政府采购与企业ESG表现——基于A股上市公司的经验证据

Government Procurement and Enterprise ESG Performance:Based on the Empirical Evidence of A-share Listed Companies

高质量发展是“十四五”乃至更长时期我国经济社会发展的核心内容,也是政府履行公共服务职能关注的重点。企业作为市场经济的主体,显然是推动我国经济高质量发展的重要一环。财政政策如何影响企业ESG表现助推企业高质量发展?目前鲜有文献从政府采购角度考察。笔者以2015—2021年A股上市公司为研究对象,实证检验了政府采购对企业ESG表现的影响。研究发现,政府采购对提高企业ESG表现发挥了正向激励效应;通过异质性分析发现,这种正向激励作用对规模较大的企业、重污染行业和处于成熟期之后的企业更为显著;从作用机制来看,政府采购可以通过缓解企业融资约束、改善企业内部控制以及提高企业的市场关注度等渠道为企业提升ESG表现提供内在激励和外在动力。因此,政府应当制定更加具有针对性的政府采购政策设计,推动我国企业ESG表现稳步提高;同时企业应当结合自身现状,积极参与政府采购活动,为自身的可持续发展获取资源支持。

High-quality development is the core content of economic and social development in the“14th Five-Year Plan”and even longer period.It is also the focus of the government s performance of public service function.As the main body of the market economy,enterprises are obviously an important part of promoting the high-quality development of our economy.How does fiscal policy affect enterprise ESG performance and promote high-quality development of enterprises?at present,there are few literatures from the perspective of government procurement.This paper takes A-share listed companies from 2015 to 2021 as the research object to empirically test the impact of government procurement on corporate ESG performance.The results show that government procurement has a positive incentive effect on improving the ESG performance of enterprises.Through the heterogeneity analysis,it is found that the positive incentive effect is more significant for large scale enterprises,heavily polluting industries and enterprises in the mature stage.From the perspective of mechanism,government procurement can provide internal incentive and external motivation for enterprises to improve their ESG performance through such channels as easing financing constraints,improving internal control and increasing market attention of enterprises.Therefore,the government should make more targeted government procurement policy design to promote the steady improvement of the ESG performance of Chinese enterprises;at the same time,enterprises should combine their own status quo,actively participate in government procurement activities to obtain resources for their own sustainable development.