ESG表现、市场势力与企业价值链升级——基于中国A股上市公司的经验证据

ESG Performance,Market Power and Upgrading of Value Chain:Empirical Evidence from Chinese A-share Listed Companies

在传统发展范式下,企业依靠市场势力获得竞争优势、促进企业实现价值链升级。ESG表现作为企业高质量发展的具体实践,有助于企业形成新的竞争优势,进而促进企业价值链升级路径转变。现有研究多考察ESG表现对经济发展的直接影响,本文从间接调节机制视角,以2009~2022年中国A股上市公司为研究对象,分析ESG表现对企业通过市场势力获取竞争优势促进价值链升级模式的调节效应。研究结果发现,ESG表现在市场势力促进企业价值链升级中发挥负向调节作用,ESG竞争优势和市场势力竞争优势之间存在显著替代效应。异质性分析表明,企业ESG表现持续改善获得的动态竞争优势越明显,对市场势力竞争优势的替代性也更强,国有性质企业相比私营企业和中外合资企业,ESG竞争优势对市场势力竞争优势的替代效应更为明显。ESG表现主要通过缓解企业面临的融资约束和降低企业的供应链集中度两种机制对企业价值链升级路径产生影响。企业应积极践行ESG理念,政府应加快畅通绿色融资体系,形成政府推动和市场驱动并行的ESG管理体系,助力企业通过践行ESG理念获取新型竞争优势实现企业价值链升级。

In the markets for the factors of production,enterprises rely on market power to gain competitive advantages,thereby entering a stage of high-quality development or promoting the upgrading of value chain.The paper attempts to explore the regulatory effect of ESG performance in the contest of enterprise market power and the upgrading of value chain,and discuss its potential regulatory mechanism.Two-way fi xed effects model results show that ESG performance plays a certain role in market power on the upgrading of value chain of enterprise,and there is a signifi cant substitutive effect between ESG performance and market power.The results show that ESG performance mainly affects the path of value chain upgrading by obtaining competitive advantages through alleviating financing constraints and reducing supply chain concentration faced by enterprises.At the enterprise level,especially listed companies,they should exert subjective initiative,increase ESG investment,improve ESG performance,and promote the transformation of enterprises from existing competitive paths to new ESG competitive paths;At the policy level,efforts should be made to accelerate the smooth operation of the green fi nancing system to relieve fi nancing constraints,support the strengthening of ESG management in the supply chain,and form a government driven and market driven ESG management system in parallel.This will help enterprises gain more new competitive advantages by improving ESG performance and achieve enterprise upgrading of value chain.