ESG表现与企业跨区域投资

ESG Performance and Corporate Cross-regional Investment

跨区域投资不仅是企业实现规模扩张的重要方式,也是政府促进区域协调发展的重要抓手。文章选取2009—2022年我国A股上市公司数据,探讨企业ESG表现与跨区域投资的关系。研究发现:良好的ESG表现会促进企业跨区域投资;机制检验发现,企业ESG表现主要通过资源获取效应和市场拓展效应促进跨区域投资,当企业信息披露质量越高、受到的融资约束越强、所在地区的市场化水平越低时,ESG表现对企业跨区域投资的促进作用越明显;拓展性研究表明,在投资区位选择上,良好的ESG表现会促使企业资本由经济发达地区向经济欠发达地区流动,在投资模式上,相较于并购投资模式,良好的ESG表现会促使企业更倾向选择新建投资模式进行跨区域投资。研究结果对优化企业跨区域投资策略,推动区域经济协同发展具有重要借鉴价值。

Cross-regional investment is not only an important means for enterprises to expand their scale,but also a key lever for the government to promote coordinated regional development.Based on this,this article selects the research data of China's A-share listed companies from 2009 to 2022 to explore the relationship between ESG performance of enter⁃prises and cross-regional investment.The study finds that good ESG performance will promote cross-regional investment of enterprises.Mechanism testing finds that the ESG performance of enterprises mainly drives cross-regional investment through two paths of resource access effect and market expansion effect.When enterprises face higher quality of informa⁃tion disclosure,stronger financing constraints,and lower levels of marketization,ESG performance has a more significant promoting effect on cross-regional investment of enterprises.Extensive research shows that in terms of investment loca⁃tion selection,good ESG performance of enterprises promotes the capital flow of enterprises from economically developed areas to economically underdeveloped areas.In terms of investment models,compared to mergers and acquisitions invest⁃ment models,good ESG performance of enterprises encourages them to choose new investment models for cross-regional investment.The research results have important reference value for optimizing cross-regional investment strategies of en⁃terprises and promoting coordinated regional economic development.