ESG责任履行、外部治理与工业上市公司高质量发展

ESG Responsibility Fulfillment,External Governance,and High Quality Development of Industrial Listed Companies

为探究ESG责任履行对工业上市公司高质量发展的影响,以及外部治理因素对二者关系的调节作用,以2011—2021年中国A股工业上市公司数据为样本,构建多维固定效应模型进行实证分析。研究发现,履行ESG责任有助于推动工业上市公司实现高质量发展,且公司治理责任的推动作用最大;分析师关注、媒体关注及环境规制等外部治理因素在ESG责任履行与高质量发展的关系中发挥正向调节作用。结果表明,工业上市公司应当加大ESG责任履行力度,可利用分析师关注、媒体关注激励工业上市公司履行ESG责任,政府及监管部门应当完善与ESG责任履行相关的法律法规,进而推动工业上市公司实现高质量发展。

In order to explore the impact of ESG responsibility fulfillment on the high-quality development of industrial listed companies,and the moderating effect of external governance factors on the relationship between ESG responsibility fulfillment and high-quality development,this paper uses the data of China’s A-share industrial listed companies from 2011—2021 as samples to build a multidimensional fixed effect model for empirical analysis.It is found that fulfilling ESG responsibilities can promote high-quality development of industrial listed companies,and that corporate governance has the greatest impact.Besides,external governance factors such as analyst attention,media attention,and environmental regulations play a positive moderating role in the relationship between ESG responsibilities fulfilling and high quality development.The results indicate that industrial listed companies should increase the fulfillment of ESG responsibilities,while analysts,and media attention can be used to motivate industrial listed companies to actively fulfill their ESG responsibilities,and the government and regulatory authorities should improve the laws and regulations related to the fulfillment of to promote ESG responsibility industrial listed companies to achieve high-quality development.