ESG积极主义对绿色全要素生产率的影响研究——基于新质生产力的视角

doi:10.19571/j.cnki.1000-2995.2025.03.015

摘要/Abstract

摘要： 新质生产力本身就是绿色生产力，新质生产力以全要素生产率大幅提升为核心标志，加快形成新质生产力是实现我国经济高质量发展的关键。本文运用注意力基础观考察机构投资者ESG积极主义对企业新质生产力培育的影响，并分析管理层注意力配置的中介作用，以及数字媒介与数字智造的分段调节作用。通过对2012—2022年2660家沪深A股上市公司数据进行层级回归分析，研究发现：（1）机构投资者ESG积极主义对企业绿色全要素生产率有显著正向影响；（2）管理层注意力配置在机构投资者ESG积极主义与企业绿色全要素生产率间起中介作用；（3）数字媒介在机构投资者ESG积极主义与管理层注意力配置间起正向调节作用；（4）数字智造在管理层注意力配置与企业绿色全要素生产率间起正向调节作用。研究厘清了机构投资者ESG积极主义对企业新质生产力培育的作用机理，丰富了股东积极主义和新质生产力培育的相关文献。同时结合数字情境探讨股东积极主义的绿色治理作用，对我国数字化与绿色化协同发展具有重要启示意义。

关键词: 新质生产力, 机构投资者, ESG积极主义, 注意力基础观, 数字化

Abstract: The new quality productive forces in essence are green, with a significant increase in total factor productivity as its core indicator. Accelerating the formation of new quality productive forces is key to achieving high-quality economic development in China. This paper employed the attention-based view to examine the impact of institutional investor ESG activism on the cultivation of corporate new quality productive forces, and analyzed the mediating role of management attention allocation, as well as the segmented moderating effects of digital media and digital intelligence manufacturing. Based on the hierarchical regression analysis of data from 2,660 Shanghai and Shenzhen A-share listed companies from 2012 to 2022, the study found that: (1) institutional investor ESG activism has a significant positive impact on corporate green total factor productivity; (2) management attention allocation mediates the relationship between institutional investor ESG activism and corporate green total factor productivity; (3) digital media positively moderates the relationship between institutional investor ESG activism and management attention allocation; and (4) digital intelligence manufacturing positively moderates the relationship between management attention allocation and corporate green total factor productivity. The research has clarified the mechanisms through which institutional investor ESG activism influences the cultivation of corporate new quality productive forces, thus enriching the literature on shareholder activism and the cultivation of new quality productive forces. Moreover, by combining the digital context to discuss the green governance role of shareholder activism, it will provide important insights for the coordinated development of digitalization and greening in China.

Key words: new quality productive force, institutional investor, ESG activism, attention-based view, digitalization

吴宝陈锋. ESG积极主义对绿色全要素生产率的影响研究——基于新质生产力的视角[J]. 科研管理, 2025, 46(3): 150-159.

Wu Bao, Chen Feng. Research on the impact of ESG activism on green total factor productivity: A study from the perspective of new quality productive forces[J]. Science Research Management, 2025, 46(3): 150-159.

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