【作者】 王琳；

【导师】 耿云江；

【作者基本信息】 东北财经大学 ， 会计学， 2023， 硕士

【摘要】 近年来,创新、绿色、协调、开放、共享的发展理念越来越深入人心,我国的经济正向绿色发展转型。面对经济转型、时代巨变,企业应积极顺应时代变化,展现社会担当。企业如果继续以前主要以生产为驱动力的古老经济发展模式,将不能适应我国新的经济发展要求。而ESG同时兼顾经济与社会效益,契合绿色、可持续发展的目标。因此,企业积极践行ESG尤为必要。虽然ESG包含的信息不会体现在公司财务指标上,但是关系到企业能否可持续发展。特别是在“双碳”目标、共同富裕等战略背景下,投资者和公众对可持续发展问题的关注不断增加。政府及社会也意识到了 ESG对可持续发展的重要性,在其推动下我国资本市场对ESG的关注度也持续升高。我国ESG虽起步晚但发展迅速,ESG信息披露指引日臻完善,评级机构借鉴国外经验不断摸索修改出适合我国企业的针对性评级方法。目前已有不少研究证明了 ESG表现对我国企业有积极的影响,如提高企业价值、企业绩效;降低融资成本、股价崩盘风险等。在以实现经济高速高质量发展为目标的时代,党的二十大报告中强调:我们要围绕促进高质量发展这一主题,努力提高全要素生产率。企业的全要素生产率是指产出中无法用投入解释的剩余部分,这部分代表了企业高质量发展水平。因此,探究全要素生产率的影响因素有着重要的现实意义。那么,在此背景下良好的ESG表现是否能提高企业的全要素生产率呢?目前,研究有关ESG表现对全要素生产率影响的文献并不充分。此外,企业作为推动我国经济高质量发展的微观基础,产权性质不同其经营目标也不同。相比国有企业,民营企业没有履行社会职能的强制要求,其主要目标就是盈利。因此,民营企业改善ESG表现的动机与国有企业存在不同。除此之外,民营企业本身不具有被政府扶持的优势,其获取资源的渠道较窄。这均可能导致民营企业ESG表现对全要素生产率的影响可能与国有企业存在差异。但是目前没有文献专门研究ESG表现对民营企业全要素生产率的影响以及实现机制。因此,本文专门研究ESG表现对民营企业全要素生产率的影响具有理论及现实意义。为了研究ESG表现对民营企业全要素生产率的影响及其实现机制,本文采用文献梳理法与实证研究法等方法,对其展开研究。首先对与ESG表现经济后果和全要素生产率影响因素的有关文献进行大量阅读整理,找到本文的研究切口。然后对其分析并提出预期的假设,随后利用实证研究证明本文的假设。本文的研究内容一共分为六部分。第一部分为绪论,阐述了本文的选题背景、研究意义、研究内容和研究框架,概括了本文可能存在的创新点。第二部分是文献综述。第三部分为理论分析与研究假设。第四部分为研究设计,该部分是本文的重点部分,主要包括本文回归模型的构建、变量定义、样本选择和数据来源等。第五部分为实证结果与分析,包括ESG表现对民营企业全要素生产率影响的检验分析以及作用机制的检验分析。第六部分为结论、对策与研究不足。考虑到华政ESG数据2009年才开始披露,在实证研究部分本文以2009-2021年A股上市民营企业为样本,进行回归分析。研究发现:ESG表现可以提高民营企业的全要素生产率,并且这种影响具有持续性;同时,本文发现ESG表现可通过降低融资约束和信息不对称程度来提高民营企业全要素生产率。进一步分析发现,在小规模企业、成长期企业、所处高市场化程度地区的企业以及面临突发事件冲击的企业中,ESG表现对民营企业全要素生产率的提高作用更明显。本文的研究紧扣时事热点,契合国家新发展理念。聚焦于民营企业,基于ESG视角专门研究民营企业全要素生产率的影响因素及其实现机制。另外,还考虑了面临突发事件冲击时ESG表现对民营企业全要素生产率的影响。这是一个较新的研究视角,拓展了前人的研究。本文不仅为民营企业重视ESG实践、提升ESG表现提供了理论支撑,而且有助于推动政府规范ESG信息披露制度及监管标准,也有利于投资者将企业ESG表现纳入投资决策的实践。更多还原

