| 企业ESG 表现与政府补贴获取 |
| Firms’ ESG Performance and Government Subsidies |
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| 中文关键词:ESG 政府补贴 环境保护 |
| 英文关键词:ESG government subsidies environmental protection |
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| 中文摘要: |
| 在推动企业绿色转型与财政资源优化配置的背景下，研究企业非市场行为与政府补贴获取之间的关系具有重要政策意义。本文以2011-2020 年A 股重污染行业上市公司为研究样本，基于资源依赖理论和制度理论，运用多元回归模型实证检验ESG 表现与政府补贴之间的关系，并通过异质性检验探讨企业性质、政治关联及地区财政能力的调节效应。研究发现，企业ESG 表现越优越，更有可能获得政府补贴，该效应在民营企业、无政治关联企业及财政收入较低地区企业中更为显著。进一步分析显示，ESG 表现对非环保类补贴的促进作用强于对环保类补贴的影响。本文丰富了企业获取政府支持的非政治性路径研究，为完善政府补贴激励机制与引导企业履行社会责任提供了经验证据与政策参考。 |
| 英文摘要: |
| In the context of promoting corporate green transformation and optimizing fiscal resource allocation, examining the relationship between firms’ non-market behavior and the acquisition of government subsidies holds significant policy implications. This study uses A-share listed companies in heavily polluting industries from 2011 to 2020 as the research sample. Grounded in resource dependence theory and institutional theory, it employs multiple regression models to empirically test the relationship between ESG performance and government subsidies, while further exploring the moderating effects of firm ownership, political connections, and regional fiscal capacity through heterogeneity analysis. The findings indicate that firms with better ESG performance are more likely to receive government subsidies, with the effect being more pronounced among private firms, politically unconnected firms, and those located in regions with lower fiscal revenues. Further analysis reveals that ESG performance has a stronger positive effect on non-environmental subsidies compared to environmental subsidies. This study contributes to the literature on non-political pathways for firms to access government support and provides empirical evidence and policy implications for improving subsidy incentive mechanisms and guiding corporate social responsibility. |
| 张春阳,李光武.企业ESG 表现与政府补贴获取[J].科学决策,2025,(05):56~71 |
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