我国上市企业ESG实践与财务绩效关系研究——基于企业人力资本结构高级化和生命周期的视角  

Research on the Relationship between ESG Practices and FinancialPerformance of Listed Enterprises in China:Perspectives based on the Advanced HumanCapital Structure and the Corporate Life Cycle

作　　者：赵继新[1] 周永涛 ZHAO Jixin;ZHOU Yongtao(School of Economics and Management,North China University of Technology,Beijing 100144,China;Beijing Branch,Industrial and Commercial Bank of China,Beijing 100031,China)

机构地区：[1]北方工业大学经济管理学院,北京100144 [2]中国工商银行北京分行,北京100031

出　　处：《北京联合大学学报(人文社会科学版)》2025年第2期55-70,共16页Journal of Beijing Union University(Humanities and Social Sciences)

基　　金：国家社会科学基金一般项目“资源编排视角下数字赋能中小企业双元创新的机制与路径研究”(项目编号:23BGL068)。

摘　　要：随着我国经济进入“新常态”,培育经济发展新动能已经成为我国推动中国式现代化的必然选择,这对企业高质量发展提出了更高的要求。以2012—2022年中国沪深上市企业为样本,通过链式中介效应和调节效应分析我国上市企业ESG实践对企业财务绩效的影响机制。研究发现:企业ESG实践有助于提升企业的财务绩效;企业的人力资本结构高级化和融资约束的缓解在企业ESG实践与绩效提升之间起到正向中介作用;企业生命周期在其中起到调节作用,对于衰退期的企业,ESG实践可以改善企业经营状态。本文将ESG实践、人力资本、融资约束与企业生命周期有机结合起来,以拓展企业高质量发展的研究。As China’s economy enters a“new normal”,cultivating new driving forces for economic development has become an inevitable choice for China to promote Chinese-style modernisation and high-quality development,which puts forward higher requirements for enterprises’green industrialisation and human capital accumulation.This paper analyses the impact mechanism of ESG practices on corporate financial performance of listed firms in China through chain mediation effect and moderating effect,using a sample of listed firms in Shanghai and Shenzhen,China,from 2012 to 2022.It is found that corporate ESG practices contribute to the improvement of corporate financial performance;the advanced human capital structure and the alleviation of financing constraints play a positive mediating role between corporate ESG performance and performance enhancement;corporate life cycle plays a moderating role,and for firms in recession,ESG practices contribute to the improvement of corporate operating status.This paper organically combines ESG practices,human capital,financing constraints,and corporate life cycle to expand the research on high-quality corporate development.

关 键 词：ESG 人力资本结构高级化 企业生命周期 链式中介效应 调节效应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]