实际控制人权责配置与民营企业ESG表现  

Allocation of Responsibilities and Rights of Actual Controllers and ESG Performance of Private Enterprises

作　　者：吴秋生[1] 董佳恬 李喆赟 WU Qiusheng;DONG Jiatian;LI Zheyun

机构地区：[1]山西财经大学会计学院 [2]太原师范学院经济与管理学院

出　　处：《财务研究》2025年第2期104-116,共13页Finance Research

基　　金：国家自然科学基金面上项目(71872105);国家自然科学基金青年项目(72102132);国家自然科学基金青年项目(72202126)。

摘　　要：ESG对于企业高质量发展具有重要作用,那么,如何配置实际控制人权责才能提高民营企业ESG表现呢?以2013~2022年我国沪深A股民营上市公司为样本,研究发现相较于“权责统一型”实际控制人,“权责分离型”实际控制人会抑制民营企业ESG表现;机构投资者持股比例会抑制这一关系,管理层持股比例则会强化这一关系。机制检验发现,企业第一类代理问题、社会责任承担水平和投资效率在上述关系中发挥部分中介作用。异质性检验发现,“权责分离型”实际控制人权利配置较高时,基本关系更显著。研究结论为民营企业优化权责配置及ESG表现提供了经验证据。ESG is important for high-quality development of enterprises.Then,how to allocate the responsibilities and rights of the actual controller to improve the ESG performance of private enterprises?Based on the sample of China's Shanghai and Shenzhen A-share private listed companies from 2013 to 2022,it is found that compared with the"unified responsibilities and rights"type,the actual controller of the"responsibilities and rights separation"type will inhibit the ESG performance of private enterprises.Moreover,institutional ownership inhibits this relationship,while management ownership reinforces it.The mechanism test shows that the first kind of agency problem,the level of CSR commitment and investment efficiency play a part of the mediating role.Heterogeneity test shows that the basic relationship is more significant when the actual controller has higher allocation of rights.The research conclusions provide empirical evidence for private enterprises to optimize the allocation of responsibilities and rights,and to promoteESG performance.

关 键 词：民营企业 实际控制人 权责配置 ESG表现 

分 类 号：F270[经济管理—企业管理] F275[经济管理—国民经济] F276.5