民营企业混合所有制与可持续发展——基于企业ESG绩效评价视角的研究

Mixed Ownership and Sustainable Development of Private Firms:From the Perspective of ESG Performance

以2011—2021年沪深A股民营上市公司为样本,从企业ESG绩效的视角切入,深入考察民营企业混合所有制与可持续发展之间的关系。研究发现,国有资本参股民营企业显著提升了企业ESG绩效,该结论在经过Heckman两阶段模型、双重差分模型、倾向得分匹配法、Oster检验以及更换关键变量的度量方法等稳健性测试后仍然成立。作用机制检验结果表明,国有资本参股主要通过强化中小股东治理参与以及增强企业资源获取能力提升了民营企业ESG绩效。异质性分析显示,对于机构投资者持股比例较高、媒体关注度较高的民营企业,以及在经济政策不确定性较强时期,国有资本参股对企业ESG绩效的提升效应更明显。

Taking Shanghai-Shenzhen A-share private listed firms from 2011 to 2021 as samples,this paper explores the relationship between mixed ownership and sustainable development of private firms from the perspective of ESG performance.It is found that state-owned capital participation in private firms significantly improves firms’ESG performance,and this conclusion is still established after robustness tests such as Heckman two-stage model,difference-in-differences model,propensity score matching method,Oster test,and alternative measures of key variables.The mechanism test indicates that state-owned shareholders affect firms’ESG performance by enhancing the participation of medium and small shareholders in governance and improving the firm’s ability to obtain resources.Heterogeneity analysis shows that for private firms with higher institutional shareholding ratio and higher media attention,in the period of stronger economic policy uncertainty,state-owned capital participation has a more obvious improvement effect on firms’ESG performance.