【摘要】 在新时代推动两岸关系深化发展的进程中，如何依托高质量台商投资有效驱动两岸经济高质量融合，已成为重要的现实议题。利用上市柜台商ESG评分微观数据和大陆城市统计数据，考察ESG异质性台商对大陆直接投资如何提升地方全要素生产率。研究发现，台商直接投资能够提高地方全要素生产率，高ESG台商投资的驱动作用尤为突出。进一步研究表明，环境保护、社会责任评分更高的台商投资能够释放出更强的溢出效应，环境优势台商尤其能够促进环境保护重点城市的全要素生产率增长。机制检验表明，高ESG台商对全要素生产率的促进作用受到产业集聚水平、产业结构互补和对台湾社会认同程度的正向调节。因此，大陆招商引资时应当着重吸纳高ESG台商的高质量投资，依托产业结构互补性深化两岸产业协同合作，促进文化交流与社会融合，从而为以ESG标准引领两岸融合实践注入微观动能。更多还原

【Abstract】 In the process of promoting the deepening development of cross-strait relations in the new era, how to effectively drive high-quality economic integration between the two sides through high-quality investment by Taiwan businessmen has become an important practical issue. Using micro-level ESG ratings of listed Taiwan-funded companies alongside city-level statistical data from the Chinese mainland, this study examines how heterogeneous ESG performance in direct investment by Taiwan businessmen on the mainland enhances local total factor productivity(TFP). The findings reveal that direct investment by Taiwan businessmen can significantly improvelocal TFP, with investments from high ESG Taiwan firms serving as the primary drivers. Further analysis demonstrates that investments from firms with higher environmental protection and social responsibility scores generate stronger spillover effects. Environmentally advanced Taiwan firms particularly boost TFP growth in cities prioritizing ecological conservation. Mechanism tests indicate that the impact of high ESG Taiwan investment on TFP is positively moderated by the level of local industrial agglomeration, the degree of industrial structural complementarity,and the extent of social connectivity with Taiwan. Therefore, when attracting investments,we should focus on drawing high-quality investments from ESG-advantaged Taiwan firms, deepening cross-strait industrial collaboration by leveraging structural complementarity, and promoting cultural exchange and social integration, thereby injecting micro-impetus into the practice of leading cross-strait integration with ESG standards.更多还原