逆向混改、内部控制质量与民营企业ESG表现——基于2013—2022年沪深A股民营上市公司样本的分析  

Reverse Mixed-Ownership Reform,Internal Control Quality,and ESG Performance of Private Enterprises:An Analysis Based on the Sample of Private Listed Companies on the Shanghai and Shenzhen A-Shares from 2013 to 2022

作　　者：代飞 陈超群 和向朝[1] DAI Fei;CHEN Chaoqun;HE Xiangchao(School of Management,Yunnan Normal University,Kunming 650092,China)

机构地区：[1]云南师范大学管理学院,云南昆明650092

出　　处：《昆明理工大学学报(自然科学版)》2025年第2期173-187,226,共16页Journal of Kunming University of Science and Technology(Natural Science)

基　　金：云南省哲学社会科学规划项目(YB2022050);云南教育科学规划(高等学校教师教育联盟)教师教育专项课题(GJZ2201).

摘　　要：逆向混改是激发民营经济市场主体活力,引领并支持民营企业高质量发展的重要举措.基于2013—2022年我国沪深A股民营上市公司样本,实证检验逆向混改对企业ESG表现的影响机制.研究结果发现:逆向混改能够提升民营企业ESG表现,且可以通过增强内部控制质量来提升企业ESG表现.研究结果表明:数字化转型在逆向混改提升民营企业ESG表现的路径中发挥着正向调节作用.异质性分析指出:在市场化程度低、声誉低以及重污染行业的民营企业中逆向混改提升ESG表现的作用更加显著.Reverse mixed-ownership reform is an important measure to stimulate the vitality of private economic market entities and to lead and support the high-quality development of private enterprises.Based on a sample of private listed companies on the Shanghai and Shenzhen A-shares from 2013 to 2022,this study empirically tests the impact mechanism of reverse mixed-ownership reform on corporate ESG performance.The research results show that reverse mixed-ownership reform can enhance the ESG performance of private enterprises,and it can improve corporate ESG performance by enhancing the quality of internal control.The findings indicate that digital transformation plays a positive moderating role in the path of reverse mixed-ownership reform enhancing the ESG performance of private enterprises.Heterogeneity analysis points out that the effect of reverse mixed-ownership reform in enhancing ESG performance is more significant in private enterprises with low marketization,low reputation,and in heavily polluting industries.

关 键 词：民营企业 逆向混改 内部控制质量 企业ESG表现 数字化转型 

分 类 号：F275[经济管理—企业管理] F276.5[经济管理—国民经济] F271F832.51