摘要
企业的环境、社会与治理表现正在成为全球主流投资策略,ESG的投资背后需要企业更多资源的投入。基于2009—2022年中国沪深A股上市公司数据,从系族集团视角考察内部资本市场的资源优化配置作用能否提升企业ESG表现。研究发现:内部资本市场能够显著提升系族集团企业ESG表现。经过稳健性检验和内生性检验后,研究结论依然成立。进一步研究发现,内部资本市场通过缓解系族集团企业融资约束、提高资产周转效率和增强绿色创新能力提升企业ESG表现,并且在国有系族集团和分析师关注度高的企业效果更加显著。内部资本市场对系族集团企业ESG表现的正面效应主要体现在社会(S)和治理(G)两个维度。研究从内部资本市场资源配置角度探讨企业ESG表现,为企业在绿色发展背景下实现绿色转型提供参考。
Corporate Environmental,Social,and Governance(ESG)performance is becoming a mainstream global investment strategy,with ESG investing requiring more resource input from companies.Under resource constraints,most enterprises are willing but unable to act,while enterprise groups inherently possess an advantage in resource allocation.This paper examines whether the internal capital market's resource optimization function can enhance corporate ESG performance from the perspective of business groups in China,using data from Chinese A-share listed companies between 2009 and 2022.The paper finds that internal capital markets significantly improve the ESG performance of business group enterprises.After robustness and endogeneity tests,this conclusion remains valid.Further research reveals that internal capital markets enhance corporate ESG performance by alleviating financing constraints,improving asset turnover efficiency,and strengthening green innovation capabilities within business group enterprises,with the enhancement effect being more pronounced in state-owned business groups and firms with high analyst coverage.Finally,the positive impact of internal capital markets on the ESG performance of business group enterprises is primarily reflected through the Social(S)and Governance(G)dimensions.This paper explores corporate ESG performance from the perspective of internal capital market resource allocation,providing references and insights for businesses on how to achieve green transformation in the context of advocating for green development.
作者
李育红
徐泳贤
肖皓轩
LI Yu-hong;XU Yong-xian;XIAO Hao-xuan(School of Accounting,Xinjiang University of Finance and Economics,Urumqi Xinjiang 830012;Institute of Statistics and Data Science,Xinjiang University of Finance and Economics,Urumqi Xinjiang 830012)
出处
《湖南财政经济学院学报》
2025年第6期37-48,共12页
Journal of Hunan University of Finance and Economics
基金
国家自然科学基金地区项目“内部资本市场、实物期权与公司价值--来自我国‘系族企业’的经验证据”(项目编号:72062028)。
关键词
内部资本市场
资源配置
ESG表现
系族集团
internal capital markets
resource allocation
ESG performance
business groups
