党委领导与企业ESG表现——基于“双向进入、交叉任职”视角  

Party Committee Leadership and Corporate ESG Performance:Based on the Perspective of “Two-way Entry and Cross-serving”

作　　者：宋清华[1] 郑琳琳 陈奕景 Song Qinghua;Zheng Linlin;Chen Yijing(School of Finance,Zhongnan University of Economics and Law)

机构地区：[1]中南财经政法大学金融学院

出　　处：《政治经济学评论》2025年第1期108-138,共31页China Review of Political Economy

摘　　要：党委是企业法人治理结构的重要组成部分,在企业可持续发展中发挥领导作用。本文运用2011—2022年中国A股上市公司数据,分析了党委领导对企业ESG表现的影响及其机制。研究结果表明,企业领导人员“双向进入、交叉任职”显著提高了企业ESG表现。机制分析显示,党委领导下企业积极落实国家政策和减轻管理者短视是其提高ESG表现的重要原因。进一步的动机分析发现,党委领导下企业ESG表现的提高是出于价值性动机而非资源性动机和合规性动机,且企业ESG实践能够切实提高其绿色发展能力、降低漂绿风险。此外,党委领导下供应链核心企业能够产生明显的正向ESG溢出效应,有利于提高上游供应商的ESG表现,对下游客户ESG表现的促进效果不明显。本文为充分发挥中国特色公司治理的政治优势,推动企业ESG表现稳步提高,促进企业高质量发展提供了经验证据。The party committee is an integral part of the corporate governance structure of an enterprise and plays a leadership role in the sustainable development of the enterprise. This paper analyzes the impact of party committee leadership on corporate ESG performance and its mechanism using data of A-share listed companies in China from 2011 to 2022. The results show that“two-way entry and cross-serving”of corporate leaders significantly improves corporate ESG performance.Mechanism analysis shows that the active implementation of national policies and the correction of managerial myopia under the leadership of Party committees are important reasons for the improvement of ESG performance.Further motivation analysis reveals that firms under the leadership of party committees improve their ESG performance for value motives rather than resource motives and compliance motives, and that firms' ESG practices can effectively improve their green development capability and reduce the risk of greenwashing.In addition, core firms under the leadership of party committees can generate significant positive ESG spillovers, which is conducive to improving the ESG performance of upstream suppliers, but not to promoting the ESG performance of downstream customers.This paper provides empirical evidence for giving full play to the political advantages of corporate governance with Chinese characteristics to promote steady improvement in corporate ESG performance and high-quality corporate development.

关 键 词：党委领导 ESG表现 管理者短视 公司治理 ESG溢出 

分 类 号：F275[经济管理—企业管理]