| 企业ESG 表现对新质生产力的影响机制研究 |
| Research on the Impact Mechanism of Corporate ESG Performance on New Quality Productivity: An Empirical Analysis Based on Resource-Based Theory |
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| 中文关键词:ESG 表现 新质生产力 冗余资源 |
| 英文关键词:ESG performance new quality productivity redundant resources |
| 基金项目:国家自然科学基金面上项目（72472091）；国家自然科学基金面上项目（71974119）。 |
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| 中文摘要: |
| 新质生产力作为资源配置的高级形式，俨然成为推动高质量发展的关键，但企业能否发展新质生产力还取决于非市场战略与市场战略互动关系对资源配置的平衡。文章基于资源基础理论，根据2010-2023 年A 股上市公司的面板数据，采用高维固定效应模型实证检验企业ESG 表现对新质生产力水平的驱动效应，并深入分析组织冗余资源的中介机制及数字化转型的调节作用。研究发现：企业良好的ESG 表现有助于新质生产力水平的提高；而非沉淀冗余资源和未吸收冗余资源在企业ESG 表现对新质生产力水平的影响中均存在部分中介作用；企业数字化转型正向调节两种冗余资源对新质生产力水平的提升作用；异质性分析表明，企业的ESG 表现在国有企业和非重污染企业中对新质生产力的提升作用更加显著，而非国有企业和重污染企业对冗余资源的中介路径依赖性更强。研究不仅拓展了战略管理理论中“制度- 资源- 能力”的分析框架，更为微观层面企业资源的优化配置以及新质生产力发展提供一定的参考。 |
| 英文摘要: |
| As an advanced form of resource allocation, New Quality Productivity has become crucial for driving highquality development. However, corporate development of New Quality Productivity ultimately depends on the balance of resource allocation achieved through the interplay between non-market and market strategies. Based on Resource-Based Theory and utilizing panel data from A-share listed companies during 2010-2023, this study employs a high-dimensional fixed effects model to empirically examine the driving effect of corporate ESG performance on New Quality Productivity. It further investigates the mediating mechanism of organizational slack resources and the moderating role of digital transformation. Key fi ndings include: (1) Superior ESG performance signifi cantly enhances New Quality Productivity; (2) Both non-precipitated slack resources and unabsorbed slack resources partially mediate the impact of ESG performance on New Quality Productivity; (3) Digital transformation positively moderates the productivity-enhancing eff ects of both types of slack resources; (4) Heterogeneity analysis reveals that ESG initiatives exert stronger productivity eff ects in state-owned enterprises (SOEs) and non-heavypolluting industries, while non-SOEs and heavy-polluting enterprises demonstrate greater reliance on slack resource mediation pathways. This research not only extends the “institution-resource-capability” analytical framework in strategic management theory but also provides practical insights for optimizing corporate resource allocation and advancing New Quality Productivity at the micro level. |
| 张宝建,杨家玮,胡小雨,田钰娜,李娜娜.企业ESG 表现对新质生产力的影响机制研究[J].科学决策,2025,(04):104~123 |
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