文献类型：期刊文献

中文题名：国有资本持股能够促进民营企业ESG表现吗?

英文题名：Can State-owned Capital Shareholders Promote the ESG Performance of Private Economy

作者：徐灿宇[1];胡红燕[2];梁上坤[2]

机构：[1]华东理工大学商学院;[2]中央财经大学会计学院

年份：2024

期号：4

起止页码：171

中文期刊名：中国经济学

基金：国家自然科学基金青年项目(72302088);国家自然科学基金面上项目(72272164,71872196);国家社会科学基金重大项目(23&ZD060,21&ZD145)的资助。

语种：中文

中文关键词：民营企业;国有资本持股;ESG表现

外文关键词：Private Enterprises;State-owned Capital Shareholders;ESG

摘要：党的二十届三中全会提出"加快经济社会发展全面绿色转型".民营企业作为我国经济发展的主力军,其ESG表现和社会责任履行对于促进经济全面绿色转型具有重大意义.在此背景下,本文从混合所有制改革视角,实证检验国有资本持股对民营企业ESG表现的影响.研究表明,国有资本持股显著促进了民营企业ESG表现.机制检验发现,国有资本主要通过缓解融资约束和优化信息环境来促进民营企业ESG表现.进一步分析发现,当民营企业所处的经营环境不确定性较大时,国有资本持股对民营企业ESG表现的促进作用更大;当民营企业所在地区的经济发展压力较大时,国有资本持股对民营企业ESG表现的促进作用较弱;在非国有经济发展较滞后的地区,国有资本持股对民营企业ESG表现的促进作用较强.本文从ESG表现视角,揭示了国有资本在促进民营企业可持续发展中的关键作用,也反映了混合所有制改革对推动经济全面绿色转型的重大意义.
The report from the 20th National Congress of the Communist Party of China highlighted high-quality development as the primary objective in building a modern socialist country.It outlined strategic plans to advance this goal.A key focus is to"establish a high-level socialist market economic system,enhance the basic socialist economic structure,steadfastly strengthen the public economy,and vigorously support and guide the non-public economy."Additionally,it emphasized that"promoting green and low-carbon economic and social development is crucial for achieving high-quality development."In recent years,this initiative has become a national strategic priority.On August 11,2024,the Central Committee of the Communist Party of China and the State Council issued the"Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development,"marking the first comprehensive plan for a nationwide green transformation.This provides a clear direction for enterprises and raises expectations for corporate ESG investments and sustainable development practices.As a vital component of China's socialist market economy,the private enterprise has contributed over 50%of taxes,60%of GDP,70%of technological innovations,80%of urban employment,and 90%of enterprises since the reform and opening-up.Promoting the green transformation of private enterprises is crucial for high-quality economic growth.One effective approach is integrating environmental,social,and governance(ESG)responsibilities into corporate decision-making.Improving the ESG performance of private enterprises is essential for their green transformation and high-quality development,making this exploration significant in both theory and practice.Current research on corporate ESG performance investigates internal factors like high-capacity managers and institutional investor shareholdings,alongside external factors like environmental tax laws,air pollution,and green bond issuance.Equity structure is foundational to corporate governance(Shleifer and Vishny,1986).The integration of state-owned,collective capital and non-public capital can optimize equity structures and create effective governance mechanisms.Since the Third Plenary Session of the 18th CPC Central Committee emphasized developing a mixed-ownership economy,the Chinese government has issued policies to promote this integration.Among them,the"Opinions of the State Council on the Development of Mixed-Ownership Economy by State-owned Enterprises"clearly pointed out that"state-owned capital is encouraged to invest in non-state-owned enterprises in various ways and actively develop a mixed-ownership economy."State-owned capital investment in private enterprises is a critical aspect of mixed-ownership economy development.However,few studies focus on how such investments influence the ESG performance of private enterprises from an equity perspective.This paper examines the impact of state-owned capital shareholders on the ESG performance of private enterprises,using data from Chinese A-share private listed companies from 2008 to 2021.Findings indicate that state-owned capital shareholders significantly enhance ESG performance.Mechanism tests reveal that state-owned capital improves ESG performance by alleviating financing constraints and optimizing the information environment.Further analysis shows that when private enterprises face high internal business uncertainty,state-owned capital shareholders have a stronger impact on ESG performance.In regions with less developed non-state economies,the influence of state-owned capital is more pronounced.This study highlights the pivotal role of state-owned capital in fostering the sustainable development of private enterprises and underscores the importance of mixed ownership reform in driving the green transformation of the economy and society.The possible research contributions of this paper are:First,this paper expands the research on the economic consequences of mixed ownership reform of private enterprises from the perspective of ESG performance.Second,we enrich the research on factors affecting ESG performance from the perspective of equity change.Third,this paper explores the internal mechanism of how state-owned capital investing in private enterprises affects the ESG performance of enterprises,providing more direct evidence for how state-owned capital can help private enterprises transform into green and low-carbon enterprises.