金融学院知识库

       随着时代的进步和经济的发展，可持续发展理念日益得到社会大众的认同，ESG责任投资理念随之快速兴起，其中环境（Environment）、社会（Social）和公司治理（Governance）是ESG责任投资理念的三大支柱。与此同时，国际资本市场也开始重新审视传统的增长模式，更加重视可持续发展。然而，在ESG表现相关的信息披露上，我国企业的自愿程度较低，是否有必要进行ESG信息披露？是否有必要追求更好的ESG表现？ESG表现对企业全要素生产率是否有影响？针对以上问题，本文重点分析企业ESG表现对其全要素生产率之间的关系。

       理论依据方面，运用了信号传递理论、信息不对称理论、委托代理理论与利益相关者理论，分析了企业ESG表现与其全要素生产率的关系，同时，探讨了企业ESG表现能够通过增加研发投入和减少融资约束两条途径来提升企业的全要素生产率。实证层面，选取了2010—2020年间我国A股非金融上市企业的数据，定量分析了企业ESG表现对其全要素生产率提升的作用，同时验证了研发投入与融资约束两条路径存在中介效应，除此之外，进一步讨论所有权性质和行业性质不同的企业间的影响差异。

       结果表明：（1）企业ESG表现与其全要素生产率呈现正相关，也就是企业通过自身ESG治理，提升ESG表现，可以促进其全要素生产率的提高。（2）研发投入和融资约束在企业ESG表现对其全要素生产率影响中发挥部分中介作用。（3）所有权性质和行业特征不同的企业ESG表现对其全要素生产率的影响存在差异。其中与非国有企业比较，国有企业ESG表现对于提高其全要素生产率具有更大的正向效应；与重污染企业相比较，非重污染企业ESG表现对于提高其全要素生产率具有更大的正向效应。依据上述结论，本文从评级机构、政府、企业和投资者四个角度提出了相应的对策和建议。

       With the progress of the times and the development of the economy, the concept of sustainable development is increasingly recognized by the public, and the ESG concept of responsible investment has rapidly emerged. Among them, environment, social, and corporate governance are the three pillars of the ESG concept of responsible investment. At the same time, the international capital market has also begun to reexamine the traditional growth model and pay more attention to sustainable development. However, in terms of ESG performance related information disclosure, the voluntary level of Chinese enterprises is relatively low. Is it necessary to disclose ESG information? Is it necessary to pursue better ESG performance? Does ESG performance have an impact on enterprise total factor productivity? In response to the above issues, this article focuses on analyzing the relationship between enterprise ESG performance and its total factor productivity.

       In terms of theoretical basis, signaling theory, information asymmetry theory, principal-agent theory, and stakeholder theory are used, this paper analyzes the relationship between enterprise ESG performance and total factor productivity. At the same time, it explores two ways that enterprise ESG performance can improve enterprise total factor productivity by increasing R&D investment and reducing financing constraints. At the empirical level, we selected data from A-share non-financial listed companies in China from 2010 to 2020 to analyze the impact of enterprise ESG performance on their total factor productivity, and verified that there is a significant intermediary effect between R&D investment and financing constraints. In addition, we further discussed the impact differences between enterprises with different ownership and industry natures.

       The results show that: (1) Enterprise ESG performance is positively correlated with its total factor productivity, which means that enterprises can promote their total factor productivity by increasing ESG management and improving ESG performance. (2) Enterprise R&D investment and financing constraints play a partial mediating role in the impact of enterprise ESG performance on its total factor productivity. (3) There are differences in the impact of ESG performance on total factor productivity among enterprises with different ownership and industry characteristics. Compared with non state-owned enterprises, improving ESG performance of state-owned enterprises has a greater positive effect on total factor productivity of enterprises; Compared to heavily polluting enterprises, improving ESG performance of non heavily polluting enterprises has a greater positive effect on their total factor productivity. Based on the above conclusions, this article puts forward corresponding countermeasures and suggestions from the perspectives of rating agencies, governments, enterprises, and investors.