经济政策不确定性对企业ESG表现的影响——基于中国A股上市企业的实证研究

The Impact of Economic Policy Uncertainty on ESG Performance of Enterprises--Empirical Research on Chinese A-share Listed Companies

企业ESG表现日益受到关注,但经济政策不确定性的加剧是否会影响企业ESG表现?本文选取2010~2022年上市企业年报数据,实证检验经济政策不确定性对企业ESG表现的影响。结果表明:经济政策不确定性的增加促进了企业ESG表现;机制研究发现,经济政策不确定性能通过企业成本的渠道影响企业ESG表现,其中经济政策不确定性会降低企业中间消耗成本和税费成本,有助于企业ESG表现,也会增加企业资本成本和其他成本,进而抑制企业ESG表现;异质性分析结果表明,经济政策不确定性对非国有、大规模、盈利企业的ESG表现有显著促进作用;进一步研究发现,经济政策不确定性与企业ESG表现存在倒U型关系,经济政策不确定性在极值前后对企业各项成本的影响有显著差异。据此,本文提出促进企业ESG表现的相关政策建议。

The ESG performance of enterprises is receiving increasing attention,but will the intensification of economic poli⁃cy uncertainty affect their ESG performance?This article selects the annual report data of listed companies from 2010 to 2022 to em⁃pirically test the impact of economic policy uncertainty on the ESG performance of enterprises.The results indicate that the increase in economic policy uncertainty promotes the ESG performance of enterprises.Mechanism research has found that economic policy uncertainty affects the ESG performance of enterprises through the channel of enterprise costs.Among them,economic policy uncer⁃tainty can reduce intermediate consumption costs and tax costs,which is beneficial to the ESG performance of enterprises.It also increases the capital and other costs of enterprises,suppressing their ESG performance.The results of heterogeneity analysis indi⁃cate that economic policy uncertainty has a significant promoting effect on the ESG performance of non-state-owned,large-scale,and profitable enterprises.Further research has found that there is an inverted U-shaped relationship between economic policy un⁃certainty and corporate ESG performance,and there is a significant difference in the impact of economic policy uncertainty on va⁃rious costs of enterprises before and after the extreme value.Based on these,this article proposes policy recommendations to promote the ESG performance of enterprises.