ESG表现与企业专业化分工——基于上市公司的证据

ESG Performance and Enterprise Specialization:Evidence Based on Listed Companies in China

ESG表现是新发展理念在微观企业层面的应用,对企业经营活动将产生持续影响。在新发展格局下,改善ESG表现对企业专业化分工的影响值得深入研究。文章基于2009-2022年中国沪深A股上市公司数据,实证检验了ESG表现对企业专业化分工的直接影响和内在影响机制,研究发现,良好的ESG表现有利于提高企业专业化分工水平。机制分析结果表明,ESG表现通过强化比较优势、降低交易费用和有效传递信号的渠道来提升企业专业化分工水平。异质性分析结果表明,对于具有政策和发展优势的国有企业和大型企业、专业化需求更强烈的制造业和非高新技术企业、位于营商环境更完善的城市群或东部地区的企业来说,ESG表现的改善更能促进其专业化分工水平。经济后果检验得出,ESG表现与企业专业化分工的促进关系有利于提高全要素生产率和改善企业经营状况,从而促进企业高质量发展。文章对ESG表现的经济效应研究提供新的视角,为促进企业专业化分工并推动经济高质量发展提供重要参考。

Under the new development paradigm,the promotion of enterprise specialization is crucial to promoting high-quality and sustainable development of enterprises and enhancing the position of Chinese enterprises in the domestic and international division of labor.ESG performance is the result of the application of China's new development philosophy at the microcosmic enterprise level,which not only affects the business risk and financial performance of enterprises,but also enhances their own specialization and facilitates the division of labor among enterprises by conveying more adequate and effective information to stakeholders.Therefore,based on the data of China's A-share listed companies in Shanghai and Shenzhen from 2009 to 2022,this paper studies the impact of ESG performance on enterprise specialization.The findings of this paper are as follows:First,good ESG performance can significantly increase the level of enterprise specialization,and E index,S index,and G index can show a significant positive relationship on enterprise specialization.Second,ESG performance enhances enterprise specialization by reinforcing comparative advantages,reducing transaction costs,and efficiently transmitting signals.Third,state-owned enterprises and large enterprises with policy and development advantages improve ESG performance more significantly to promote specialization.Manufacturing and non-high-tech enterprises with a stronger need for specialization improve their ESG performance more significantly by promoting specialization.Enterprises located in urban agglomerations or eastern regions with better business environments improve their ESG performance more significantly in promoting specialization.Third,the facilitative relationship between ESG performance and enterprise specialization is conducive to sustained increases in TFP and improvements in enterprise operations,which in turn promotes high-quality and sustainable enterprise development.This paper explores the positive role and social contribution of ESG performance from the perspective of enterprise specialization and finds that ESG strengths can be translated into specialization strengths for enterprises.The conclusions of this paper provide clear empirical evidence and policy implications for understanding the motivations of enterprises to improve their ESG performance,realizing the economic effect and managerial value of ESG performance,and promoting enterprise specialization in the new development paradigm.