重污染行业企业ESG表现对资源配置偏好的影响  

The Impact of ESG Performance on Resource Allocation Preferences of Enterprises in Heavily Polluting Industries

作　　者：乔蕾 赵娟[2] Qiao Lei;Zhao Juan

机构地区：[1]青海大学 [2]青海大学财经学院

出　　处：《开发性金融研究》2024年第6期72-85,共14页Development Finance Research

基　　金：青海省省级社会科学基金项目《青海资源型企业绿色低碳转型发展与推进机制研究》(项目编号:23Y024)

摘　　要：我国经济发展进入新时代,国内企业的高质量发展仍面临较多不确定性风险,多重压力下企业倾向将有限资源配置于金融资产,但过度金融化不利于其健康可持续发展及我国经济体制转型升级。本文以2013—2022年我国A股重污染行业企业为样本进行实证研究。结果表明,我国A股重污染行业企业的ESG表现能够显著提升其实体资产配置、抑制金融资产投资水平,并分别通过机构投资者持股及财务柔性产生影响。此外,进一步验证了政府补助、企业市值表现及外部分析师关注度不同时ESG表现的差异化作用效果。据此,本文建议应充分发挥ESG的长期价值导向和关键企业的“领头羊”作用,帮助重污染企业走创新可持续的高质量发展路径。China’s economic development has entered a new era,and the high-quality development of domestic enterprises still faces more uncertain risks.Under multiple pressures,enterprises tend to allocate limited resources to financial assets,but excessive financialization is not conducive to their healthy and sustainable development and the transformation and upgrading of China’s economic system.This paper takes the listed companies of China’s A-share heavy pollution industry in 2013—2022 as the research sample for empirical research.The results show that the ESG performance of listed companies in China’s A-share heavy polluting industries can significantly improve the allocation of their physical assets and inhibit the investment level of financial assets,and have an impact through institutional investors’shareholding and financial flexibility.In addition,it further verifies the differential effect of ESG performance when government subsidies,corporate market value performance and external analyst attention are different.Based on this,this paper suggests that we should give full play to the long-term value orientation of ESG and the“leader”role of key enterprises,and help heavy polluting enterprises to take an innovative and sustainable high-quality development path.

关 键 词：ESG 绿色转型 财务柔性 资源配置偏好 

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