先进制造业上市公司ESG行为与企业绩效

ESG and Firm Performance:Evidence From Advanced Manufacturing Companies in China

本文以2013~2022年5110个A股先进制造业上市公司为样本,探究先进制造业企业ESG表现与企业绩效之间的关系,特别是技术创新和债务融资成本的中介作用。研究结果表明,先进制造业企业ESG表现对企业绩效具有显著的正向影响,在进行一系列稳健性检验后,该结论仍然成立。机制检验结果表明,先进制造业企业履行ESG责任可以通过提升技术创新水平,改善企业绩效;然而,债务融资成本的中介作用不成立。异质性研究表明,ESG表现对企业绩效的影响在大规模企业、非国有企业和非环保企业中尤为明显。研究为推进先进制造业企业ESG实践,驱动其可持续发展提供重要启示。

Our study explores the impact of Environmental,Social and Governance(ESG)performance on firm performance using data from 5110 listed firms of advanced manufacturing in China from 2013~2022,especially exploring the two channels through innovation and debt financing cost.The results indicate that firm performance of advanced manufacturing firms in China could be improved by ESG performance and the results still holds after a series of robustness tests.The mechanism test indicate that ESG performance can improve firm performance by improving innovation.However,the mediating role of debt financing costs does not hold.The heterogeneity test reveals that ESG performance in large-scale,non-state-owned and non-environmentally friendly firms help to improve firm performance obviously.The conclusion of the study provides lesson of advanced manufacturing firms to improve ESG performance and realize sustainable development of advanced manufacturing industry.