当代财经 ›› 2024, Vol. 0 ›› Issue (9): 72-84.

• 现代金融 • 上一篇    下一篇

行政审批制度改革与企业ESG表现—— 一种市场化治理机制的探索

傅文霁1a, 李青原2, 兰森1b   

  1. 1.中国人民大学 a. 财政金融学院 b. 经济学院,北京 100872;
    2.武汉大学 经济与管理学院,湖北 武汉 430072
  • 收稿日期:2024-03-01 修回日期:2024-06-24 出版日期:2024-09-15 发布日期:2024-09-19
  • 通讯作者: 兰森,中国人民大学博士研究生,主要从事数字经济、企业增长与收入不平等研究,联系方式lansen@ruc.edu.cn。
  • 作者简介:傅文霁,中国人民大学博士研究生,主要从事中国制度改革的微观经济效应研究;李青原,武汉大学教授,博士生导师,博士,主要从事资本市场财务与会计研究
  • 基金资助:
    国家自然科学基金重点项目“环境治理目标下的公司财务、会计和审计行为研究”(72332003); 国家自然科学基金面上项目“注册制改革与风险投资功能研究:理论机制与经济后果”(72072079); 中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“特别重大事故对企业风险承担的影响和影响机制研究”(22XNH012)

Reform of the Administrative Approval System and Corporate ESG Performance: An Exploration of A Market-Oriented Governance Mechanism

FU Wen-ji1, LI Qing-yuan2, LAN Sen1   

  1. 1. Renmin University of China, Beijing 100872;
    2. Wuhan University, Wuhan 430072, China
  • Received:2024-03-01 Revised:2024-06-24 Online:2024-09-15 Published:2024-09-19

摘要: 提高企业ESG(环境、社会、治理)表现是实现“双碳”目标和经济社会可持续发展目标的重要内容。基于地区行政审批中心设立的准自然实验分析行政审批制度改革对企业ESG表现的影响,实证研究结果表明,行政审批制度改革能提高企业ESG表现。在作用路径上,行政审批制度改革主要通过抑制管理层短视行为、降低制度性交易成本以及加剧市场竞争程度三条路径提升企业ESG表现。异质性检验发现,行政审批制度改革对企业ESG表现的提升效应在民营企业、企业家精神较高的企业以及政府与市场关系较差的地区的企业中更显著。从市场投资者和供应链关系的视角看,行政审批制度改革在提高企业ESG表现的同时,还有助于提升企业的运营效率和商业信用的获取能力。因此,中国的ESG治理实践应继续朝着市场化改革方向前进,健全要素市场化配置体系,发挥市场对资源配置的决定性作用。

关键词: 市场化, 行政审批中心, 企业ESG表现, 可持续发展

Abstract: Improving the ESG performance of enterprises is an important part of achieving the goals of“double carbon”and the sustainable development of the economy and society. This paper conducts a quasi-natural experiment to analyze the impact of the reform of the administrative licensing system on the ESG (environment, society and governance) performance of enterprises based on the establishment of regional administrative licensing centers (ALCs). The findings of the empirical study show that the reform of the administrative approval system can improve the ESG performance of enterprises. In terms of its working path, the reform of the administrative approval system mainly enhances corporate ESG performance by inhibiting management short-sightedness, reducing institutional transaction costs, and intensifying market competition. The heterogeneity test reveals that the effect of the reform of the approval system on improving the ESG performance of enterprises is more significant in private enterprises, enterprises with a higher entrepreneurial spirit, and enterprises in regions with a poorer relation between the government and market. From the perspective of market investors and supply chain relationships, the reform of the administrative approval system not only improves the ESG performance of enterprises but also helps to enhance their operational efficiency and the ability to obtain commercial credit. Therefore, China's ESG governance practices should continue to move towards the market-oriented reform, improve the market-based allocation system of factors of production, and give full play to the decisive role of the market in resource allocation.

Key words: marketization, administrative licensing centers, corporate ESG performance, sustainable development

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