国际经济与贸易学院知识库

二十大报告指出将绿色化、低碳化发展作为实现经济高质量发展的关键环节。绿色低碳经济发展已成为全球经济发展的重要议题。在国家逐步实施减排战略的背景下，企业应该运用相应的企业社会责任标准对自身进行约束，以达到企业发展出口行为的目的。在高质量发展、绿色低碳发展的背景下，为了更好地把企业的发展与市场的高质量发展结合起来，公司需要继续贯彻有关的绿色发展理念。公司ESG表现包括环境保护、对绿色转型的重视程度等指标，是公司履行社会责任、保护环境、提高公司治理水平的一种重要手段。因此，如何有效地运用“碳中和”的有关评估指标，实现企业的绿色发展转变，进而提高其在全球市场上的竞争能力，就变得十分重要。

本研究聚焦于中国A股市场上市公司，旨在解析ESG表现与企业出口规模之间的关系。通过深入分析环境、社会责任和治理三个维度对微观企业出口的影响，本文构建了几种传导机制，包括“ESG表现-企业绿色创新-企业出口规模”、“ESG表现-企业全要素生产率-企业出口规模”以及“ESG表现-企业融资成本-企业出口规模”，以期明晰ESG表现如何具体影响企业的出口规模。

其次，本研究以商道融绿的数据库为基础，选取2015至2021年间中国A股市场的ESG数据作为分析对象。利用万德企业数据库，对有无出口企业进行甄别，最终获得515个企业的2025个样本观察数据，测量公司ESG表现对公司的出口规模的影响。在此基础上，通过构建相关的回归模型，对所作的假说进行经验验证，并通过稳健性检验来确保数据的稳定性和可靠性。此外，本文以绿色创新、全要素生产率、融资成本为中介变量，构建企业ESG表现对公司出口规模的影响路径。研究结果表明：（1）ESG表现与公司的出口规模呈正相关关系。(2)ESG表现较好的公司，可以通过提高公司的绿色创新水平，提高全要素生产率，减少融资成本，从而扩大其出口规模。(3)企业污染环境状况不同，ESG表现对公司出口规模的作用也存在差异，ESG表现对非污染企业的出口规模具有更显著的影响。

最后，本文针对我国上市公司的 ESG信息披露现状，从政府与企业两个层次，对我国上市公司的 ESG信息披露行为进行了分析。在政府层次上，（1）政府部门应该出台适当的政策文件，促使公司履行 ESG信息披露义务，健全监管制度，促进 ESG制度的构建与完善。从企业层次来看，(1)企业应加强对ESG表现的重视，充分发挥金融服务实体经济的作用，优化公司治理结构。（2）公司应主动承担公司的社会责任，致力于提高公司的 ESG绩效与披露程度；(3)企业应通过提高绿色科技创新能力来提高公司的核心竞争能力；(4)企业应积极实现循环经济，推动企业在履行社会责任的同时，减少成本、提高生产效率，从而推动出口规模的扩张。

The Fifth Plenary Session of the 20th Central Committee proposed a "green and low-carbon" development strategy, which is a major challenge currently facing China. Developing a green and low-carbon economy has become a major issue faced by countries around the world. With the gradual implementation of national carbon emission policies, enterprises should use relevant CSR guidelines to self regulate themselves and promote the development of their export activities. In the context of high-quality and green low-carbon development, companies must continue to practice the relevant ideas of "green development" in order to achieve the organic unity of their own development and high-quality development. Corporate social responsibility is a way for companies to fulfill their social responsibilities, protect the environment, and improve their corporate governance structure. Therefore, it is necessary to make reasonable use of the evaluation index related to carbon neutrality in order to achieve the transformation of enterprises towards low-carbon development and enhance their competitiveness in the international market.

This paper mainly studies the relationship between the ESG performance of Chinese A-share listed companies and their export scale. First from three aspects of environment, social responsibility and corporate governance of ESG performance influence micro enterprise export related literature analysis, construct "ESG performance —— green innovation —— enterprise export scale" and "ESG performance —— total factor productivity —— enterprise export" and "ESG performance —— enterprise financing cost —— enterprise export scale" transmission mechanism, explore the ESG performance affect enterprise export scale.

Secondly, using the environmental responsibility data of Chinese A-share listed companies from 2015 to 2021, the Wanda Enterprise Database was used to screen listed companies and obtain a total of 2025 sample observation data from 515 listed companies. The trade relationship between the social responsibility performance of listed companies and enterprises was calculated. Then, by establishing corresponding regression models, the research results of this project will be empirically tested, and stability tests will be conducted to ensure the stability and reliability of the research results. On this basis, a relationship model between corporate environmental responsibility behavior and export scale is established by introducing factors such as green innovation, TFP, and financing costs. Research has found that: (1) Environmental responsibility performance is directly proportional to the size of a company's product exports. (2) The higher the performance of corporate social responsibility, the stronger the green innovation ability of the enterprise, the higher the TFP, and the lower the financing cost of the enterprise, which is more conducive to the export of its products. (3) Corporate social responsibility performance has different effects on the export scale of Chinese enterprises, among which environmental performance has a significant impact on the export scale of non polluting enterprises in China.

In conclusion, this project examines the present state of ESG information disclosure among Chinese listed companies, scrutinizing both governmental and corporate dimensions. At the governmental level, (1) it is recommended that government entities issue pertinent policy documents to encourage ESG information disclosure, fortify regulatory frameworks, and advance the establishment and refinement of ESG structures.From a corporate standpoint,(1) Enterprises should pay more attention to ESG performance, give full play to the role of financial services to serve the real economy, and optimize the corporate governance structure. (2) active assumption of corporate social responsibilities and efforts to boost ESG performance and disclosure levels are advised; (3) businesses should bolster core competitiveness through heightened technological innovation capabilities; (4) implementation of circular economy strategies is advocated to concurrently fulfill social responsibilities, curtail costs, bolster production efficiency, and propel the expansion of export volumes.