manufacturing enterprises.Based on panel data of China′s manufacturing listed companies from 2012 to 2020,this paper used the fixed effect model to systematically analyze and empirically test the impact and mechanism of ESG performance on manufacturing enterprises′production efficiency.The results showed that manufacturing enterprises′ESG performance had a significant contribution to production efficiency,and technological innovation and financing constraints played a mediating role in this process.Further research also found that both internal control level and external media attention positively moderated the relationship between ESG performance and production efficiency,and the enhancement effect of ESG practices in non-polluting firms was more obvious compared to firms of a polluting nature.Based on the above conclusions,relevant recommendations were proposed to promote the high-quality development of China′s manufacturing industry.

关 键 词：ESG绩效 全要素生产率 技术创新 融资约束 固定效应模型 

分 类 号：F270[经济管理—企业管理]