【Abstract】 In recent years,the concept of innovative,green,coordinated,open and shared development has become more and more popular,and China’s economy is transforming into green development.In the face of economic transformation and great changes of The Times,enterprises should actively adapt to the changes of The Times and show their social responsibility.If enterprises continue to use the ancient economic development model,which is mainly driven by production,they will not be able to meet the requirements of China’s new economic development.ESG takes into account both economic and social benefits,in line with the goal of green and sustainable development.Therefore,it is particularly necessary for enterprises to actively practice ESG.Although the information contained in ESG will not be reflected in the company’s financial indicators,it is related to the sustainable development of the enterprise.Especially in the strategic background of the"double-carbon" goal and common prosperity,investors and the public pay increasing attention to the issue of sustainable development.The government and society have also realized the importance of ESG to sustainable development,and under its promotion,China’s capital market continues to pay more attention to ESG.Although ESG started late in China,it has developed rapidly,and ESG information disclosure guidelines are becoming more and more perfect.Rating agencies have learned from foreign experience to explore and modify targeted rating methods suitable for Chinese enterprises.At present,many studies have proved that ESG performance has positive effects on Chinese enterprises,such as improving enterprise value and enterprise performance;reducing financing cost,stock price crash risk,etc.In an era with the goal of achieving high-speed and high-quality economic development,the party’s 20th annual report stressed that we should strive to improve total factor productivity by centering on the theme of promoting high-quality development.The total factor productivity of an enterprise refers to the remaining part of the output that cannot be explained by the input,which represents the high-quality development level of the enterprise.Therefore,it is of great practical significance to explore the influencing factors of total factor productivity.So,can good ESG performance improve total factor productivity in this context?the literature examining the impact of ESG performance on total factor productivity is insufficient.In addition,as the micro basis to promote the highquality development of China’s economy,enterprises have different property rights and different business objectives.Compared with state-owned enterprises,private enterprises do not fulfill the mandatory requirements of social functions,and their main goal is to make profits.Therefore,the motivation of private enterprises to improve ESG performance is different from that of state-owned enterprises.In addition,private enterprises themselves do not have the advantage of being supported by the government,and their channels to obtain resources are relatively narrow.All these may lead to the difference of ESG performance on total factor productivity from that of state-owned enterprises.However,there is no literature to study the impact of ESG performance on total factor productivity of private enterprises.Therefore,this paper has theoretical and practical significance to study the influence of ESG performance on the total factor productivity of private enterprises.In order to study the influence of ESG performance on the total factor productivity of private enterprises and its realization mechanism,this paper adopts the literature combing method and the empirical research method.First of all,we read a lot of literature on the economic consequences of ESG performance and the influencing factors of total factor productivity,and find the research incision of this paper.Then we analyze it and propose the expected hypotheses,and then try to prove this hypothesis using empirical research.The research content of this paper is divided into six parts.The first part is the introduction,which expounds the topic selection background,research significance,research content and research framework of this paper,and summarizes the possible innovation points of this paper.The second part is the literature review.The third part is the theoretical analysis and the research hypothesis.The fourth part is divided into study design,which is the key part of this paper,and mainly includes the construction of the regression model,variable definition,sample selection and data source,etc.The fifth part is the empirical results and analysis,including the analysis of the impact of ESG performance on the total factor productivity of private enterprises and the analysis of the mechanism of action.The sixth part is divided into conclusions,countermeasures and insufficient research.Considering that the ESG data was only disclosed in 2009,in the empirical research part,this paper conducts regression analysis based on the a-share private enterprises listed from 2009 to 2021.The study found that ESG performance can improve the total factor productivity of private enterprises,and this effect is sustainable.Meanwhile,this paper shows that ESG performance can improve the total factor productivity of private enterprises by reducing the degree of financing constraints and information asymmetry.Further analysis shows that in small-scale enterprises,growth enterprises,enterprises in areas with high degree of marketization and enterprises facing the impact of emergencies,ESG performance plays a more obvious role in improving the total factor productivity of private enterprises.The research of this paper is closely related to current events,consistent with the new national development concept.Focusing on the private enterprises,the influencing factors and the realization mechanism of the total factor productivity of the private enterprises are specially studied based on the perspective of ESG.In addition,the impact of ESG performance on the total factor productivity of private enterprises when facing the emergency impact is also considered.This is a relatively new research perspective that expands the previous research.This paper not only provides theoretical support for private enterprises to attach importance to ESG practice and improve ESG performance,but also helps to promote the government to standardize ESG information disclosure system and regulatory standards,and also helps investors to incorporate enterprise ESG performance into the practice of investment decision.更多还原