摘要
作为衡量企业在环境、社会和公司治理三个维度的综合指标,ESG表现在企业国际化进程中发挥着何种作用值得关注。基于此,本文以2009~2021年间我国资本市场A股上市公司为样本,实证检验ESG表现对于企业国际化的影响。研究发现:良好的ESG表现可以显著提升企业国际化程度;ESG表现通过降低融资成本和企业风险两大渠道促进企业国际化;异质性分析表明,企业所处外部信息环境较差时,ESG表现对于企业国际化的促进作用更显著;经济后果检验表明,良好的ESG表现有助于提高企业的盈利能力,企业国际化在二者之间发挥了部分中介作用。本文丰富了企业ESG表现作用的研究,同时对如何促进企业国际化具有一定的启示意义。
As a comprehensive indicator to measure the environment,society and corporate governance of enterprises,it is worth paying attention to the role of ESG performance in the process of enterprise internationalization.Based on this,this paper takes A-share listed companies in China's capital market from 2009 to 2021 as samples to empirically test the impact of ESG performance on enterprise internationalization.The results show that:good ESG performance can significantly improve the internationalization degree of enterprises;ESG performance can promote enterprise internationalization by reducing financing cost and enterprise risk;Heterogeneity analysis shows that the worse the external information environment,the more significant the role of ESG performance in promoting enterprise internationalization;The test of economic consequences shows that good ESG performance is conducive to improving the profitability of enterprises,and the internationalization of enterprises plays a partial intermediary role between the two.This paper enriches the research on the effects and consequences of enterprise ESG performance,and has certain implications for how to promote enterprise internationalization.
作者
周泽将
赵书漫
ZHOU Ze-jiang;ZHAO Shu-man
出处
《财务研究》
2023年第2期47-58,共12页
Finance Research
基金
国家自然科学基金面上项目(72172001,71772001)
安徽省自然科学基金优青项目(2208085Y22)
安徽省高校协同创新项目(GXXT-2021-042)
安徽省高等学校杰出青年基金资助项目(2022AH020001)。
关键词
ESG表现
企业国际化
融资成本
企业风险
外部信息环境
ESG performance
corporate internationalization
financing costs
corporate risk
external information environment
