摘要
鼓励和支持企业提升ESG表现是推动经济向高质量发展、可持续转型的重要途径,员工持股计划作为一项激励工具,有助于推动经济发展模式向更加注重质量、效率和公平的方向转变。本文基于2014-2023年中国A股上市公司数据,深入探讨了员工持股计划对企业ESG表现的影响。实证结果表明,上市公司实行员工持股计划后,企业ESG表现显著上升,该结论在一系列稳健性检验下仍然成立。机制分析方面,员工持股计划通过提高企业绿色创新水平和企业数字化转型两种方式提高了企业ESG表现。异质性分析表明,员工持股计划对非国有企业、高污染行业企业的影响更大。研究结论为企业通过优化激励机制来促进可持续发展提供了经验支持。
Encouraging and supporting enterprises to improve their ESG performance is a crucial pathway to promote the transformation of the economy toward high-quality and sustainable development.As an incentive mechanism,ESOP can facilitate the transformation of economic development models toward greater emphasis on quality,efficiency,and equity.Based on data from Chinese A-share listed companies from 2014 to 2023,this paper empirically examines the impact of ESOP on corporate ESG performance.The results demonstrate that after implementing ESOP,firms exhibit a significant improvement in ESG performance,the conclusion is consistent with a series of robustness tests.Heterogeneity analysis reveals that ESOP exert a more pronounced effect on non-state-owned enterprises and firms in highly polluting industries.In terms of mechanism analysis,ESOP enhances corporate ESG performance by fostering green innovation and accelerating digital transformation.These findings provide empirical support to advance sustainable development by optimizing incentive mechanisms..
作者
洪海凤
Hong Haifeng(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生论丛》
2025年第2期7-20,共14页
Journal of the Postgraduates of Zhongnan University of Economics and Law
关键词
员工持股计划
企业ESG表现
绿色创新水平
数字化转型
Employee Stock Ownership Plan
Corporate ESG Performance
Green Innovation
Digital Transformation
