摘要
受可持续发展理念影响,国际市场愈发重视企业的ESG表现。在全球经济持续低迷背景下,研究ESG表现与企业出口的关系对于我国推进贸易强国建设及构建开放型经济新体制具有重要意义。文章通过整合2009—2016年中国海关企业与A股上市公司数据,并将其与华证评价体系下的企业ESG评分相合并,系统考察了ESG表现对上市公司出口绩效的影响效应及其作用机制。研究表明:ESG表现能显著促进企业出口规模扩张,在一系列稳健性检验后,上述结论依然成立。ESG表现的效应分解显示,企业在环境、社会责任及公司治理各个维度的良好表现均会对其出口规模扩张产生积极影响,且相较于社会责任,环境和公司治理方面的良好表现对企业出口规模扩张的促进作用更强;异质性分析表明,ESG表现对不同类型企业及产品的影响存在显著差异,主要推动了非国有、非重污染企业及目的地为发展中国家的产品的出口;机制检验显示,ESG表现通过提升企业声誉、减少贸易壁垒限制和降低信息不对称程度促进企业出口。此外,文章还发现良好的ESG表现可以提升企业出口的广延边际和集约边际,促进企业出口贸易模式转型升级并提高其出口技术复杂度。文章为ESG表现如何影响企业出口提供了证据,也为我国推进ESG建设和助力对外贸易高质量发展提供了有益的政策启示。
Influenced by the concept of sustainable development,the international market is increasingly emphasizing the ESG performance of enterprises.Under the background of the downturn of the global economy,studying the relationship be‐tween ESG performance and enterprise exports has great significances for our country to promote the construction of a trade power and build a new system of open economy.This paper systematically investigates the impact and mechanisms of ESG performance on the export performance of listed companies,through integrating the data of Chinese customs enterprises and A-share listed companies from 2009 to 2016 and merging it with the enterprise ESG scores under the Huazheng evaluation system.The study finds that ESG performance can significantly promote the expansion of enterprise exports,and this conclusion still holds after a series of robustness tests.The effects decomposition of ESG performance shows that the good performance of enterprises in various dimensions of environment,social responsibility and corporate governance has a positive impact on their export scale expansion,and the good performance in environment and corporate governance has a stronger promotion ef‐fect than social responsibility on the export scale expansion of enterprises.The heterogeneity analyses show that there are great differences in the impact of ESG performance among different types of enterprises and products,and it mainly promotes the export of non-state-owned,non-heavy-polluting enterprises and products destined for developing countries.Mechanism tests show that ESG performance promotes enterprise exports by enhancing enterprise reputation,reducing trade barriers and information asymmetry.In addition,it is found that good ESG performance can enhance the extensive and intensive margins of enterprise exports,promote the transformation and upgrading of enterprise export trade patterns and improve their export technology complexity.This paper provides evidence for how ESG performance affects enterprise exports,and it also gives useful policy insights for China to promote ESG construction and help high-quality development of foreign trade.
作者
安占然
王帅
朱廷珺
An Zhanran;Wang Shuai;Zhu Tingjun
出处
《南方经济》
CSSCI
北大核心
2024年第6期138-158,共21页
South China Journal of Economics
基金
国家社会科学基金重点项目“工业智能化应用对我国贸易高质量发展的影响研究”(22AJL012)
教育部社科基金后期资助一般项目“‘双循环’背景下数字经济驱动贸易高质量发展的路径研究”(22JHQ062)
甘肃省白俄罗斯研究院重点科研项目“深化甘肃与白俄罗斯经贸合作对策研究”(GBEYZ202301)资助。
关键词
ESG
企业出口
贸易壁垒
企业声誉
信息不对称
ESG
Enterprise Exports
Trade Barriers
Enterprise Reputation
Information Asymmetry
