国企混改与ESG信息披露

State-owned Enterprises Mixed Reform and ESG Disclosure

基于上市公司ESG信息披露越来越受到公司利益相关者的重视,而国有企业混合所有制改革对其影响机理缺乏相关研究的现实,利用2007—2021年上市国有企业的相关数据,从混合股东多样性、混合股权深度和混合股权约束三个方面研究了混合所有制改革对国有企业ESG信息披露质量的影响。研究结果表明,国有企业混合所有制改革能够显著提升企业ESG信息披露质量,并且此种促进作用在竞争性国有企业、政府干预程度较低的国有企业中更强。就作用机制而言,非国有股东通过完善企业的内外部激励、监督机制和发挥资源效应,进而促使国有企业提高ESG信息披露质量。拓展性研究表明,环境规制和绿色激励政策强化了国有企业混合所有制改革对ESG信息披露质量的提升作用。

Based on the reality that ESG disclosure of listed companies is increasingly emphasized by company stakeholders and there is a lack of relevant research on the mechanism of the impact of mixed ownership reform of stateowned enterprises(SOEs),the impact of mixed ownership reform on the quality of ESG disclosure of SOEs is investigated in terms of the diversity of mixed shareholders,the depth of mixed stakes,and the constraints of mixed stakes by utilizing the relevant data of listed SOEs from 2007 to 2021.The result shows that mixed ownership reform of SOEs can significantly improve the quality of corporate ESG disclosure,and such a facilitating effect is stronger in competitive SOEs and SOEs with a lower level of government intervention.As far as the mechanism of action is concerned,nonstate shareholders improve the internal and external incentives and monitoring mechanisms of enterprises and exert resource effects,which in turn lead enterprises to improve the quality of ESG disclosure.Extended research shows that environmental regulation and green incentives strengthen the role of mixed ownership reform of SOEs in improving the quality of ESG disclosure.