摘要
民营企业是经济发展的重要引擎,国有资本参股民营企业的“逆向混改”对于完善要素资源市场化配置和助力民营企业高质量发展具有重要意义。基于2011—2021年中国民营上市公司样本,采用倾向得分匹配-双重差分法(PSM-DID),实证检验国有资本参股对民营企业环境、社会和治理(ESG)表现的影响及其作用机制。研究发现:“逆向混改”政策的实施显著提升了民营企业ESG表现;机制检验发现,国有资本参股可通过发挥资源效应、知识溢出效应和信号效应等三种途径提升民营企业ESG表现;调节效应分析表明,民营企业的重污染、高技术和大规模特征会加强国有资本参股与ESG表现之间的正相关关系,而较高的代理成本会减弱该正向关系。
Private enterprises are one of the important engines of economic development,and the“reverse mixed ownership reform”of state-owned capital participating in private enterprises is of great significance for improving the market-oriented allocation of factor resources and supporting the high-quality development of private enterprises.This study employs the Propensity Score Matching-Difference-in-Differences(PSM-DID)method and focuses on Chinese privately-listed companies from 2011 to 2021 to empirically examine the impact and mechanisms of state capital participation on the environmental,social,and governance(ESG)performance of private enterprises.The results indicate that a significant positive impact of state capital participation on the ESG performance of private enterprises,which holds even after conducting a series of robustness tests.Further,the mechanism test reveals that state capital participation can enhance the ESG performance of private firms through three ways:resource effect,knowledge spillover effect,and signaling effect.The analysis of regulatory effects shows that the heavy pollution,high-tech,and large-scale attributes of private enterprises will strengthen the positive correlation between state-owned capital participation and ESG performance,while the high agency cost attribute will weaken this positive relationship.
作者
李金华
王奎
杨贝贝
LI Jinhua;WANG Kui;YANG Beibei(School of Economics and Management,South China Normal University,Guangzhou 510006,China;School of Economics and Management,Xinjiang University,Urumqi 830046,China)
出处
《哈尔滨商业大学学报(社会科学版)》
2025年第1期21-37,共17页
Journal of Harbin University of Commerce:Social Science Edition
基金
国家社会科学基金一般项目“企业社会责任差异化的消费者响应机制与构建方法研究”(18BGL099)
广东省哲学社会科学规划项目“企业社会责任与技术创新互动对消费者响应的差异化影响研究”(GD24CGL55)
新疆大学2024年优秀博士研究生创新项目“虚拟与空间双重集聚提升中国资源型制造业产业链韧性的机制与路径研究”(XJU2024BS009)。
关键词
混合所有制改革
逆向混改
ESG表现
民营企业
mixed-ownership reform
reverse mixed-reform
ESG performance
private enterprises
作者简介
李金华(1972—),男,湖北仙桃人,博士,教授,博士生导师,从事企业社会责任和技术创新研究;王奎(1995—),男,河南驻马店人,博士研究生,从事企业社会责任研究;杨贝贝(1995—),男,河南焦作人,博士研究生,从事资源配置与可持续发展研究。
