摘要
正确把握效率与公平的辩证关系是推进中国式现代化建设强有力的支撑。文章试图从企业劳动要素配置的视角出发,探讨ESG评级的就业效应和收入分配效应,旨在揭示企业在应对ESG评级时如何在效率与公平之间做出抉择。文章以2011—2019年中国A股上市公司为研究对象,重点探讨ESG评级对企业就业变动、员工雇佣效率和工资分配不公平的影响及作用路径,并进一步考察了在调整经营策略时,企业对效率与公平的偏好。研究发现,ESG评级降低了企业就业净增长并倒逼企业改善了员工雇佣效率,但同时也加剧了企业工资分配不公平。路径分析表明,ESG评级虽然通过降低就业创造的路径导致企业就业增长速度收缩,但却从抑制过度雇佣员工和缓解雇佣不足的双重路径改善了员工雇佣效率;ESG评级引发工资分配不公平的核心逻辑在于,其在推动高管薪酬和普通员工工资提升的同时,加剧了高管超额薪酬问题。ESG评级引致的市场压力和监督效应是企业员工雇佣决策和收入分配调整的主要动因;基于公平和效率视角的情境分析发现,ESG评级驱动下的企业经营决策调整更加偏向效率原则。此外,ESG评级能够提高企业资本劳动比,优化劳动力技能结构。文章丰富了ESG评级经济后果的研究,为理解外部监督下的企业适应性行为提供了有益思考。
Correctly grasping the dialectical relationship between efficiency and equity serves as a robust pillar for advancing the Chinese path to modernization,while the organic integration of ESG principles into corporate development strategies offers critical guidance for enterprises to navigate the efficiency-equity dynamic.As both ESG performance and financial outcomes are endogenous outcome variables of corporate decision-making,their inherent endogeneity obscures the behavioral adjustments and goal prioritization of enterprises when implementing ESG principles.Exogenously determined third-party ESG ratings provide an ideal setting to identify corporate behavioral choices and value preferences in ESG practice.Against this backdrop,investigating corporate adaptive behaviors under ESG ratings and their trade-offs between efficiency and equity not only helps clarify the behavioral logic of enterprises in balancing these dual objectives,but also help address the effectiveness of ESG principles in practice.Using data from China’s A-share listed companies from 2011 to 2019,this paper analyzes how ESG ratings affect employment changes,hiring efficiency,and wage distribution inequity,while revealing corporate preferences for efficiency or equity during strategic adjustments.The results show that ESG ratings reduce net employment growth but improve hiring efficiency,while exacerbating wage distribution inequity.Path analysis reveals that while ESG ratings contribute to a contraction in corporate employment growth rates by reducing job creation paths,they simultaneously improve hiring efficiency through the dual mechanisms of curbing over-hiring and alleviating under-staffing.The core logic behind ESG ratings exacerbating wage inequality lies in their dual effects:While driving increases in both executive compensation and general employee wages,they disproportionately amplify the issue of excessive executive pay.Further analysis identifies market pressure and supervisory effects as the key drivers of employment and wage adjustments.Contextual analysis from the efficiency-equity perspective demonstrates that corporate decision-making driven by ESG ratings leans toward efficiency.Additionally,ESG ratings promote capital-labor ratio growth and labor skill structure upgrading.Theoretically,this paper enriches the ESG ratings research;practically,it provides empirical evidence for balancing efficiency and equity at the firm level,shedding light on corporate adaptive behaviors under external supervision.
作者
王孝华
韩晓逸
魏志华
Wang Xiaohua;Han Xiaoyi;Wei Zhihua(School of Public Finance and Taxation,Dongbei University of Finance and Economics,Dalian 116025,China;School of Economics,Xiamen University,Xiamen 361005,China)
出处
《财经研究》
北大核心
2025年第5期50-64,共15页
Journal of Finance and Economics
基金
国家社会科学基金重大项目(24&ZD066)
国家自然科学基金项目(72442004、72472131、71972163)
福建省自然科学基金面上项目(2024J01029)
福建省社会科学基金一般项目(FJ2024B017)。
关键词
ESG评级
效率与公平
就业变动
雇佣效率
工资分配不公平
ESG ratings
efficiency and equity
employment changes
hiring efficiency
wage distribution inequity
