体育企业ESG表现对全要素生产率的影响研究——基于数字化转型和融资约束的调节效应分析

Impact of ESG Performance of Sports Enterprises on Total Factor Productivity:Analysis of the Regulatory Effect Based on Digital Transformation and Financing Constraints

作为新时代我国体育产业高质量发展的新课题,ESG理念强调经济、社会与环境的协调发展,并通过提高能源使用效率、增强绿色产品研发创新能力和降低企业融资约束等来提升体育企业的生产效率。该研究以2017—2022年沪深A股18家体育概念上市公司为研究对象,分析了我国体育企业ESG表现与全要素生产率之间的关系,探讨了数字化转型水平和融资约束的调节效应。结果表明,良好的ESG表现能够有效促进我国体育企业全要素生产率的提高,但这种促进效果在小规模体育企业中表现得较为显著;数字化转型水平对体育企业ESG表现与全要素生产率之间的关系具有显著正向调节作用,但我国体育企业数字化转型水平整体偏低;融资约束对我国体育企业ESG表现与全要素生产率之间的关系具有显著负向调节作用。鉴于上述结论,该研究提出了以下建议:积极参与ESG体系建设,持续深化绿色发展理念;强化体育企业市场主体作用,加快体育产业数字化转型;促进金融与体育产业融合,破解体育企业融资难题。

As a new topic for the high-quality development of China′s sports industry in the new era,the ESG(Environmental,Social and Governance)concept emphasizes the coordinated development of economy,society and environment,and enhances the productivity of sports enterprises by improving the efficiency of energy use,enhancing the R&D and innovation capability of green products,and reducing the financing constraints of enterprises.The study takes 18 sport concept listed companies in Shanghai and Shenzhen A-shares from 2017-2022 as the research object,empirically analyzing the relationship between ESG performance and total factor productivity of sports enterprises in China,and exploring the moderating effects of digital transformation level and financing constraints.The results show that good ESG performance can effectively promote the improvement of total factor productivity in China′s sports enterprises,but this promotion effect is more significant in small-scale sports enterprises;the level of digital transformation has a significant positive moderating effect on the relationship between ESG performance and total factor productivity in sports enterprises,but the level of digital transformation in China′s sports enterprises as a whole is on the low side;financing constraints have a significant negative moderating effect on the relationship between ESG performance and total factor productivity in China′s sports enterprises.In view of the above conclusions,the study puts forward the following suggestions:actively participate in the construction of ESG system and continuously deepen the concept of green development;strengthen the role of sports enterprises as the market entities and accelerate the digital transformation of sports industry;promote the integration of finance and sports industry and crack the financing problems of sports enterprises.