连锁股东会影响企业ESG表现吗?

Does Cross-Ownership Affect the ESG Performance of A Company?

ESG作为企业实现绿色转型的重要手段,引起了广泛关注。连锁股东作为市场重要参与者,对企业ESG表现会产生何种影响值得进一步探究。基于2011—2022年中国沪深A股上市公司数据,检验了连锁股东对企业ESG表现的影响。研究发现:第一,连锁股东对企业ESG表现具有促进作用,这一结论在经历内生性与稳健性检验后依然成立;第二,机制分析发现,连锁股东通过提高分析师关注水平及内部控制质量进而促进企业ESG表现提升,即连锁股东对企业ESG表现具有信息效应及治理效应;第三,企业数字化转型在连锁股东与企业ESG表现之间起到正向调节作用,其强化了连锁股东对企业ESG表现的积极作用;第四,异质性分析发现,在非国有企业、媒体关注较高的企业与非重污染企业中,连锁股东对促进企业ESG表现提升的作用更显著。研究结论拓展了连锁股东经济后果的研究,也为企业提升ESG表现提供了参考。

As an important means for enterprises to achieve green transformation,ESG has attracted widespread attention.As an important market participant,the impact of Cross-Ownership on corpo⁃rate ESG performance is worth further exploring.Based on data from Chinese A-share listed compa⁃nies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022,this study examines the in⁃fluence of Cross-Ownership on corporate ESG performance.The research reveals the following:First,Cross-Ownership play a facilitating role in enhancing corporate ESG performance,a conclu⁃sion that holds true even after endogeneity and robustness tests.Second,mechanism analysis indi⁃cates that Cross-Ownership promote improvements in corporate ESG performance by increasing ana⁃lyst attention levels and internal control quality,demonstrating an information effect and governance effect.Third,digital transformation in companies positively moderates the relationship between Cross-Ownership and corporate ESG performance,strengthening the positive impact of Cross-Own⁃ership on ESG performance.Fourth,heterogeneity analysis reveals that in non-state-owned enter⁃prises,companies with higher media attention,and non-heavy-polluting companies,the role of Cross-Ownership in promoting improvements in corporate ESG performance is more pronounced.This study extends the research on the economic consequences of Cross-Ownership and provides managerial insights for companies seeking to enhance their ESG performance.