负责的国际化:ESG优势与中国企业海外经营

Responsible Internationalisation:ESG Advantages and Chinese Companies'Overseas Operations

当自由贸易愈发关注可持续发展,企业能否通过ESG转型提升国际竞争力?塑造ESG优势的过程与企业战略导向和国际市场偏好的“契合度”是否会对转型效果产生影响?文章利用华证ESG评级数据、工业企业与上市公司匹配数据以及世界银行ESG数据库,在构建企业(成本领先和差异化)战略以及国际市场ESG偏好的基础上对上述两个问题展开讨论。研究发现,企业对可持续发展观的践行将在国际市场获得回报,ESG优势显著提升了上市公司的海外经营收入。进一步的研究表明,缓和融资约束、激励创新和提高品牌声誉是ESG优势影响企业海外经营表现的潜在渠道。此外,“战略契合”与“市场契合”对ESG转型的国际化效用具有调节作用。ESG转型为企业带来的差异化优势及其与东道国市场偏好的趋同是促进企业ESG优势向海外经营表现转换的重要因素。但是,塑造ESG优势与企业成本领先战略却构成“替代”。较之于ESG优势形成后企业融资约束的降低,这种“替代”更强调企业在转型过程中不容忽视的成本与努力。文章提供了关于ESG转型的新观点和新洞察,有助于企业在全球化中深耕ESG实践并确定品牌和市场层面的战略优先事项。

As the emphasis on sustainability in free trade grows,can companies enhance their international competitiveness through ESG transformation?Does the"fit"between the process of shaping ESG advantages and corporate strategic orientation and international market preferences affect the effectiveness of transformation?This paper discusses these two questions based on the construction of a firm's cost leadership strategy,differentiation strategy and international market ESG preferences.Our findings indicate that companies that practice sustainability are rewarded in international markets.Further,easing financing constraints,incentivising innovation and enhancing brand reputation are potential channels through which ESG advantages influence firms overseas business performance.Moreover,the alignment of the strategic"fit"and market"fit"influences the international utility of ESG transformation,and the differentiation that ESG transformation brings to firms and their convergence with host market preferences are important factors that facilitate the translation of firms'ESG strengths into overseas performance.The differentiation advantages resulting from ESG transformation,along with their alignment with host country market preferences,are key factors facilitating the translation of firms'ESG strengths into overseas performance.Nevertheless,it's important to note that shaping ESG advantages complements rather than substitutes for a firm's cost leadership strategy.This underscores the costs and efforts that firms should not overlook during the transition process.This paper provides new perspectives and insights on ESG transformation that can help companies to deepen their ESG practices and identify strategic priorities at the brand and market levels in the context of globalisation.