摘要
随着我国经济进入高质量发展阶段,企业在环境、社会责任和公司治理(ESG)方面的表现对企业投资效率的影响日益显著。本文基于2012-2020年A股上市公司面板数据,实证研究了企业ESG表现对非效率投资水平的作用机理。研究发现:企业ESG表现越高,非效率投资水平就越低;通过作用机制分析和稳健性检验发现,企业ESG表现越高就越能够吸引高素质人才和机构投资者的关注,从而对非效率投资水平产生影响;此外,企业产权性质并不会改变ESG表现对企业投资效率的影响。对此,文章提出:企业管理者应将ESG纳入经营决策范围;管理部门要不断完善ESG体系相关制度建设;企业员工要逐步提升ESG理念。
As China’s economy enters a stage of high-quality development, corporate performance in environmental, social responsibi lity and corporate governance(ESG) has an increasingly significant impact on the investment efficiency of enterprises.Based on the panel data of A-share listed companies from 2012 to 2020, this paper empirically studies the effect mechanism of enterprise ESG performance on the level of inefficient investment. It is found that enterprises with higher ESG performance have lower level of inefficient investment. Through mechanism of action analysis and robustness test, it is found that enterprises with higher ESG performance are more likely to attract high-quality talents and institutional investors, thus influencing the level of inefficient investment. In addition, the nature of enterprise property rights does not change the impact of ESG performance on enterprise investment efficiency. Therefore, the paper proposes that enterprise managers should include ESG in the scope of business decisions;management departments should constantly improve ESG system construction, and employees should gradually improve ESG conception.
出处
《企业经济》
北大核心
2022年第6期89-100,共12页
Enterprise Economy
基金
国家社会科学基金项目“我国经济中长期增长趋势和国际赶超前景研究(2020-2050年)”(项目编号:18BJL026)。
关键词
ESG表现
企业
非效率投资水平
员工素质
机构投资者
ESG performance
enterprise
inefficient investment level
employee quality
institutional investor