企业ESG表现与金融化——结构特征、机制分析与政府环境关注度下的效果评估

Corporate ESG Performance and Financialization:Structural Characterization,Mechanism Analysis and Effectiveness Assessment under Government Environmental Concerns

ESG是新时代新阶段下企业高质量发展在环境、社会和治理层面的新导向、新变化。借助沪深两市A股上市企业2011—2022年数据集,检验企业ESG表现提升能否对企业金融化形成治理效果。从实证结果发现,企业ESG表现水平越高,则企业的金融化水平越低,上述结论经由多重检验后依旧成立,特别地,企业ESG表现对于短期金融化而言具有更为明显的抑制效果。通过异质性分析发现,企业ESG表现提升能够有效降低非国有企业和制造业的金融化水平,对于国有企业和非制造业企业的影响则不明显。通过机制研究发现,企业ESG表现提升,有助于改善市场对企业的预期并降低企业面临的环境不确定性,这些改善都为企业ESG活动治理企业金融化提供了良好助力。特别地,在较强的外部政府环境关注度影响下,企业ESG表现对金融化的治理作用得到明显加强。鉴于此,本文从政府、市场和企业三个维度提出了政策建议,为经济高质量发展阶段下引导企业内生地治理脱实向虚偏向提供支持。

ESG is a new direction and change for high-quality development of enterprises in the environment,society,and governance aspects in the new era and new stage.Leveraging a comprehensive dataset spanning 2011 to 2022,encompassing A-share listed enterprises in Shanghai and Shenzhen,this research probes the question of whether improved ESG performance can serve as a governing mechanism counteracting corporate financialization.The empirical results show that the higher the ESG performance level of a company,the lower its financialization level.The above conclusion still holds true after multiple tests,especially that corporate ESG performance has a more significant inhibitory effect on short-term financialization.Heterogeneity analysis found that improving corporate ESG performance can effectively reduce the financialization level of non-state-owned enterprises and manufacturing industries,while the impact on state-owned enterprises and non manufacturing industries is not significant.Mechanism research has found that an improvement in corporate ESG performance can help improve market expectations of companies and reduce environmental uncertainty they face.These improvements provide good support for corporate ESG activity governance and financialization.Specifically,under the strong influence of external government environmental attention,the governance role of corporate ESG performance in financialization has been significantly strengthened.In view of this,this article proposes policy recommendations from three dimensions:government,market,and enterprises,to enhance support for guiding endogenous governance of enterprises to shift from reality to virtuality during the stage of high-quality economic development.