| 摘要: |
| 摘要：近年来，绿色发展和可持续发展理念逐渐深入人心，而以ESG为代表的绿色投资不仅为“双碳”目标的实现注入了新的动力，也为企业低碳转型、实现可持续发展奠定了基础。利用2012－2021年1 229家上市公司数据，从理论和实证两个方面研究企业ESG实践对全要素生产率的积极影响。研究发现：（1）企业ESG实践能够显著降低企业融资约束、优化人力资本结构、促进技术创新能力提升，从而实现全要素生产率的稳健提升；（2）在重污染企业及国有企业中，企业ESG实践促进全要素生产率的效果更加显著，对不同类型企业具有显著的非对称影响；（3）创新性地将企业ESG实践、全要素生产率及GDP进行联系，发现企业ESG实践对地区GDP有正向贡献，且从国家层面看，企业ESG实践对经济高质量发展发挥着日益重要的作用。 |
| 关键词: 关键词：ESG实践；全要素生产率；融资约束；人力资本；技术创新；经济高质量发展 |
| DOI： |
| 分类号:F830.5 |
| 基金项目:基金项目：国家社会科学基金一般项目“碳达峰碳中和目标下的电碳关联市场设计与资源配置机制创新研究（21BJL080）”；重庆市社会科学规划重大项目“重大突发公共卫生事件下的重庆粮食能源安全研究”（2020ZDJJ02）；2021年重庆社会科学规划英才计划项目“中国家庭能源贫困问题研究：监测、机制与治理”（2021YC016）。 |
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| Corporate ESG Practices，Total Factor Productivity Improvement and High-Quality Development of Chinese Economy——An Analysis Based on Microdata of Listed Companies in China |
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LIU Zi-min1，ZHAO Jia-ling1，WANG Jian-yu2，CUI Zhi-wei31,2,3
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1.(1.School of Economics and Management，Southwest University;2.Guangyuan Central Sub-branch of The People’s Bank of China;3.Institute of Finance and Economics，Shanghai University of Finance and Economics)
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| Abstract: |
| Abstract：In recent years，green investment represented by ESG injects new impetus for the realization of the “dual carbon” goal，and lays the foundation for enterprises to transform into low-carbon and realize sustainable development.This paper utilizes the data of 1229 listed companies from 2012 to 2021 to study the positive impact of corporate ESG practices on total factor productivity.The findings are as follows：(1) Corporate ESG practice can significantly reduce corporate financing constraints，optimize the human capital structure，promote the improvement of technological innovation ability，and thus achieve a steady improvement of total factor productivity；(2) In heavy polluting enterprises and state-owned enterprises，the effect of corporate ESG practice on promoting total factor productivity is more significant，and has a significant asymmetric impact on different types of enterprises；(3) Innovatively linking corporate ESG practice，total factor productivity and GDP，it is found that corporate ESG practice has a positive contribution to regional GDP.From the national level，corporate ESG practice plays an increasingly important role in high-quality economic development. |
| Key words: Key words：ESG Practices；Total Factor Productivity；Financing Constraints；Human Capital；Technological Innovation；High-quality Economic Development |
