供需视角下企业ESG表现的去产能效应研究

The Effect of Corporate ESG Performance on Capacity Reduction: A Supply-Demand Perspective

摘要: 在可持续发展背景下，兼顾经济与社会价值的ESG正在重塑企业经营理念，为化解产能过剩问题提供崭新思路。基于2010~2020年我国A股制造业上市公司数据，实证检验了企业ESG表现对产能利用率的影响及作用机制。结果显示：企业ESG表现可显著提升产能利用率，在替换核心解释变量、剔除异常年份样本以及更换固定效应和聚类层级后结果依然稳健。异质性分析发现，ESG表现对产能利用率的促进作用在产能利用率较低和处于成长期行业的企业中更为显著。机制分析表明，ESG实践主要通过全要素生产率和企业声誉两条路径，从生产侧和消费侧双向赋能，促进产能利用率的提升。

Abstract: In the context of sustainable development, ESG (Environmental, Social, and Governance), which balances economic and social value, is reshaping corporate philosophies and offers a novel approach to resolving the issue of overcapacity in China. Utilizing a dataset of China’s A-share manufacturing listed companies from 2010 to 2020, this study empirically examines the impact of corporate ESG performance on capacity utilization and its underlying mechanisms. The results indicate that robust ESG practices significantly enhance corporate capacity utilization. This finding remains robust after a series of tests, including replacing the core explanatory variable, excluding samples from anomalous years, and altering fixed effects and clustering levels. Heterogeneity analysis reveals that the positive effect of ESG performance on capacity utilization is more pronounced in firms with initially low capacity utilization and those operating in growing industries. Furthermore, mechanism analysis identifies two primary channels: ESG practices improve capacity utilization by boosting total factor productivity on the production side and enhancing corporate reputation on the consumer side, thereby creating a synergistic effect from both supply and demand perspectives.