ESG表现如何提升企业市场势力——来自上市公司的证据

ESG performance enhance corporate market power-Evidence from listed companies

随着逐渐束紧的可持续发展要求,企业的经营理念已发生深刻变化。高质量的企业发展意味着,企业需将环境、社会和治理理念融入企业决策中,那么企业的社会、环境和治理能力能否增强企业市场竞争力,提升企业市场势力?为此,本文尝试探究ESG表现对企业市场势力的影响及其作用机制,并利用2010—2019年沪深A股上市公司数据展开检验。研究结果表明,ESG表现显著而稳健地促进企业市场势力的提升。异质性分析表明,不同生命周期及不同产权、行业属性的企业,其作用效果有所不同,具体而言,对于处于成长期、国有、非重污染企业,ESG表现对于市场势力的提升效果更好。机制分析表明,ESG表现通过降低企业交易成本、提高企业生产效率、强化风险承担能力等渠道提升市场势力。文章的研究结论对企业根据自身发展阶段,做好战略决策、提升企业ESG管理水平、促进国家经济高质量发展具有启示。

With the gradual tightening of sustainable development requirements,the company's business philosophy has undergone profound changes.High-quality enterprise development means that enterprises need to integrate environmental,social and governance concepts into corporate decision-making,so can enterprises'social,environmental and governance capabilities strengthen their market competitiveness and promote the improvement of their markup?Therefore,this paper attempts to explore the impact of ESG performance on corporate market power and its mechanism,and uses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019 to test it.The results show that ESG performance has significantly and steadily promoted the improvement of markup.The heterogeneity analysis shows that the effects of enterprises with different life cycles and different property rights and industry attributes are different,specifically,ESG performance has a stronger effect on market power for enterprises in the growth stage,state-owned and non-heavy polluting enterprises.Mechanism analysis shows that ESG performance enhances markup by reducing corporate transaction costs,improving corporate production efficiency,and strengthening risk-taking capabilities.The research conclusions of this paper have enlightenment for enterprises to make strategic decisions according to their own development stage,improve their ESG management level,and promote the high-quality development of the national economy.