摘要
在“双碳”战略目标与新发展理念背景下,基于环境、社会和公司治理(ESG)的责任履行成为推动企业可持续高质量发展的重要抓手。利用2009—2021年中国A股上市公司数据,探究控股股东股权质押对企业ESG责任履行的影响。研究表明,控股股东股权质押抑制了企业ESG责任履行,在进行了内生性与稳健性检验后回归结果未发生本质变化。进一步分析显示,控股股东股权质押抑制企业ESG责任履行的作用机制为恶化企业的融资困境而非强化股东的掏空动机。此外,高质量的内部控制和较高的媒体关注度能有效缓解股权质押对企业ESG责任履行的负面影响。进一步将产权性质纳入考虑,发现股权质押对企业ESG责任履行的抑制作用在非国有企业中更加明显。
Under the background of the"double carbon"strategic goal and the new development concept,the responsibility fulfillment based on environmental,social and corporate governance(ESG)has become an important way to promote the sustainable and high-quality development of enterprises.Using the data of Chinese A-share listed companies from 2009 to 2021 to explore the impact of controlling shareholders equity pledge on the performance of ESG responsibilities.The research shows that the pledge of controlling shareholders equity inhibits the performance of the company s ESG responsibilities,and the regression results have not changed substantially after the endogenous and robustness tests.Further analysis shows that the mechanism of controlling shareholders equity pledge inhibiting the performance of ESG responsibilities is to worsen the financing difficulties of enterprises rather than strengthen shareholders tunneling motivation.In addition,high-quality internal control and high media attention can effectively mitigate the negative impact of equity pledge on the performance of ESG responsibilities.Further considering the nature of property rights,it is found that the inhibition of equity pledge on the performance of ESG responsibilities is more obvious in non-state-owned enterprises.
作者
吴成颂
杨帆
WU Chengsong;YANG Fan(School of Business,Anhui University,Hefei 230039,Anhui,China)
出处
《中国石油大学学报（社会科学版）》
2023年第4期99-109,共11页
Journal of China University of Petroleum (Edition of Social Sciences)
基金
国家社会科学基金一般项目(16BGL051)
研究生高校科学研究项目(YJS20210071)。
关键词
股权质押
ESG
融资约束
内部控制
媒体关注
equity pledge
ESG
financing constraints
internal controls
media attention
作者简介
吴成颂(1968-),男,安徽怀宁人,安徽大学研究生院常务副院长,安徽大学商学院教授,博士,博士生导师,研究方向为企业财务。
