共同富裕的市场驱动力:来自ESG评级与制造业企业劳动收入分配的证据

Market Driving Forces of Common Prosperity:Evidence from ESG Rating and Labor Income Distribution of Manufacturing Firms

在推进制造业高质量发展的进程中,探索同步提升制造业领域劳动收入份额的有效途径可丰富共同富裕的实践框架。本研究基于商道融绿ESG评级事件,运用2007—2022年A股上市企业数据,构建多期双重差分模型,探究ESG评级对制造业企业劳动收入份额的影响及作用机制。研究发现,ESG评级显著提高了制造业企业的劳动收入份额。机制分析表明,ESG评级兼具市场激励与市场监督功能,由此提升了制造业企业劳动收入份额。其中,市场激励表现为ESG评级促使企业积极投资于可持续发展实践,市场监督则表现为ESG评级对企业形成了来自多方市场主体的外部监督压力。异质性分析发现,ESG评级对企业劳动收入份额的提升作用在智能制造领域与绿色产业领域更为突出,且行业竞争程度的加剧与地区市场化程度的提升可强化ESG评级的要素收入分配效应。进一步研究发现,ESG评级有益于缩小企业内部收入不平等。本研究不仅为深化我国ESG体系建设并由此形成助推共同富裕的市场驱动力提供了经验证据,更为实现效率与公平统一,进而全面建成高水平社会主义市场经济体制,增添了新的实践维度。

In the process of promoting high-quality development in the manufacturing industry,exploring effective ways to simultane⁃ously increase the labor income share in the manufacturing sector can enrich the practical framework for common prosperity.Based on the ESG rating events of SynTao Green Finance,this study uses data from A-share listed companies from 2007 to 2022 to con⁃struct a multi-period Difference-in-Differences model to explore the impact and mechanism of ESG rating on the labor income share of manufacturing enterprises.The study finds that ESG rating significantly increases the labor income share of manufacturing enterprises.The mechanism analysis shows that ESG rating has both market incentives and market supervision functions,thereby in⁃creasing the labor income share of manufacturing enterprises.Among them,market incentives are manifested in that ESG rating en⁃courages enterprises to actively invest in sustainable development practices,while market supervision is manifested in that ESG rat⁃ing forms external supervision pressure from multiple market entities on enterprises.Heterogeneity analysis finds that the role of ESG rating in increasing the labor income share of enterprises is more prominent in the fields of intelligent manufacturing and green industries,and the intensification of industry competition and the improvement of regional marketization can strengthen the factor in⁃come distribution effect of ESG rating.It is further found that ESG rating is beneficial to narrowing internal income inequality within enterprises.This study not only provides empirical evidence for deepening the construction of China's ESG system and thereby form⁃ing a market driving force to promote common prosperity,but also adds a new practical dimension for achieving the unity of efficien⁃cy and fairness,and thus comprehensively building a high-level socialist market economy system.