ESG与家族企业全要素生产率

ESG and Family Firms'Total Factor Productivity

ESG是关于环境、社会以及公司治理在企业中如何实现可持续发展的一种全新理念,ESG表现与家族企业全要素生产率的关系是值得探讨的热点话题。本文基于2010〜2019年沪深A股上市家族企业数据,探究了家族企业ESG表现对其全要素生产率的影响。研究结果表明:ESG表现能够促进家族企业全要素生产率的提升,且主要通过促进技术创新、缓解融资约束和提高信息透明度来实现。进一步研究发现,在外部市场化程度较高、内部处于成长期和成熟期以及由创一代控制的情况下,ESG的这种提升效应更加显著。研究结论为ESG对家族企业的经济后果及如何提高其全要素生产率提供了经验证据,对促进经济高质量发展具有一定的启示意义。

ESG is a new idea about how to coordinate the environment,society and governance to achieve the corporate sustainable development,the relationship between ESG performance and family firms' total factor productivity is a hot topic to discuss.This paper based on the data of Shanghai and Shengzhen A-share listed family firms from 2010 to 2019,the research results indicate that ESG is conducive to improving the total factor productivity of family firms,and it mainly acts on that through improving technological innovation,alleviating financing and improving information transparency.The further research results show that this impact of ESG is even more significant when the firm in higher external marketization level,in a period of growth and maturity and the firm is controlled by the first generation.The above test results provide empirical evidence for the economic consequences of ESG on family firms and point out how it affects firms'total factor productivity,which has certain enlightenment significance to promote high-quality economic development.