摘要
良好的利益相关者关系能否解决更广泛的ESG问题备受关注。作为企业最直接的利益相关者,大股东通常对企业战略的制定与实施具有重要影响。以2009—2021年A股上市公司为样本,检验大股东并存对企业ESG表现的影响及其作用机理。结果表明,大股东并存能提升企业ESG表现。在其他大股东的数量越多、相对于控股股东的持股比例越高的情况下,这种激励作用越显著。进一步地,大股东并存主要通过缓解企业面临的融资约束和监督控股股东的机会主义行为两条路径推动企业进行ESG战略调整。此外,机构投资者、新闻媒体以及外部审计三个外部信息中介的参与可与多个大股东形成协同治理效应,对大股东并存与企业ESG表现之间的关系产生积极影响。因此,政策制定者应当在鼓励与支持企业股权多元化的基础上,充分引导外部利益相关者发挥监督与治理效应,推动企业积极践行可持续理念。
The question of whether good stakeholder relationships can solve a wider range of ESG issues has attracted much attention.As the most direct stakeholders of a company,the major shareholders usually have a significant impact on the formulation and implementation of corporate strategy.Taking A-share listed companies from 2009 to 2021 as samples,this study examines the impact and mechanism of multiple large shareholders on corporate ESG performance.The results indicate that the multiple large shareholders can improve corporate ESG performance.This incentive effect is more significant when there are more major shareholders and a higher proportion of shareholding relative to the controlling shareholder.Furthermore,multiple large shareholders promotes corporate ESG strategic adjustments mainly by alleviating the financing constraints faced by the enterprise and monitoring the opportunistic behavior of the controlling shareholders.In addition,the participation of institutional investors,news media,and external auditors as three external information intermediaries can form a synergistic governance effect with multiple major shareholders,thereby having a positive impact on the relationship between multiple large shareholders and corporate ESG performance.Therefore,policy makers should encourage and support the diversification of corporate equity,fully guide the external stakeholders to play a supervisory and governance role,and promote enterprises to actively practice sustainable concepts.
作者
谭琳
刘江涛
TAN Lin;LIU Jiang-tao(Southwest University of Finance and Economics,Chengdu 611130,China)
出处
《当代财经》
CSSCI
北大核心
2024年第6期84-97,共14页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“高管激励、内部团队培养与企业创新研究”(71972157)。
关键词
大股东并存
ESG表现
公司治理
利益相关者
multiple large shareholders
ESG performance
corporate governance
stakeholders
