摘要
本文运用2009—2022年全国爱国主义教育示范基地和中国A股上市公司面板数据,探讨了红色文化对企业ESG表现的影响。研究表明,红色文化能够有效促进企业ESG表现,这种促进作用主要体现在企业环境保护和内部治理方面,正式制度完善和外来文化冲击会抑制该促进作用。机制分析发现,红色文化通过抑制管理层短视行为、强化企业组织纪律性和缓解企业融资约束来促进企业ESG表现。异质性分析表明,红色文化对企业ESG表现的促进作用在国有企业、间接面向消费者行业的企业、有政治关联的企业以及实行“两职分离”的企业中效果更好。因此,需要加强红色文化与企业ESG战略管理的融合,帮助管理层培养长期战略思维,根据企业类型和政治关联差异化实施红色文化推广策略,引导长期资本投入。本文为中国优秀文化推动企业可持续发展提供了重要的经验依据。
This paper utilizes panel data from China's National Patriotism Education Demonstration Bases and A-share listed companies spanning 2009 to 2022 to examine the influence of red culture on corporate ESG performance.The findings indicate that red culture effectively promotes corporate ESG performance,with this promotional effect primarily manifested in the environmental and internal governance dimensions of enterprises.However,formal institutions and foreign cultural shocks tend to inhibit this promotional effect.Mechanism analysis reveals that red culture enhances corporate ESG performance by curbing managerial myopia,strengthening organizational discipline,and alleviating financing constraints.Heterogeneity analysis demonstrates that the promotional effect of red culture on corporate ESG performance is more pronounced in state-owned enterprises,industries indirectly serving consumers,firms with political connections,and enterprises with separate roles of chairman and general manager.Therefore,it is necessary to strengthen the integration of red culture and corporate ESG strategic management,foster long-term strategic thinking among managers,implement differentiated red culture promotion strategies based on enterprise types and political connections,and guide long-term capital investment.This study provides important empirical evidence for how China's excellent culture drives sustainable corporate development.
作者
余亮
YU Liang(School of Economics and Management,Gannan Normal University)
出处
《金融经济》
2025年第10期64-77,共14页
Finance Economy
基金
国家社科基金项目“路径依赖下高耗能重污染产业链绿色化时空演进机制的统计测度与政策研究”(22XTJ001)
江西省社科基金项目“江西省绿色财政支出效率及影响因素研究”(21YJ44D)。
关键词
红色文化
企业ESG表现
管理层短视
组织纪律性
融资约束
Red culture
Corporate ESG performance
Short sightedness of management
Organizational discipline
Financing constraints
