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ESG表现对企业高质量发展的影响研究——基于有色金属A股上市公司数据
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Abstract:
以2012~2022年间沪深A股有色金属上市企业为实证对象，系统探究ESG表现对其高质量发展水平的作用效果与影响路径。本研究选取17个表征指标构建了有色金属企业高质量发展综合指数，完善了有色金属企业高质量发展水平的评价指标体系。研究发现，有色金属企业卓越的ESG表现能够对其高质量发展水平产生显著的正向驱动作用。机制研究表明，有色金属企业ESG表现主要通过缓解融资约束和增强绿色技术创新能力两条关键渠道推动高质量发展。异质性分析表明，ESG的赋能效果在规模较小和非国有性质的企业中更为突出。
Using non-ferrous metal companies listed on the Shanghai and Shenzhen A-share markets from 2012 to 2022 as empirical subjects, this study systematically investigates the role and impact pathways of ESG performance on their high-quality development levels. By selecting 17 representative indicators, we constructed a comprehensive index for high-quality development in non-ferrous metal enterprises, thereby refining the evaluation framework for assessing their high-quality development levels. Findings reveal that outstanding ESG performance significantly drives the high-quality development of non-ferrous metal enterprises. Mechanism analysis indicates that ESG performance primarily advances high-quality development through two key channels: alleviating financing constraints and enhancing green technological innovation capabilities. Heterogeneity analysis reveals that ESG’s enabling effects are more pronounced in smaller-scale and non-state-owned enterprises.
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