企业ESG表现提升劳动收入份额实证研究——基于中国上市公司的经验证据

An Empirical Study of Corporate ESG Performance to Enhance Labor Income Share:Based on Empirical Evidence from Listed Companies in China

基于中国上市公司大样本数据检验证实:企业ESG表现提升劳动收入份额源自多种因素的共同作用。笔者依据相关公司治理理论,以2009—2021年中国沪深A股非金融类上市公司的样本有效数据,运用多元线性回归方法实证检验了企业ESG表现与劳动收入份额之间的关系及其变化。检验结果证实:企业ESG表现与劳动收入份额正相关;资金支持、内部控制水平、技术升级中介企业ESG表现与劳动收入份额的相关性;以劳动密集程度和技术密集程度为代表的要素密集程度正向调节企业ESG表现对劳动收入份额的提升,而企业规模和劳动调整成本则发挥反向调节作用。本研究通过将公司内部治理和公司外部性等相关理论原理尝试性地运用于企业ESG表现与劳动收入份额关系的实证研究,从一系列检验诸多相关要素的有机联系上证实了企业ESG表现显著提升劳动收入份额,丰富了关于可持续发展研究领域的现有文献,研究结论有助于为企业以改善ESG表现方式实现高质量发展提供理论依据。

Based on a large sample of Chinese listed companies,the data test confirms that corporate ESG performance improves labor income sharei a result of the combination of various factors.Based on the theory of corporate governance,authors select a sample of non-financial listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2021,and empirically examines the relationship between corporate ESG performance and labor income share as well as its changes by using multiple linear regression method and combining with the theory of corporate governance.The test results confirm that:corporate ESG performance is positively correlated with labor income share.Financial support,the level of internal control,and technological upgrading play a mediating role in the correlation between corporate ESG performance and labor income share.As the representative to labor intensity and technology intensity,factor intensity play a positive regulatory role in the relationship between corporate ESG performance and labor income share,while enterprise size and labor regulation cost negatively effects.This study empirically tests the relationship between corporate ESG performance and labor income share by tentatively applying relevant theoretical principles of internal corporate governance and externalities.The research confirms a significant indication of the impact of corporate ESG performance on labor income share through a series of tests examining various factors and their organic connections.The findings contribute to the existing literature in the filed of sustainable development.The conclusions provide theoretical foundations to assist companies in achieving high-quality development by improving their ESG performance.