摘要
近年来,全球可持续发展理念深入人心,企业在环境、社会责任和公司治理(ESG)方面的表现受到社会各界的广泛关注。本文利用2011-2020年我国A股上市公司的数据,实证分析了ESG表现对企业国际化的影响、作用机制及异质性。研究发现:(1)ESG整体表现显著提升了企业的国际化水平,其中在环境和治理方面的表现越好,国际化水平随之越高;(2)融资约束在ESG表现对企业国际化的影响中发挥部分中介作用,良好的ESG表现可进一步通过缓解融资约束正向作用于国际化;(3)管理者短视主义对ESG表现与企业国际化间的关系起负向调节作用,管理者短视程度越高,ESG表现对企业国际化的正向影响越弱;(4)异质性研究表明,对国有企业、规模较大和污染类企业而言,ESG表现对国际化水平的提升作用更明显。研究对企业重视和提升ESG表现、政府部门完善ESG政策具有重要启示。
In recent years,the concept of global sustainable development has deeply rooted in the hearts of the people,and the performance of enterprises in environmental,social responsibility and corporate governance(ESG)has attracted extensive attention from all sectors of society.This paper uses the data of Chinese A-share listed companies from 2011 to 2020 to empirically analyse the impact,mechanism and difference of ESG performance on enterprise internationalization.The research finds that(1)The overall performance of ESG has significantly improved the internationalization level of enterprises,and the better the performance of enterprises in environment and governance is,the higher the internationalization level will be.(2)Financing constraints play a partial intermediary role in the impact of ESG performance on enterprise internationalization,and good ESG performance can further play a positive role in internationalization by easing financing constraints.(3)Managers'myopia negatively affects the relationship between ESG performance and enterprise internationalization.The higher the degree of managers'myopia is,the weaker the positive impact of ESG performance on enterprise internationalization will be.(4)Heterogeneity research shows that for state-owned enterprises,large-scale and polluting enterprises,ESG performance plays a more significant role in improving the level of internationalization.The research has important implications for Chinese enterprises to pay attention to the performance of ESG and improve it,and for government departments to improve ESG policies.
作者
刘倩
Liu Qian(School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《中南财经政法大学研究生论丛》
2022年第6期19-30,共12页
Journal of the Postgraduates of Zhongnan University of Economics and Law
基金
天津市教委科研计划项目“技术封锁下高新技术企业自主创新能力提升路径研究”(编号:2020SK108)。
关键词
ESG表现
企业国际化
融资约束
管理者短视
ESG Performance
Enterprise Internationalization
Financing Constraints
Short Sightedness of Managers
