ESG表现对企业高质量发展的提升效应及作用机制研究——来自中国A股上市公司的经验证据  

Research on the Promotion Effect and Action Mechanism of ESG Performance on the High-Quality Development of Companies——Empirical Evidence from A-share Listed Companies in China

作　　者：郑兴东[1] 王明虎 Zheng Xing-dong;Wang Ming-hu(School of Accounting,Anhui University of Business and Technology,Wuhu,Anhui,241002;School of Business,Anhui University of Technology,Maanshan,Anhui,243002)

机构地区：[1]安徽商贸职业技术学院会计学院,安徽芜湖241002 [2]安徽工业大学商学院,安徽马鞍山243002

出　　处：《吉林工商学院学报》2025年第1期68-77,127,共11页Journal of Jilin Business and Technology College

基　　金：安徽省高校重大科研项目“‘双碳’目标下ESG表现对企业高质量发展的提升效应及作用机制研究”(2024AH040317);安徽商贸职业技术学院校级重点科研项目“经济政策不确定性视角下ESG表现对企业融资成本的影响研究”(2024KZR15)。

摘　　要：选取2018—2023年沪深A股上市公司作为样本,探究企业ESG表现对其高质量发展的提升效应及作用机制。主要结论如下:(1)ESG表现对企业高质量发展具有显著的助推作用,且该结论经过替换被解释变量、运用工具变量法等稳健性检验后,ESG的提升效应依然成立。(2)中介效应分析揭示,ESG表现通过增强企业的创新能力及缓解融资约束这两条主要路径,有效提升企业的高质量发展。(3)异质性检验结果显示,ESG表现对企业高质量发展的提升效应在非重污染行业以及内部控制存在缺陷的企业中更为显著。本研究丰富了微观层面企业高质量发展领域的文献,同时为企业实现高质量发展提供了参考。This study selects A-share listed companies from 2018 to 2023 as samples to explore the promoting effect and the influencing mechanism of ESG performance of companies on their high-quality development.The main conclusions are as follows:(1)ESG performance significantly boosts the high-quality development of companies and this effect remains valid after robustness tests such as replacing the explained variables and using the instrumental variable method.(2)It is revealed by mediating effect analysis that ESG performance effectively promotes the high-quality development of companies through two main paths:enhancing innovation ability and alleviating financing constraint.(3)Heterogeneity test result shows that the promotion effect of ESG performance on the high-quality development of companies appears more significant in non-heavily pollution industries and companies with defects in internal control.This study enriches the literature in the field of high-quality development of companies at the micro level and,meanwhile,provides a reference for companies to achieve high-quality development.

关 键 词：ESG表现 高质量发展 企业创新 融资约束 

分 类 号：F272.5[经济管理—企业管理]