共同富裕目标下制造型企业ESG责任履行的收入分配效应研究——基于ESG评级事件的准自然实验

Research on the Income Distribution Effect of ESG Responsibility Fulfillment of Manufacturing Firms under the Goal of China’s Common Prosperity—A Quasi-Natural Experiment Based on ESG Rating Events

摘要: 在中国持续推进收入分配优化的政策背景下，本文聚焦于制造型企业ESG责任履行对收入分配结构的影响机制，通过构建ESG评级事件的准自然实验，系统考察其如何经由提升劳动收入份额、调节薪酬差距等路径，优化初次分配格局。研究基于2015~2024年沪深A股上市公司数据，运用双重差分法(DID)系统评估ESG评级上调对高技能劳动力、普通劳动力收入份额及薪酬差距的动态影响，并进一步从企业规模、区域类型及盈利能力等维度展开异质性分析。同时，针对劳动收入份额的分母效应进行检验，区分ESG影响收入份额的驱动路径——是主动提升劳动报酬的分子端驱动，还是资本扩张放缓或利润下降导致的被动分母端驱动。结果表明，企业ESG实践通过推动绿色技术创新与优化员工技能结构等渠道，显著提升技术人员等高技能劳动力薪酬占比，但存在挤压普通员工收入份额、拉大高管与普通员工薪酬差距的“技能偏向型分配”效应；治理维度的改善进一步强化了这一分化趋势，呈现出“双刃剑”效应。本研究结论为政府构建激励相容的ESG政策体系、推动企业发展与社会公平协调共进提供了理论依据与经验启示，对实现经济效率与社会公平的有机统一具有重要现实意义。

Abstract: In the context of China’s goal of common prosperity, this study investigates the impact mechanisms of ESG (Environmental, Social, and Governance) responsibility fulfillment of manufacturing firms on the structure of income distribution. By constructing a quasi-natural experiment based on ESG rating upgrades, the research systematically examines how such events optimize the primary distribution framework through channels such as increasing the labor income share and adjusting compensation disparities. Drawing on panel data from A-share listed companies on the Shanghai and Shenzhen stock exchanges spanning the period 2015~2024, the study employs a difference-in-differences (DID) approach to assess the dynamic effects of ESG rating improvements on labor income share, complemented by heterogeneous analyses across dimensions including firm size, regional classification, and profitability. Meanwhile, this paper examines the denominator effect on the labor income share, distinguishing the driving path through which ESG affects the income share—whether it is driven by the numerator from proactive increases in labor compensation, or by the denominator from passive slowdowns in capital expansion or declines in profits. The results show that corporate ESG practices significantly raise the wage share of highly skilled workers such as technical personnel via channels including promoting green technological innovation and optimizing the employee skill structure. However, they also produce a skill-biased distribution effect that squeezes the income share of ordinary employees and widens the pay gap between executives and ordinary workers. Improvements in the governance dimension further intensify this polarizing trend, manifesting a double-edged sword effect. The conclusions provide theoretical support and empirical evidence for governments in designing incentive-compatible ESG regulatory frameworks, advancing coordinated progress between corporate development and social equity. This study holds significant practical implications for achieving an organic integration of economic efficiency and distributive justice.