ESG表现是否促进了中国企业的OFDI？——基于2009~2022年A股上市公司的经验证据
Does ESG Performance Promote OFDI of Chinese Companies?—Empirical Evidence Based on A-Share Listed Companies from 2009 to 2022
DOI: 10.12677/ecl.2025.142593, PDF,   
作者: 张光斌：江苏大学财经学院，江苏 镇江
关键词: ESG；OFDI；融资约束；绿色创新；ESG； OFDI； Financing Constraints； Green Innovation
摘要: “逆全球化”趋势以及全球贸易摩擦的加剧对OFDI产生了深刻影响。环境、社会和治理(ESG)表现的提升可能成为企业开展对外直接投资的新型竞争优势。文章选取2009~2022年中国A股上市公司数据，实证分析ESG对中国企业OFDI的影响及其作用机制。研究发现，良好的ESG表现能够促进中国企业的OFDI；机制分析表明，ESG表现通过缓解融资约束、促进绿色创新来推动企业的OFDI；异质性分析表明，非国有企业、重污染企业的ESG表现对OFDI的提升作用更大，而这种促进作用在绿地投资模式更为显著。研究结果对推动中国企业积极践行ESG理念，开展负责任的国际投资，增强国际竞争能力具有重要意义。
Abstract: The “anti-globalization” trend and the intensification of global trade friction have had a profound impact on OFDI. Improved environmental, social and governance (ESG) performance may become a new competitive advantage for companies conducting foreign direct investments. This article selects data from China’s A-share listed companies from 2009 to 2022 to empirically analyze the impact of ESG on OFDI of Chinese companies and its mechanism. The study found that good ESG performance can promote OFDI of Chinese companies; mechanism analysis shows that ESG performance promotes OFDI of companies by easing financing constraints and promoting green innovation; The heterogeneity analysis indicates that the ESG performance of non-state-owned enterprises and heavily polluting enterprises exerts a greater enhancing effect on OFDI, and this promoting effect is more pronounced in the greenfield investment mode. The research results are of great significance in promoting Chinese enterprises to actively practice ESG concepts, carry out responsible international investments, and enhance international competitiveness.
文章引用：张光斌. ESG表现是否促进了中国企业的OFDI？——基于2009~2022年A股上市公司的经验证据[J]. 电子商务评论, 2025, 14(2): 843-853. https://doi.org/10.12677/ecl.2025.142593

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