西安交通大学学报（社会科学版）2026，Vol.46Issue(4)：81-93,13.DOI:10.15896/j.xjtuskxb.202604008
企业ESG行为如何创造共享价值:一个复杂中介模型
How Corporate ESG Behaviour Creates Shared Value:A Complex Mediation Model
摘要
Abstract
Against the dual backdrop of the global trend toward sustainable development and China's efforts to build a new pattern of high-quality development,how enterprises can transcend mere economic performance to create shared value that harmonizes economic and social benefits has become a pressing question of our time.Existing research has yet to unveil the theoretical"black box"of"how to create shared value",and has even raised questions regarding the conceptual legitimacy of"shared value"itself.The ESG(enviromental,social,and governance)philosophy offers new insights for enterprises to create shared value.Guided by the value orientation of sharing development outcomes with stakeholders,it serves as a practical roadmap for enterprises to create shared value by addressing stakeholder needs through compliance,risk management,and strategic resource allocation.Given that current ESG practices face the practical dilemmas of"dare not act"and"do not know how to act",exploring the intrinsic mechanisms through which corporate ESG behaviors create shared value—as well as how to fully leverage the role of such behaviors in driving shared value creation—holds significant theoretical and practical implications for enhancing the level of shared value creation among Chinese enterprises and fostering micro-level entities for high-quality development. Based on the Stakeholder Resource Based Theory,this study constructs,for the first time,a complex mediation model of"ESG Behavior-Resource Ecosystem-Shared Value",revealing the"mechanism black box"through which enterprises activate stakeholder resource interactions,restructure resource configurations,and ultimately enhance the level of shared value via ESG behavior.The study employs a mixed-methods approach combining regression analysis and fuzzy set qualitative comparative analysis(fsQCA),utilizing data from Chinese A-share listed companies for empirical testing.It identifies contextualized realization patterns of multiple resource configuration pathways and discovers the general principle that ESG behavior significantly enhances shared value through resource configuration optimization.The resource configuration analysis reveals that no single resource element is a necessary condition for either high or low shared value creation.Furthermore,there are two resource configuration pathways leading to high levels of shared value:the"policy-market driver"type and the"supply chain-institutional driver"type.The former is suited for market-demand-sensitive firms,while the latter is suited for supply chain-sensitive firms;both pathways remain robust after robustness checks.Tests of complex mediation mechanisms indicate that resource configuration pathways play a mediating role,meaning that ESG behavior creates shared value by facilitating the formation of these pathways.Heterogeneity analysis reveals that the effects and mechanisms through which ESG behavior enhances shared value levels differ across regions and among enterprises with varying pollution characteristics. This study makes the following three theoretical contributions:First,it constructs,for the first time,a theoretical model of"ESG Actions-Resource Ecosystem-Shared Value",revealing the complex mediating mechanism through which ESG activates multidimensional resource complementarity and synergy by restructuring stakeholder resource networks,thereby driving the symbiosis of economic and social value.This breaks through the reductionist trap of existing research,which focuses on single linear pathways;Second,it innovatively introduces the Stakeholder Resource Based Theory(SRBT)as a core framework,elevating ESG actions from tools for external legitimacy to a framework for building corporate strategic capabilities.This bridges the static limitations of traditional resource-based views and the strategic gaps in stakeholder theory,systematically elucidating how firms achieve value creation through resource acquisition and configuration;Third,methodologically,the study integrates configuration analysis with regression testing.Based on a large sample of Chinese listed companies,it not only identifies differentiated resource configuration pathways and their complex mediating effects but also advances the research paradigm of mediating mechanisms from variable-driven to system-driven,providing a universal explanation for the"different paths,same destination"value creation mechanism of ESG in complex contexts. The policy implications of this paper are as follows:On the one hand,the government needs to construct an industry tailored policy toolkit—providing corresponding policy incentives for different types of industries.At the same time,the government should deepen the institutionalization of ESG principles,promote the thorough and practical implementation of ESG concepts through diverse publicity and education methods,and establish ESG incentive and constraint mechanisms.On the other hand,at the corporate level,companies must redefine their strategic positioning regarding ESG,abandon a short-term cost-oriented perspective,deeply embed ESG into strategic planning and execution,select resource configuration pathways based on their industry-specific characteristics,and leverage ESG as a catalyst to activate stakeholder resource networks.关键词
ESG行为/共享价值/利益相关者资源基础理论/资源组态路径/政策—市场驱动/供应链—制度驱动/复杂中介模型Key words
ESG behavior/shared value/stakeholder resource base theory/resource configuration pathways/policy-market driver/supply chain-institutional driver/complex mediation model分类
资源环境引用本文复制引用
吴义爽,蒋依婷..企业ESG行为如何创造共享价值:一个复杂中介模型[J].西安交通大学学报（社会科学版）,2026,46(4):81-93,13.基金项目
国家社会科学基金项目(23BGL127). （23BGL127）
