ESG信息披露对企业竞争力的影响及机制探究——基于可持续发展视角

Exploration into the Impact and Mechanism of ESG Information Disclosure on Corporate Competitiveness—From the Perspective of Sustainable Development

摘要: 本研究选取2010年至2022年我国沪深A股上市公司为样本，旨在实证探究企业ESG (环境、社会与治理)信息披露对其可持续发展率(企业竞争力)的影响及作用机制。通过严谨系统的实证分析，本文揭示了企业ESG信息披露与可持续发展率之间的显著关联及其内在机理。研究结果显示，企业ESG信息披露对可持续发展率具有显著正向影响，且该结论经过一系列严格稳健性检验后依然成立，充分验证了ESG信息披露对提升企业可持续发展率的积极作用。此外，本研究还发现，ESG信息披露能够通过缓解融资约束来增强企业竞争力。进一步地，基于行业特征、地域分布、内部控制程度等多个维度的异质性分析表明，非制造业、重污染行业、东部地区及内部控制程度较低的企业，其ESG信息披露对可持续发展率的影响更为显著。这一发现深化了学术界对ESG信息披露作用机制的认识，也为不同类型企业制定ESG信息披露策略提供了实证支撑。

Abstract: This study selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as samples, aiming to empirically explore the impact and mechanism of corporate ESG (Environmental, Social and Governance) information disclosure on their sustainable development rate (corporate competitiveness). Through rigorous and systematic empirical analysis, this article reveals the significant correlation and underlying mechanism between corporate ESG information disclosure and sustainable development rate. The research results show that corporate ESG information disclosure has a significant positive impact on the sustainable development rate, and this conclusion still holds true after a series of rigorous robustness tests, fully verifying the positive role of ESG information disclosure in improving corporate sustainable development rate. In addition, this study also found that ESG information disclosure can enhance corporate competitiveness by alleviating financing constraints. Furthermore, heterogeneity analysis based on multiple dimensions such as industry characteristics, regional distribution, and degree of internal control shows that the impact of ESG information disclosure on sustainable development rate is more significant for non-manufacturing, heavily polluting industries, eastern regions, and enterprises with lower levels of internal control. This discovery deepens the academic understanding of the mechanism of ESG information disclosure and provides empirical support for different types of enterprises to formulate ESG information disclosure strategies.