ESG表现对流通业上市公司绩效的影响研究——基于ESG表现和市场竞争的门槛效应  

Research on the Impact of ESG Performance on the Performance of Listed Companies in the Circulation Industry--Based on the Threshold Effect of ESG Performance and Market Competition

作　　者：刘晟奇 黄志启 Liu Shengqi;Huang Zhiqi(College of Planning,University of Sydney,Sydney 2006,Australia;School of Management and Economics,North China University of Water Resources and Electric Power,Zhengzhou 100078,China)

机构地区：[1]悉尼大学规划学院,悉尼2006 [2]华北水利水电大学管理与经济学院,郑州100078

出　　处：《工业技术经济》2025年第5期99-105,共7页Journal of Industrial Technology and Economy

摘　　要：ESG理念与我国绿色低碳和可持续发展战略高度契合,本文基于2012~2023年流通业上市公司数据,以ESG表现和市场竞争为门槛变量,实证检验了ESG表现对流通业上市公司绩效的非线性影响。研究发现:ESG表现与流通业ESG上市公司绩效之间存在单一门槛,随着ESG表现的提升,ESG表现对企业绩效的影响呈现边际递减趋势;东部地区ESG表现与企业绩效之间也存在单一门槛,当ESG表现跨越门槛值时,ESG表现对企业绩效的影响将会降低,中西部ESG表现与企业绩效之间未发现门槛效应。市场竞争赋能ESG表现的企业绩效效应存在单一门槛效应,随着市场竞争程度的加剧,ESG表现对企业绩效的影响呈现边际递增的门槛效应;在市场竞争的影响下,东部地区ESG表现与企业绩效之间也存在单一门槛效应。The ESG concept is highly consistent with Chinas green,low-carbon and sustainable development strategies.Based on the data of listed companies in the circulation industry from 2012 to 2023,this paper takes ESG performance and market competition as threshold variables and empirically examines the nonlinear impact of ESG performance on the performance of listed companies in the circulation industry.The research findings are as follows:there is a single threshold between ESG performance and the performance of listed companies in the circulation industry that adopt ESG.As ESG performance improves,the impact of ESG performance on corporate performance shows a marginal decreasing trend.There is also a single threshold between ESG performance and corporate performance in the eastern region.When ESG performance crosses the threshold value,the impact of ESG performance on corporate performance will decrease,and no threshold effect is found between ESG performance and corporate performance in the central and western regions.There is a single threshold effect in the corporate performance effect of market competition enabling ESG performance.As the degree of market competition intensifies,the impact of ESG performance on corporate performance shows a marginal increasing threshold effect.Under the influence of market competition,there is also a single threshold effect between ESG performance and corporate performance in the eastern region.

关 键 词：流通业上市公司 ESG 表现 企业绩效 市场竞争 门槛模型 流通体系 绿色低碳发 展 可持续发展 

分 类 号：F724[经济管理—产业经济] F272