摘要
基于2009—2019年上市公司面板数据及城市面板数据,考察外商直接投资对企业ESG表现的影响效应及传导机制。研究发现,FDI可以提升企业在社会责任履行、生态环境保护与公司治理三个方面的水平,优化企业ESG表现。机制检验表明,FDI能够通过强化区域市场竞争、缓解企业融资约束等渠道提升企业ESG表现。异质性研究表明,非重污染企业与对外投资企业利用FDI强化企业ESG表现的效果更佳;市场分割程度低、产业结构高级化水平高的地区,FDI对该地区企业的ESG表现提升的促进作用更强。进一步分析表明,有为政府与有效市场可以分别从强化环境目标约束与提高企业绿色创新两个方面对ESG表现起到正向调节作用。
Based on the panel data of listed companies and urban panel data from 2009 to 2019,this paper examines the impact effect and transmission mechanism of foreign direct investment on enterprise ESG performance.The study finds that FDI can improve the level of corporate social responsibility,ecological environment protection and corporate governance,so as to optimize the performance of ESG.The mechanism test shows that FDI can improve the ESG performance of enterprises through strengthening regional market competition and easing corporate financing constraints.The heterogeneity study shows that enterprises without heavy pollution and foreign investment enterprises which use FDI to strengthen the performance of enterprise ESG are performing better.In regions with low degree of market segmentation and high level of industrial structure upgrading,FDI plays a stronger role in promoting the ESG performance of enterprises.Further analysis reveals that“proactive governance”and“efficient market”can positively moderate ESG performance through strengthening environmental target constraints and enhancing green innovation among enterprises respectively.
出处
《安徽大学学报(哲社版)》
北大核心
2025年第1期142-154,共13页
Journal of Anhui University(Philosophy and Social Sciences Edition)
基金
江苏省研究生科研创新项目“FDI流入动机转变的现实基础与方向研究”(KYCX23_1844)。
关键词
外商直接投资
ESG
融资约束
有为政府
有效市场
foreign direct investment
ESG
financing constraints
proactive governance
efficient market
作者简介
宣烨,南京财经大学金融学院教授,经济学博士;通信作者:李洋,南京财经大学江苏产业发展研究院硕士研究生(江苏南京210003)。
