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ESG管理对企业竞争力的影响研究

文章摘要

在碳达峰、碳中和的时代背景下,企业实现低碳绿色发展不仅有助于企业竞争力的提升,而且有助于中国经济高质量发展。本报告利用2012~2021年1497家上市公司数据,从理论和实证两个层面探讨了企业ESG管理对其竞争力的影响。研究发现,ESG管理能显著提升企业竞争力,这一促进作用在东部地区、高污染企业以及非国有企业更为显著。机制分析发现,企业进行ESG管理主要通过缓解企业融资约束和增加绿色技术创新的方式增强企业竞争力,其中绿色技术创新的数量和质量都能够发挥正向的促进作用。进一步从宏观层面来看,绿色金融的发展水平及相应政策会给ESG管理与企业竞争力带来很大的影响,绿色金融发展水平较高的地区对两者之间有显著的促进作用;从相关政策发布前后对比来看,政策发布后ESG管理对企业竞争力的促进效果更加明显。本报告在丰富ESG管理与企业竞争力研究的同时,也为政府制定和完善当前绿色金融发展政策以及引领社会投资决策提供了理论支持和经验参考。

Abstract

In the era of carbon peak and carbon neutrality,achieving low-carbon and green development for enterprises not only helps to enhance their competitiveness,but also contributes to the high-quality development of China’s economy. This report uses data from 1497 listed companies from 2012 to 2021 to explore the impact of ESG management on their competitiveness from both theoretical and empirical perspectives. Research has found that ESG management can significantly enhance the competitiveness of enterprises,which is more significant in the eastern region,heavily polluting industries,and non-state-owned enterprises;Mechanism analysis reveals that ESG management by enterprises mainly enhances their competitiveness by alleviating financing constraints and increasing green technology innovation. The quantity and quality of green technology innovation can play a positive promoting role;From a macro perspective,the development level and corresponding policies of green finance will have a significant impact on ESG management and corporate competitiveness. Regions with higher levels of green finance development have a significant promoting effect on both;From the comparison before and after the release of relevant policies,it can be seen that ESG management has a more significant promoting effect on the competitiveness of enterprises after the policy is released. This article not only enriches the research on ESG management and corporate competitiveness,but also provides theoretical support and empirical reference for the government to formulate and improve current green finance development policies and lead social investment decisions.

作者简介
刘自敏:刘自敏,博士,西南大学经济管理学院教授,主要研究领域为产业规制与竞争。
吕峰雪:吕峰雪,西南大学经济管理学院硕士研究生,主要研究领域为金融投资与风险管理。
崔志伟:崔志伟,上海财经大学财经研究所博士研究生,主要研究领域为资源与经济可持续发展。
王健宇:王健宇,中国人民银行广元市分行,主要研究领域为数字金融与智能金融。