企业ESG责任履行对高质量发展影响研究

Research on the Impact of Corporate Social Responsibility on High Quality Development

基于2011—2021年沪深A股上市企业的数据进行实证分析,探究企业ESG责任履行对其高质量发展的影响。研究发现,企业ESG责任履行能够促进企业高质量发展,且对国有企业、污染行业的企业以及处于成长期和成熟期的企业促进作用更明显,在经过稳健性以及内生性检验之后,结论依旧成立。机制检验发现,企业积极履行ESG责任能够通过缓解融资约束、提升企业声誉两个途径推动企业高质量发展。在数字金融蓬勃发展的大背景下,还考察了数字金融的调节效应,结果显示数字金融发展能够促进企业ESG责任履行与企业高质量发展的正向关系,其中,数字金融覆盖广度和普惠金融数字化程度的调节效应比数字金融使用深度更加显著。进一步研究表明,企业环境和社会层面责任的履行能够显著提升企业发展质量。

Based on the data of Shanghai and Shenzhen A-share listed enterprises from 2011 to 2021,this paper conducts an empirical analysis to explore the impact of corporate ESG responsibility fulfillment on their high-quality development.Research has found that fulfilling corporate ESG responsibilities can promote high-quality development of enterprises,and has a more significant promoting effect on state-owned enterprises,polluting industry enterprises,and enterprises in the growth and maturity stages.After robustness and endogeneity tests,the conclusion still holds.The mechanism test found that actively fulfilling ESG responsibilities can promote high-quality development of enterprises through two ways:alleviating financing constraints and enhancing corporate reputation.Against the backdrop of the booming development of digital finance,this article also examined the moderating effect of digital finance.The results showed that the development of digital finance can promote a positive relationship between corporate ESG responsibility fulfillment and high-quality development.Among them,the moderating effect of digital finance coverage breadth and inclusive finance digitalization degree is more significant than the depth of digital finance use.Further research has shown that fulfilling corporate environmental and social responsibilities can significantly improve the quality of corporate development.