风险投资与企业ESG表现:促进还是抑制?——基于中国上市公司的经验证据  

Venture Capital and Corporate ESG Performance:Promoting or Inhibiting?:Empirical Evidence Based on Chinese Listed Companies

作　　者：袁经发 周冲 周金飞 YUAN Jingfa;ZHOU Chong;ZHOU Jinfei

机构地区：[1]中泰证券股份有限公司博士后科研工作站 [2]中共中央党校经济学部 [3]湖南工程学院商学院

出　　处：《新金融》2025年第4期76-86,共11页New Finance

基　　金：中国证券业协会2024年重点课题“私募股权投资对企业ESG表现的影响机制研究”(2024SACKT061);山东博士后科学基金项目“私募股权投资赋能山东省‘专精特新’企业梯度培育研究:影响机理、堵点分析及应对策略”(SDCX-RS-202400024)。

摘　　要：随着一系列环境和社会问题日益突出,越来越多的投资者开始关注企业在环境、社会以及公司治理方面的表现。本文采用2008—2022年A股上市公司数据,研究了风险投资和企业ESG表现的关系问题。结果显示,风险投资对企业ESG表现具有显著的促进作用。机制分析表明,风险投资主要通过企业信息披露质量以及运营管理效率对企业ESG表现产生影响。进一步研究发现,对于非国有企业、外部监督程度较弱企业、重污染企业、市场化程度低地区企业,风险投资对上述企业ESG表现的促进作用更加显著,在2018年中国证监会明确要求上市公司加强ESG信息披露后,风险投资对企业ESG表现的促进作用更加显著。根据上述结论,本文提出一系列有针对性的政策建议,包括推动企业完善公司治理、建立良好的ESG外部监督机制、完善ESG信息披露体系等。With a series of environmental and social issues becoming increasingly prominent,more and more investors are paying attention to the performance of enterprises in terms of environment,society,and corporate governance.This article uses data from A-share listed companies from 2008 to 2022 to study the relationship between venture capital and corporate ESG performance.The results show that venture capital has a significant promoting effect on corporate ESG performance.Mechanism analysis shows that venture capital mainly affects the ESG performance of enterprises through the quality of information disclosure and operational management efficiency.Further research has found that for non-state-owned enterprises,enterprises with weak external supervision,heavily polluting enterprises,and enterprises in low marketization areas,venture capital has a more significant promoting effect on the ESG performance of these enterprises.After the China Securities Regulatory Commission explicitly required listed companies to strengthen ESG related information disclosure in 2018,the promoting effect of venture capital on the ESG performance of enterprises has become more significant.Based on the above conclusions,this article proposes a series of targeted policy recommendations,including promoting the improvement of corporate governance,establishing a sound ESG external supervision mechanism,and improving the ESG information disclosure system.

关 键 词：风险投资 ESG表现 可持续发展 社会责任 

分 类 号：F832.3[经济管理—金融学]