ESG发展对企业新质生产力影响的研究——来自中国A股上市企业的经验证据

Research on the Impact of ESG Development on New Quality Productive Forces of Enterprises—Empirical Evidence from Chinese A-share Listed Companies

文章基于2015—2022年A股上市企业财务报表数据,实证研究了ESG发展对企业新质生产力的影响,结果显示:ESG发展对企业新质生产力水平的提升有显著促进作用;异质性分析结果显示ESG发展对促进非国有企业、中小微企业、实体企业的新质生产力水平的作用更显著;机制研究表明ESG发展能改善企业与利益相关者的关系,降低中间品成本和负债融资成本水平、增加机构持股比例,进而促进企业新质生产力水平的提升。研究结果为促进企业ESG发展,加快企业形成新质生产力,促进企业高质量发展提供有用的经验证据。

This article is based on financial statement data of listed companies from 2015 to 2022,and empirically studies the impact of ESG development on new quality productive forces of enterprises.The results show that ESG development has a significant promoting effect on the level of new quality productive forces of enterprises.Mechanism research shows that ESG development can improve the relationship between enterprises and stakeholders,reduce intermediate and debt financing costs,increase institutional shareholding ratios,and promote the improvement of new quality productive forces levels of enterprises.The results of heterogeneity analysis show that the development of ESG has a more significant impact on promoting the level of new quality productive forces in non-state-owned enterprises,small and micro enterprises,and entity enterprises.The research results provide useful empirical evidence for promoting the development of enterprise ESG,accelerating the formation of new quality productive forces,and promoting high-quality development of enterprises.