ESG表现能促进京津冀地区企业“脱虚向实”吗?——来自上市企业的实证研究  

Can ESG Performance Promote the Transition of Enterprises in the Beijing-Tianjin-Hebei Region from"Virtual"to"Real"Econmy?-Empirical Research from Listed Companies

作　　者：潘艺 PAN Yi(University of Chinese Academy of Social Sciences)

机构地区：[1]中国社会科学院大学

出　　处：《金融经济》2025年第1期3-12,共10页Finance Economy

基　　金：中国社会科学院重大创新工程“中国制造业企业全要素生产率研究”(2101000100020086);中国社会科学院登峰战略企业管理优势学科建设项目(210203005)。

摘　　要：发展实体经济是国家重要的战略目标,京津冀地区作为我国北方重要的经济增长极,研究该地区企业ESG表现对企业“脱虚向实”的影响具有重要意义。本文基于2011—2022年京津冀地区A股上市企业数据,实证检验ESG表现对企业去金融化的作用、传导机制以及异质性影响。研究结果表明,京津冀地区企业良好的ESG表现有助于企业“脱虚向实”发展。机制研究结果显示,企业良好的ESG表现通过优化债务期限结构、降低短债长用风险,进而促进企业“脱虚向实”。异质性分析显示,对京津冀地区的国有企业、非高新技术企业、垄断行业企业而言,ESG表现的促进效应更为显著。基于此,本文提出建立健全ESG体系、发展数字金融、增强企业绿色环保意识等政策建议,鼓励企业科学开展ESG实践,推动企业可持续发展。Developing the real economy is an important strategic goal of our country.The Beijing-Tianjin-Hebei region is an important economic growth pole in northern China.It is of great significance to study the impact of the ESG performance of enterprises in this region on the"virtual"to"real"of enterprises.Based on the data of A-share listed companies in the Beijing-Tianjin-Hebei region from 2011 to 2022,this paper empirically tests the impact of ESG performance on corporate de-financialization,as well as the transmission mechanism and the heterogeneous impact.The results indicate that good ESG performance among enterprises in the region facilitates the transition from virtual to real economy.The mechanism analysis shows that good ESG performance promotes this transition by optimizing debt maturity structure and reducing the risk of short-term debt for long-term use.The heterogeneity analysis reveals that the positive effect of ESG performance is more pronounced in state-owned enterprises,non-high-tech enterprises,and monopolistic industries within the region.Based on these findings,the study proposes policy recommendations to establish a sound ESG system,develop digital finance,and enhance corporate environmental awareness,encouraging enterprises to scientifically implement ESG practices and drive sustainable development.

关 键 词：ESG 企业金融化 脱虚向实 短债长用 债务期限结构 京津冀地区 

分 类 号：F49[经济管理—产业经济]