企业ESG责任履行提高劳动收入份额了吗?——基于A股上市公司的实证分析

Does Corporate ESG Responsibility Fulfillment Increase Labor Income Share?—Empirical Analysis of A-share Listed Companies

随着可持续发展理念在全球获得广泛共识,企业正逐渐从纯商业组织转变为积极履行社会责任的社会组织,环境、社会和治理(ESG)责任履行已成为金融市场和微观企业推动可持续发展的具体写照。企业ESG责任履行将影响企业劳资关系和收入分配,但其内在机理尚不清晰。鉴于此,本文选取2011—2022年沪深A股上市非金融公司样本,实证考察企业ESG责任履行对劳动收入份额的影响。研究结果表明,企业ESG责任履行能够提升劳动收入份额,该结论在考虑内生性等一系列稳健性检验后仍然成立。机制分析结果显示,企业ESG责任履行主要通过优化人力资本结构和缓解融资约束来影响劳动收入份额。异质性检验发现,企业ESG责任履行对国有企业、非劳动密集型行业、经济发展良好地区的企业劳动收入份额具有提升效果。进一步研究发现,企业履行环境保护方面的ESG责任有助于提升劳动收入份额;企业履行ESG责任具有岗位创造增加和岗位破坏减少的就业效应。本文为企业ESG责任履行下企业劳资关系和收入分配变动提供了经验证据,也为扎实推进企业ESG实践、优化企业报酬分配和实现共同富裕提供理论依据。

The fulfillment of environmental,social,and governance(ESG)responsibilities becomes a concrete portrayal of financial markets and micro-enterprises promoting sustainable development,which will also impact corporate labor-capital relations and income distribution.However,the internal mechanism remains unclear.As a key indicator for measuring corporate sustainability,ESG represents a value concept,investment strategy,and evaluation tool that focuses on environmental protection,social responsibility,and corporate governance performance,rather than solely financial performance.Labor income share not only reflects the fairness of income distribution but also relates to the stability and cohesion of the society.Effectively increasing labor income share to improve the income distribution is conducive to achieving common prosperity and promoting balanced development.Therefore,this research selects A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2022 as the research sample,empirically analyzing the impact of corporate ESG responsibility fulfillment on labor income share.The benchmark regression shows that corporate ESG responsibility fulfillment is beneficial to increasing labor income share,and this conclusion remains valid after conducting a series of robustness tests.Mechanism analysis indicates that corporate ESG responsibility fulfillment primarily impacts labor income share by optimizing human capital structure and alleviating financing constraints.Heterogeneity analysis reveals that ESG responsibility fulfillment has a more significant effect on enhancing labor income share in state-owned enterprises,non-laborintensive industries,and economically developed regions.Furthermore,corporate ESG responsibility fulfillment shows an employment effect of increasing job creation and reducing job destruction,and the fulfillment related to environmental protection is more conducive to increasing labor income share.Therefore,it should focus on the implementation of policies to promote the deep integration of ESG concepts with the real economy,provide theoretical support for enterprises to optimize their human capital structure and cultivate high-skilled talents,and take adequate measures to address the possible multidimensional impacts of ESG on the labor market.These findings provide empirical evidence for changes in corporate labor-capital relations and income distribution under corporate ESG responsibility fulfillment,as well as theoretical support for promoting corporate ESG practices,improving the distribution of corporate factor rewards,and achieving common prosperity.At the same time,it creates a new perspective for understanding the multi-dimensional influencing factors of labor income share,enriches the theoretical system of the relationship between ESG and labor economics,and provides empirical evidence for formulating more scientific and reasonable talent policies.It also supports companies in optimizing their human capital structure,cultivating high-skilled talents,and helping companies achieve scientific planning and effective implementation of talent strategies.