【摘要】 目前，中国经济正处于转型的关键阶段，可持续发展战略正不断深入推进并落地实施。在此背景下，企业环境、社会与公司治理（ESG）表现的重要性日益凸显，已然成为衡量企业综合绩效的核心指标。虽然已有诸多文献从多个维度对ESG表现的驱动因素展开了深入剖析，但有关高管长期激励机制与ESG表现提升之间内在关联性的研究仍然较为匮乏。在当下学术研究的大格局中，如何激发管理层主动履行ESG责任已成为一个关键热点。究其原因，ESG理念对于企业的可持续发展以及社会的整体进步，均具有不可忽视的重要作用。而在激励管理层践行ESG责任的诸多方式中，高管股权激励脱颖而出，其有效性已得到大量实践案例与研究成果的充分证实。基于此，研究特别选取2015—2023年中国A股上市公司的数据，深入探究这些企业所采用的高管股权激励措施究竟如何影响其ESG表现，并进行了严谨的实证分析。研究结果表明，高管股权激励政策对ESG表现具有显著的促进作用。研究从高管股权激励的独特视角出发，为我国上市公司提升ESG表现提供了具有重要参考价值的实证依据。更多还原

【Abstract】 At the critical stage of economic transformation, the sustainable development strategy is constantly being promoted and implemented. In this context, the importance of corporate environmental, social, and corporate governance(ESG) performance has become increasingly prominent and has become a core indicator for measuring the overall performance of corporate organizations. Although many literatures have shown in-depth analysis of the driving factors of ESG performance from multiple dimensions, there is still a lack of research on the intrinsic correlation between long-term incentive mechanisms for executives and the improvement of ESG performance. In the current academic research landscape, a key focus is on how to motivate the management to proactively fulfill ESG responsibilities. The reason is that the ESG concept plays an indispensable role in the sustainable development of enterprises and the overall progress of society. Among multiple ways to motivate the management, executive equity incentives stand out and have been proven to be an effective means by a large number of facts and research results. Based on this, this study specifically selects data from Chinese A-share listed companies from 2015 to 2023 to explore in depth how the executive equity incentive measures adopted by these companies affect their ESG performance, and conducts rigorous empirical analysis. The results of this study indicate that executive equity incentive policies have a significant promoting effect on corporate environmental, social, and governance(ESG) performance. This study provides valuable empirical evidence for improving ESG performance of listed companies in China from the unique perspective of executive equity incentives.更多还原