工业企业ESG责任履行、竞争战略与财务绩效

ESG Implementation, Competition Strategy and Financial Performance of Industrial Enterprises

企业竞争战略管理是企业创造价值和赢得财务绩效的重要手段,并与企业ESG责任紧密关联。选取我国2010-2019年405家工业企业为样本,采用层次回归分析法和系统GMM方法,对ESG责任履行与财务绩效的非线性关系进行了理论探索与实证研究,并探讨了不同竞争战略对ESG责任履行与财务绩效的调节作用。研究表明,工业企业ESG责任履行对财务绩效的影响呈现U型非线性特征,而竞争战略强化了二者间的U型关系;与低成本战略相比,差异化战略对CFP-ESG的U型调节作用更强;相比于环境(E)和公司治理(G)指标,社会(S)指标对财务绩效的U型关系更显著。本文弥补了现有研究关于企业竞争战略对财务绩效未来影响的不足,并为工业企业从不同维度竞争战略提高财务绩效提供了有益指导。

Corporate competitive strategic management is an important means for companies to create value and improve financial performance,and is closely related to corporate ESG responsibilities.This paper examines 405 China’s industrial enterprises listed in the global capital market from 2010 to 2019.By using AHP and SYS-GMM method,this paper conducts theoretical exploration and empirical research on the nonlinear impact of ESG implementation of industrial enterprises on corporate financial performance,and further explores the moderating effect of different competitive strategies on the CFP-ESG relationship.The results show that the impact of ESG implementation on the financial performance of industrial enterprises presents a U-shaped nonlinear relationship,and corporate competitive strategies strengthen the U-shaped relationship between the two;compared with low-cost strategies,differentiation strategies have an impact on CFP-ESG The U-shaped regulating effect is stronger;compared with environment(E)indicators and corporate governance(G)indicators,the U-shaped relationship of social(S)to the company’s financial performance is more significant.This paper contributes to the ongoing research related to the future impact of corporate competitive strategies on financial performance,and provides useful guidance for industrial enterprises to improve financial performance by using different competitive strategies.