摘要
企业在环境、社会和治理(ESG)方面的表现离不开制度环境的支持与保障。以2017—2021年沪深A股上市公司为样本,探究亲清政商关系如何影响企业ESG表现。研究发现,亲清政商关系能够显著提升企业ESG表现。机制分析表明,亲清政商关系主要通过改善外部融资环境和抑制企业管理层短视行为两个渠道提升企业ESG表现。进一步分析发现,政商关系的“清白”维度发挥了主要作用,并且在省会(首府)城市或直辖市注册、非重污染行业、数字化转型程度较高以及机构投资者持股比例较高的企业中,亲清政商关系能显著提升企业ESG表现。基于上述研究结论,建议地方政府积极构建亲清政商关系,以优化融资渠道。同时,企业应克服短期逐利行为以实现长期的可持续发展。
The performance of enterprises in environmental,social,and governance(ESG)aspects cannot be separated from the support and guarantee of the institutional environment.Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021 as samples,this study explores how pro-clean government-business relationship affects corporate ESG performance.The findings show that pro-clean government-business relationship can significantly improve corporate ESG performance.The mechanism analysis reveals that the pro-clean government-business relationship mainly enhances corporate ESG performance through the two channels:improving the external financing environment and suppressing the short-sighted behaviors of corporate management.Further analysis reveals that the“clean”dimension of the government-business relation plays a major role;and in enterprises registered in provincial capitals or municipalities,belonging to non-heavily-polluting industries,with a high degree of digital transformation,and with a higher proportion of institutional investors holding shares,the pro-clean government-business relation can significantly improve corporate ESG performance.Based on the above research conclusions,it is recommended that local governments should actively build pro-clean government-business relationship to optimize financing channels.Meanwhile,enterprises should overcome short-term profit seeking behaviors,so as to achieve long-term sustainable development.
作者
王凡林
郭宇航
李劭卿
WANG Fan-lin;GUO Yu-hang;LI Shao-qing(Capital University of Economics and Business,Beijing 100071,China)
出处
《当代财经》
CSSCI
北大核心
2024年第8期100-111,共12页
Contemporary Finance and Economics
基金
首都经济贸易大学研究生科技创新项目“信用环境与企业供应链韧性—共享审计师的信息溢出效应”(2024KJCX049)。
关键词
亲清政商关系
ESG表现
融资约束
管理层短视
pro-clean government-business relationship
ESG performance
financing constraints
short sightedness of management
作者简介
王凡林,首都经济贸易大学教授,博士生导师,管理学博士,主要从事会计信息化研究;郭宇航,首都经济贸易大学博士研究生,主要从事ESG与公司治理研究;通信作者:李劭卿,首都经济贸易大学博士研究生,主要从事ESG与公司治理研究,联系方式:514195700@qq.com。
