环境不确定性对企业ESG表现的影响效应与机制研究  

Research on the Impact Effects and Mechanisms of Environmental Uncertainty on Corporate ESG Performance

作　　者：罗飞飞 邓德军[2] 唐佳贤 LUO Feifei;DENG Dejun;TANG Jiaxian(Guangxi Minzu Normal University,Chongzuo,Guangxi 532200;Guangxi University,Nanning,Guangxi 530004)

机构地区：[1]广西民族师范学院经济与管理学院,广西崇左532200 [2]广西大学工商管理学院,广西南宁530004

出　　处：《管理现代化》2025年第1期171-181,共11页Modernization of Management

基　　金：国家自然科学基金项目“零售商创新性对顾客契合行为作用机制研究:自我决定满足的视角”(71962002);广西哲学社会科学规划课题“数字经济驱动广西农产品供应链大中小企业融通发展的模式研究”(23FGL017)。

摘　　要：在国内外宏观局势复杂多变的背景下,企业面临的环境不确定性显著上升,环境不确定性对企业ESG表现有何影响?文章以2013—2022年中国A股上市公司为研究样本,实证检验了环境不确定性对企业ESG表现的影响效应及其作用机制。研究发现,环境不确定性抑制了企业ESG表现。机制检验表明,信息透明度、绿色创新能力和高管团队稳定性是环境不确定性作用企业ESG表现的渠道机制。进一步研究发现,环境不确定性对ESG表现的抑制效应在民营企业、非重污染企业和高科技企业中更为显著,并最终导致企业合规经营风险和资本市场投资风险增加。研究结论揭示了环境不确定性影响企业ESG表现的作用机理,对解读环境不确定性下企业ESG实践及政府制定靶向政策引导企业践行ESG理念,提升ESG表现具有启示意义。The increasingly volatile global and domestic macroeconomic environment presents businesses with heightened environmental uncertainty.This study investigates the impact of environmental uncertainty on corporate Environmental,Social,and Governance(ESG)performance.Using data from China's A-share listed companies from 2013 to 2022,the study analyzes the effects and mechanisms underlying this relationship.The findings indicate that environmental uncertainty negatively influences corporate ESG performance.Information transparency,green innovation capability,and executive team stability are identified as key mediating factors in this process.Further analysis shows that this negative influence is stronger in private enterprises,non-heavily polluting industries,and high-tech firms,ultimately increasing compliance and investment risks.This study clarifies how environmental uncertainty shapes corporate ESG practices,providing valuable insights for companies implementing ESG initiatives and for policymakers developing targeted policies to encourage ESG adoption and enhance performance.

关 键 词：环境不确定性 ESG表现 信息透明度 绿色创新能力 高管团队稳定性 

分 类 号：F272[经济管理—企业管理]