摘要
企业是吸纳就业的主力军,而ESG评级分歧引致企业未来可持续发展的不确定性,可能会对企业的劳动雇佣决策产生影响。本文利用2015—2022年中国沪深A股上市企业样本,研究发现ESG评级分歧抑制了企业劳动雇佣。机制检验发现,ESG评级分歧一方面在劳动力需求端增加企业融资约束和经营风险,另一方面在劳动力供给端损害企业信息透明度和声誉,降低对劳动力的吸引力,从而减少企业劳动雇佣规模。异质性分析发现,ESG评级分歧抑制企业雇佣的效应主要存在于非国有企业、小规模企业、上市年限较短的企业和重污染行业企业。进一步研究表明,ESG评级分歧还会影响企业人力资本结构,导致企业雇佣更多高技能员工,减少雇佣低技能员工。此外,ESG评级分歧也促使企业支付高薪酬以增加对高技能人才的吸引力。本文的研究丰富了ESG评级分歧经济后果和企业劳动雇佣影响因素的相关文献,对于规范ESG信息披露标准、促进高质量充分就业也具有重要的启示。
Enterprises are the main force in absorbing employment.However,ESG rating divergence has led to uncertainty in the future sustainable development of enterprises,which may have an impact on their labor employment decisions.This paper uses a sample of A-share listed companies in China's Shanghai and Shenzhen stock markets from 2015 to 2022,and finds that ESG rating divergence inhibit corporate labor employment.Mechanism tests find that ESG rating divergence not only increases financing constraints and operational risks for enterprises on the labor demand side,but also damages information transparency and reputation of enterprises on the labor supply side,reduces attractiveness to labor force,and thus suppresses the scale of labor employment.Heterogeneity analysis finds that the effect of ESG rating divergence on firm employment mainly exists in non-state-owned enterprises,small-scale enterprises,enterprises with shorter listing years,and enterprises in heavily polluting industries.Further research indicates that ESG rating divergence can also affect a company's human capital structure,leading enterprises to hire more high-skilled employees and less low-skilled employees.In addition,ESG rating divergence also prompts companies to pay high salaries to increase their attractiveness to highly skilled talents.This study enriches the relevant literature on the economic consequences of ESG rating divergence and the influencing factors of labor employment,and has important implications for standardizing ESG information disclosure and promoting high-quality and full employment.
作者
王瑶
徐道胜
冯晓晴
WANG Yao;XU Daosheng;FENG Xiaoqing(School of Economics and Management,China University of Geosciences,Beijing 100083,China;School of Business,Renmin University of China,Beijing 100872,China;School of Economics and Management,China University of Petroleum,Beijing 102249,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2024年第4期135-147,共13页
Journal of Zhongnan University of Economics and Law
关键词
ESG评级分歧
劳动雇佣
融资约束
就业技能结构
ESG Rating Divergence
Labor Employment
Financing Constraints
Employment Skill Structure
作者简介
王瑶(1995—),女,湖北随州人,中国地质大学(北京)经济管理学院讲师;通讯作者:徐道胜(1998—),男,山东聊城人,中国人民大学商学院博士生;冯晓晴(1993—),女,内蒙古赤峰人,中国石油大学(北京)经济管理学院讲师。
