国家双创示范基地建设能否提升企业ESG表现?  

Can the Construction of National Innovation and Entrepreneurship Demonstration Zones Enhance Corporate ESG Performance?

作　　者：李维 熊鼎 陈建国[1] LI Wei;XIONG Ding;CHEN Jianguo(School of Economics,Nankai University,Tianjin 300071,China;Business School,Beijing Normal University,Beijing 100875,China)

机构地区：[1]南开大学经济学院,天津300071 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《商业研究》2025年第2期84-95,共12页Commercial Research

基　　金：国家社会科学基金一般项目“以中哈产能合作促进区域命运共同体建设研究”,项目编号:18XGJ002;新疆维吾尔自治区研究生创新项目“‘一带一路’高质量建设推进沿线国家减贫的机制与效应研究”,项目编号:XJ2023G246;北京师范大学博一学科交叉基金项目“基于复杂系统的全球贸易网络模型的构建与应用”,项目编号:BNUZHXKJC-36。

摘　　要：本文基于2009—2022年中国沪深A股上市公司面板数据,考察国家双创示范基地建设对企业ESG表现的影响,并探讨其作用机制与高质量发展效应。研究发现,国家双创示范基地建设对企业ESG表现提升具有显著促进作用,但其提升效应存在一定滞后性,且影响幅度呈上升趋势。机制检验结果表明,国家双创示范基地建设能够通过推动企业绿色技术创新、人力资本优化以及缓解融资约束,进而提高企业ESG表现。异质性检验表明,国家双创示范基地建设的政策效果在东部省份、非资源型城市、低数字化水平城市、高污染行业、高技术行业、大型企业、国有企业以及成熟期企业更加显著。拓展性研究发现,国家双创示范基地建设为较低ESG水平企业带来了更加显著的促进作用;新冠疫情削弱了国家双创示范基地建设对企业ESG表现的提升效应;国家双创示范基地建设对企业ESG表现的促进效应呈现显著的溢出效应;经济后果检验发现,国家双创示范基地建设与企业ESG表现具有协同效应,能够产生共同作用促进企业高质量发展。Utilizing panel data from listed companies on China’s Shanghai and Shenzhen A-share markets spanning from 2009 to 2022,this article empirically examines the influence of these zones on corporate ESG(Environmental,Social,and Governance)performance.It delves into the mechanisms and implications for high-quality development.The findings reveal that the zones significantly elevate corporate ESG performance,albeit with a delayed enhancement effect that gradually intensifies.Mechanistic insights indicate that these zones enhance ESG performance through fostering green technological innovation,optimizing human capital,and easing financing constraints.Heterogeneity tests underscore that the policy impact is more pronounced in eastern provinces,non-resource-intensive cities,cities with lower digitalization levels,high-pollution and high-tech industries,larger enterprises,state-owned enterprises,and mature enterprises.Further analyses show that the zones have a more substantial promotional effect on companies with lower initial ESG ratings;the COVID-19 pandemic has mitigated this positive influence;there is a notable spillover effect in improving corporate ESG performance;and a synergistic relationship exists between the zones and corporate ESG performance,jointly advancing high-quality enterprise development.

关 键 词：国家双创示范基地建设 企业ESG表现 绿色技术创新 人力资本 融资约束 高质量发展 

分 类 号：F272[经济管理—企业管理]