连锁股东与企业ESG表现:提高或降低?

Chain Shareholders and Corporate ESG Performance:Enhancement or Detriment?

作为同行业企业间资本联系的桥梁,关于连锁股东在企业经营决策方面存在积极效应和消极效应两种不同观点。本文以中国A股上市公司数据实证检验连锁股东与企业ESG表现之间的关系。结果发现:在企业ESG表现方面,连锁股东发挥了积极效应,提高了企业ESG表现。中介效应检验中发现:企业ESG表现的提高源于连锁股东在降低企业代理成本、缓解融资约束方面发挥了监督效应和资源效应。异质性检验发现:在机构型股东、非高新技术企业和东部地区中企业ESG提高表现更明显。为此,本文提出应辩证看待连锁股东效应,区分不同类型连锁股东对企业经营决策的影响,区分不同类别连锁股东对企业ESG表现影响的差异性,积极发挥机构型连锁股东在企业ESG表现中的作用;监管机构应规范企业社会关系网络的建立,实行分类监管。

As a bridge of capital linkage between enterprises in the same industry,there are two different views on the positive and negative effects of chain shareholders on corporate decision-making.This paper empirically examines the relationship between chain shareholders and Corporate ESG performance with the data of Chinese A-share listed companies.The results show that chain shareholders exerted a positive effect on corporate ESG performance,contributing to its improvement.The intermediation effect test shows that the enhancement of corporate ESG performance is attributed to the super⁃visory and resource effects of chain shareholders in reducing agency costs and easing fi⁃nancing constraints.Heterogeneity analysis indicates that the improvement in corporate ESG performance is more pronounced in institutional shareholders,non-high-tech com⁃panies,and companies in the eastern region.Therefore,this study suggests a dialectical view of the chain shareholder effect,distinguishing the impact of different types of chain shareholders on corporate decision-making and the differential impact of different cate⁃gories of chain shareholders on corporate ESG performance.It emphasizes leveraging the role of institutional chain shareholders in enhancing corporate ESG performance and calls for regulatory authorities to standardize the establishment of corporate social rela⁃tions networks and implement categorized supervision.