政府引导基金对企业ESG表现的影响研究综述

A Review of Research on the Impact of Government-Guided Funds on Corporate ESG Performance

摘要: 政府引导基金是政府以市场化方式配置财政资金、撬动社会资本的重要政策性金融工具。本文系统梳理政府引导基金与企业ESG表现相关文献，发现政府引导基金区别于财政补贴、绿色信贷和普通风险投资，兼具政策导向、权益资本属性、市场化筛选和投后治理功能，能够通过融资约束缓解、创新驱动、治理优化和供应链赋能路径促进企业ESG实践。然而，其政策效果受基金市场化程度、地区制度环境、企业生命周期及ESG分项差异等因素制约。现有研究已初步揭示政府引导基金对企业ESG表现的积极作用，但在基金异质性、机制链条、真实ESG行为识别、E/S/G分项效应和长期动态影响方面仍存在拓展空间。未来应深化政策性资本理论分析，细化ESG分项研究，并关注基金的长期动态效应。

Abstract: Government guidance funds are important policy financial tools through which the government allocates fiscal funds in a market-oriented manner and leverages social capital. This paper systematically reviews literature related to government guidance funds and corporate ESG performance, finding that government guidance funds differ from fiscal subsidies, green credit, and ordinary venture capital. They combine policy orientation, equity capital characteristics, market-based selection, and post-investment governance functions, and can promote corporate ESG practices through financing constraint alleviation, innovation-driven growth, governance optimization, and supply chain empowerment. However, their policy effectiveness is constrained by factors such as the market orientation of the fund, regional institutional environment, corporate lifecycle, and ESG sub-component differences. Existing research has preliminarily revealed the positive impact of government guidance funds on corporate ESG performance, but there remains room for expansion regarding fund heterogeneity, mechanism chains, identification of real ESG behavior, effects on E/S/G sub-components, and long-term dynamic impacts. Future research should deepen the theoretical analysis of policy capital, refine ESG sub-component studies, and pay attention to the long-term dynamic effects of funds.