反向混改改善了民营企业ESG表现吗

Can Reverse Mixed Ownership Reform Improve the ESG Performance of Private Enterprises?

中文关键词:  反向混改  ESG表现  民营企业  融资约束  研发投入

英文关键词:reverse mixed ownership reform  ESG performance  private enterprises  financing constraints  investments in research and development

中文摘要:

      ESG引领的经营理念日益受到企业重视。基于2009—2021年中国沪深A股民营上市公司数据,研究了反向混改对民营企业ESG表现的影响及作用机制。研究发现,反向混改能够改善民营企业ESG表现,并通过缓解民营企业融资约束、增加研发投入改善了民营企业ESG表现。异质性分析表明:在内部治理水平低、中低污染以及资本密集和技术密集型企业中,上述改善效应显著；相较于行业竞争程度低的民营企业,行业竞争程度高的民营企业中,反向混改对其ESG表现的改善效应更显著。因此,政府应进一步支持民营资本与国有资本的融合发展,引导民营企业积极参与ESG实践,助力民营企业高质量发展。

英文摘要:

      The business philosophy underpinned by ESG principles is gaining increasing attention from enterprises. Utilizing data from A-share listed private companies on the Shanghai and Shenzhen stock exchanges in China from 2009 to 2021, this study investigates the effects of reverse mixed ownership reform on the ESG performance of private enterprises and its underlying mechanisms. The study reveals that reverse mixed ownership reform can enhance the ESG performance of private enterprises and this enhancement is achieved by alleviating financing constraints and increasing investments in research and development. Heterogeneity analysis shows that this enhancement effect is particularly pronounced in enterprises with low internal governance levels and moderate to low pollution levels, and those operating in capital-intensive and technology-intensive sectors. In comparison to private enterprises operating in less competitive industries, those within highly competitive industries exhibit more substantial enhancement effects of reverse mixed ownership reform on their ESG performance. Thus, the government should enhance its support for the integration of private and state-owned capital while guiding private enterprises to actively engage in ESG practices, thereby facilitating private enterprises' pursuit of high-quality development. 