【摘要】 在可持续发展背景下，厘清企业ESG表现对海外绿地投资的影响，对企业践行ESG理念与开展国际化投资布局具有重要意义。基于2013—2023年中国沪深A股上市公司数据，实证考察ESG对企业海外绿地投资的影响效应及作用机制，并探讨了数字化水平的调节效应。研究表明，ESG能够显著促进企业海外绿地投资，这种影响主要通过缓解融资约束、提高企业声誉和满足“合法性”渠道实现。异质性分析表明，ESG对绿地投资的影响因媒体关注度、女性高管占比和生命周期层面不同而存在差异，ESG对绿地投资的促进作用在媒体关注度较高的企业、女性高管占比较大的企业、成熟期企业和衰退期企业中更强。进一步研究发现，企业数字化水平能够强化ESG对企业海外绿地投资的促进作用。研究结论为理解ESG在对外投资方面的价值创造机理提供了经验证据。更多还原

【Abstract】 In the context of sustainable development, clarifying the impact of enterprises’ ESG performance on overseas greenfield investment has significant implications for enterprises in terms of practicing ESG concepts and deploying international investments. Based on the data of Chinese A-share listed companies from 2013 to 2023, this paper empirically examines the impact of ESG on enterprises’ overseas greenfield investment and its mechanisms of action, while exploring the moderating effect of enterprises’ level of digitalization. The results demonstrate that ESG significantly promotes enterprises’ overseas greenfield investment, and this impact is predominantly achieved through three channels: alleviating financing constraints, enhancing corporate reputation, and satisfying the legitimacy requirement. Heterogeneity analysis reveals that the effect of ESG on greenfield investment varies across dimensions such as media attention, presence of female executives, and life cycle stage. Specifically, the promotional effect of ESG on greenfield investment is stronger for enterprises that receive greater media attention, have female executives, and are in the mature or declining stages of the life cycle. The findings show that a high level of enterprise digitalization strengthens the promotional effect of ESG on enterprises’ overseas greenfield investment. This study provides empirical evidence for understanding the value creation mechanism of ESG in the context of outward foreign direct investment.更多还原