企业ESG表现的提升机制研究——政府引导基金驱动研发投入与多维度内部控制的经验分析

Research on the Mechanism for Improving Corporate ESG Performance—An Empirical Analysis of Government-Guided Fund-Driven R&D Investment and Multi-Dimensional Internal Control

摘要: 立足高质量发展与“双碳”发展导向背景，企业ESG治理对推动绿色可持续发展意义重大。本文选取2013~2024年上市公司为样本，基于双向固定效应与中介效应模型，探究政府引导基金对企业ESG表现的影响及研发投入和内部控制的传导机制。研究发现：政府引导基金能够显著提升企业ESG水平，结论通过稳健性与内生性检验；内部控制和研发投入发挥中介作用，即政府引导基金可通过优化企业内部治理和提升研发投入，间接助推企业ESG提质；该赋能效应在大规模企业、高市场竞争行业中更显著。本文厘清了政府引导基金赋能企业ESG发展的内在机理，丰富了相关领域研究成果，为政府优化基金配置、企业完善治理与ESG建设提供了参考依据。

Abstract: Based on the context of high-quality development and the “dual-carbon” development orientation, corporate ESG governance is of great significance in promoting green and sustainable development. This paper selects listed companies from 2013 to 2024 as the sample and, based on a two-way fixed effects and mediation effects model, explores the impact of government guidance funds on corporate ESG performance and the transmission mechanisms of R&D investment and internal control. The study finds that: government guidance funds can significantly improve corporate ESG levels, and the conclusions have been verified through robustness and endogeneity tests; internal control and R&D investment play a mediating role, meaning that government guidance funds can indirectly promote corporate ESG improvement by optimizing corporate internal governance and increasing R&D investment; this enabling effect is more evident in large-scale enterprises and industries with high market competition. This paper clarifies the internal mechanisms through which government guidance funds empower corporate ESG development, enriches relevant research findings, and provides a reference basis for the government to optimize fund allocation and for companies to improve governance and ESG development.