中国人口·资源与环境2026，Vol.36Issue(3)：199-208,10.DOI:10.12062/cpre.20250603
"产业+金融"良性互动赋能企业ESG绩效提升
"Industry+finance"positive interaction empowering corporate ESG performance improvement:a quasi-natural experiment based on China's national pilot policy for industry-finance cooperation
摘要
Abstract
Against the backdrop of profound changes in the current global economic landscape,"industry+finance"positive interac-tion has become an important strategic choice for promoting high-quality economic development in China.This model,by deeply inte-grating the two major fields of industry and finance,promotes the effective connection between the real economy and the capital market,bringing new opportunities for assisting enterprises in achieving green and high-quality development.Based on data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022,this study adopted a micro-enterprise per-spective and took the national pilot policy for industry-finance cooperation as a quasi-natural experiment.It also used a difference-in-differences(DID)model to deeply explore the impact of the"industry+finance"positive interaction on corporate ESG performance and its underlying mechanisms,aiming to provide theoretical and empirical support for the formulation of relevant policies and the high-quality development of enterprises.The study found that:① The implementation of the industry-finance cooperation policy significantly enhanced corporate ESG performance.After considering a series of robustness tests such as endogeneity issues,placebo tests,and han-dling of sample selection bias,the research conclusion still held.② Mechanism tests showed that the industry-finance cooperation poli-cy mainly promoted corporate ESG performance through four channels:resource support effect,information effect,agency cost effect,and digital empowerment effect.③ Heterogeneity analysis revealed that the impact of the industry-finance cooperation policy on corpo-rate ESG performance varied significantly due to differences in the level of internal control of the enterprises,the technological level and competition degree of the industries they were in,and the environmental regulations and marketization level of the regions they were in.Specifically,the industry-finance cooperation policy had a stronger effect on improving the ESG performance of enterprises with low internal control levels,enterprises in high-tech industries,enterprises in highly competitive industries,and enterprises in re-gions with high environmental regulations and high marketization levels.④ Finally,the study also found that the corporate ESG perfor-mance improvement effect of the industry-finance cooperation policy could effectively enhance enterprises'capacity utilization rates,re-duce their financial risks,and thereby help promote their high-quality development.This study broadens the research dimensions of economic effects of the industry-finance cooperation policy and provides important policy implications for accelerating"industry+fi-nance"positive interaction to empower enterprises'green and sustainable development.关键词
国家产融合作试点政策/企业ESG/资源支持效应/信息效应/代理成本效应/数字赋能效应Key words
national pilot policy for industry-finance cooperation/corporate ESG/resource support effect/information effect/agency cost effect/digital empowerment effect分类
管理科学引用本文复制引用
辛大楞,衣艳臻,辛立国.."产业+金融"良性互动赋能企业ESG绩效提升[J].中国人口·资源与环境,2026,36(3):199-208,10.基金项目
山东省社会科学规划数字山东研究专项"实数融合提升山东省制造业全球价值链韧性的机理与对策研究"(批准号:25CSDJ35) （批准号:25CSDJ35）
泰山学者工程专项经费资助项目(批准号:tsqn202507152). （批准号:tsqn202507152）
