混合所有制改革如何影响国有企业ESG表现?

How Does the Mixed-Ownership Reform Affect the ESG Performance of State-Owned Enterprises?

利用2009~2022年中国A股上市公司数据,以2013年《中共中央关于全面深化改革若干重大问题的决定》的出台作为混合所有制改革的准自然实验,运用PSM-DID方法实证检验混合所有制改革如何影响国有企业ESG表现。研究发现:混合所有制改革能够改善国有企业ESG表现;机制检验结果表明,混合所有制改革能够通过降低政府干预程度、缓解代理问题两条路径提高国有企业ESG表现;异质性分析结果表明,混合所有制改革对媒体关注度较高以及制度环境较好的国有企业,其ESG表现促进作用更强;区分ESG分项的检验结果表明,混合所有制改革对国有企业环境表现(E)、社会责任表现(S)以及公司治理表现(G)均具有较强的提升作用;经济后果检验发现,混合所有制改革促成的国有企业ESG表现改善,有助于提升国有企业当期及下一期的企业价值。鉴于此,应持续深入推进国有企业混合所有制改革,充分发挥混合所有制改革在经济可持续发展中的积极作用。

Based on the data of China's A-share listed companies from 2009 to 2022,the promulgation of the"The Decision of the CPC Central Committee on Several Important Issues of Comprehensively Deepening Reform"in 2013 is taken as a quasi-natural experiment for mixed-ownership reform,and the PSM-DID method is used to test how mixed ownership reform affects the ESG performance of state-owned enterprises(SOEs).The results show that mixedownership reform can improve the ESG performance of SOEs.The results of the mechanism test show that the mixedownership reform can achieve the reform practice of improving the ESG performance of SOEs by reducing the degree of government intervention and alleviating the agency problem.The results of heterogeneity analysis show that the mixedownership reform has a stronger effect on the ESG performance of SOEs with higher media attention and better institutional environment.The test results of ESG sub-items show that the mixed-ownership reform can not only improve the environmental performance(E)and social responsibility performance(S)of SOEs,but also optimize their corporate governance mechanism(G).The economic consequence test finds that the improvement in ESG performance of SOEs promoted by mixed-ownership reform can help enhance the corporate value of SOEs in the current and next periods.In view of this,we should continue to further promote the mixed-ownership reform of SOEs and give full play to the positive role of mixed-ownership reform in sustainable economic development.