非国有股东治理、绿色金融与企业ESG表现

Governance of Non-state-owned Shareholders,Green Finance,and ESG Performance of Enterprises

基于2011—2021年中国A股国有上市公司面板数据,考察非国有股东治理对企业ESG表现的影响和绿色金融的调节作用。研究发现,非国有股东治理有助于提升企业ESG表现,地区绿色金融发展进一步强化非国有股东治理对企业ESG表现的促进效应。进一步研究发现,在非国有股东参与度高、有机构投资者参与以及中央国有企业中非国有股东治理对企业ESG表现的促进效应更加明显,且绿色金融的调节效应也得到强化;机制检验发现,非国有股东治理通过治理效应、绿色创新效应和市场信号效应等途径提高企业ESG表现。研究对新常态下国有企业可持续发展具有重要意义。

Based on panel data of state-owned A-share listed companies in China from 2011 to 2021,this article examines the impact of non-state-owned shareholder governance on ESG performance and the moderating effect of green finance.Research has found that the governance of non-state-owned shareholders can improve the ESG performance of enterprises,and the development of regional green finance further strengthens the promoting effect of non-state-owned shareholder governance on ESG performance of enterprises.Further research has found that non-state-owned shareholder governance has a more significant promoting effect on ESG performance in state-owned enterprises with high participation of non-state-owned shareholders,participation of institutional investors,and central state-owned enterprises,and the regulatory effect of green finance has also been strengthened;Mechanism testing found that non-state-owned shareholder governance improves ESG performance of enterprises through governance effects,green innovation effects,and market signal effects.The research is of great significance to the sustainable development of state-owned enterprises under the new normal.