ESG表现对企业金融资产配置的影响——基于高科技行业的经验证据  

The Impact of ESG Performance on Corporate Financial Asset Allocation——Based on Empirical Evidence from High-Tech Industries

作　　者：马儒慧 陈飞扬 MA Ruhui;CHEN Feiyang(School of Finance and Economics,Jimei University,Xiamen 361000,China)

机构地区：[1]集美大学财经学院,福建厦门361000

出　　处：《河南科技学院学报(社会科学版)》2025年第3期31-41,51,共12页Journal of Henan Institute of Science and Technology

基　　金：国家社会科学基金青年项目“政府审计缩小地区环境监管差异的机制、效应与路径研究”(24CJY044),主持人:马儒慧。

摘　　要：实体经济在经济高质量发展进程中至关重要,探究企业ESG表现对企业金融资产配置的影响机制,对防范系统性金融风险、引导实体行业高质量发展具有重要意义。基于2012—2022年中国A股高科技行业上市公司年度面板数据,采用双向固定效应模型,验证ESG表现与高科技行业上市公司金融资产配置的关系。结果显示:高科技行业上市公司ESG表现与金融资产配置之间存在倒U型关系,且高科技行业上市公司金融资产配置存在明显的“蓄水池”动机;融资约束和内部控制在ESG表现与金融资产配置之间有着显著的调节作用;高科技制造业和ICT行业ESG表现与金融资产配置的倒U型关系较为明显。因此,应完善ESG相关制度,积极推进ESG实践,使ESG成为企业可持续发展的重要工具;提升实体投资的收益率,缩小实体投资与金融投资的回报差距;强化金融化监管,防止其对实体经济产生负面影响。The real economy is crucial in the process of high-quality economic development.Exploring the theoretical mechanism of the impact of ESG performance on the allocation of corporate financial assets is of great significance for preventing systemic financial risks and guiding the high-quality development of the real industry.Based on the annual panel data of listed companies in China’s A-share high-tech industry from 2012 to 2022,a two-way fixed-effect model was adopted to verify the relationship between ESG performance and financial asset allocation of listed companies in high-tech industry.The results show that there is an inverted U-shaped relationship between ESG performance and financial asset allocation of high-tech listed companies,and there is an obvious“reservoir”motivation in financial asset allocation of high-tech listed companies.Financing constraints and internal controls have a significant moderating effect on ESG performance and financial asset allocation.There is obvious relationship between the ESG performance of high-tech manufacturing and ICT industries and the inverted U-shape of financial asset allocation.Therefore,ESG related systems should be improved and ESG practice actively promoted to make ESG an important tool for sustainable development of enterprises.The return rate of real investment should be improved and the return gap between real investment and financial investment narrowed.The regulation of financialization should be strengthened to prevent its negative impact on the real economy.

关 键 词：ESG表现 金融资产配置 高科技行业 融资约束 内部控制 

分 类 号：F275.1[经济管理—企业管理]