中央环保督察、二代涉入与家族企业ESG责任评级

Central Environmental Supervision,Second-Generation Involvement,and ESG Responsibility Rating of Family Enterprises

以中央环保督察制度作为准自然实验情境,选取2014年至2020年我国3022家家族企业,建立多期DID面板模型,研究发现:中央环保督察有利于提升家族企业ESG责任评级,二代涉入强化了两者间的正向关系。机制分析表明,中央环保督察在宏观层面通过约束效应与监督效应,在微观层面通过声誉价值与社会资本来提升家族企业ESG责任评级。进一步分析表明,对于“回头看”地区、低竞争行业的多代控制家族企业,中央环保督察对家族企业ESG责任评级的正向影响更显著。因此,应从深化家族二代涉入程度、增强家族企业ESG责任意识和提升家族企业声誉价值三个方面提升家族企业ESG责任评级。

Taking the central environmental protection supervision system as a quasi-natural experimental scenario,3022 family enter-prises in China from 2014 to 2020 were selected to establish a multi-phase DID panel model.The study found that the central environ-mental protection supervision system was conducive to improving the ESG responsibility rating of family enterprises,and the involve-ment of the second generation strengthened the positive relationship.The mechanism analysis shows that the central environmental pro-tection supervisor improves the ESG responsibility rating of family businesses through the constraint effect and supervision effect at the macro level and the reputation value and social capital at the micro level.Further analysis shows that for multi-generation controlled family businesses in"looking back"regions and low competitive industries,the central environmental protection supervisor has a more significant positive impact on the ESG responsibility rating of family businesses.Therefore,the ESG responsibility rating of family busi-nesses should be improved from three aspects:deepening the involvement of the second generation of families,enhancing the sense of ESG responsibility of family businesses,and enhancing the reputation value of family businesses.