工业技术经济2024，Vol.43Issue(12)：73-82,10.DOI:10.3969/j.issn.1004-910X.2024.12.008
先进制造业上市公司ESG行为与企业绩效
ESG and Firm Performance:Evidence From Advanced Manufacturing Companies in China
摘要
Abstract
Our study explores the impact of Environmental,Social and Governance(ESG)performance on firm performance using data from 5110 listed firms of advanced manufacturing in China from 2013～2022,especially exploring the two channels through innovation and debt financing cost.The results indicate that firm performance of advanced manufacturing firms in China could be improved by ESG performance and the results still holds after a series of robustness tests.The mechanism test indicate that ESG performance can improve firm performance by improving innovation.However,the mediating role of debt financing costs does not hold.The heterogeneity test reveals that ESG performance in large-scale,non-state-owned and non-environmentally friendly firms help to improve firm performance obviously.The conclusion of the study provides lesson of advanced manufacturing firms to improve ESG performance and realize sustainable development of advanced manufacturing industry.关键词
ESG行为/企业绩效/先进制造业/技术创新/企业规模/债务融资成本/可持续发展/社会资本Key words
ESG performance/firm performance/advanced manufacturing industry/innovation/firm size/debt financing cost/sustainable development/social capital分类
管理科学引用本文复制引用
郑慧,辛庞晨雨..先进制造业上市公司ESG行为与企业绩效[J].工业技术经济,2024,43(12):73-82,10.基金项目
山东省本科教学改革研究项目"课程思政视域下金融专业核心课程的DISE模式探索与实践"(项目编号:M2022214) （项目编号:M2022214）
中国高等教育学会规划课题"生态文明建设与绿色金融人才培养"(项目编号:23STWM0410). （项目编号:23STWM0410）
