企业竞争力的动力之辨:从利润驱动到ESG表现

曹志伟; 白平; 刘莎

doi:10.19571/j.cnki.1000-2995.2026.05.004

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科研管理 ›› 2026, Vol. 47 ›› Issue (5) : 32-40. DOI: 10.19571/j.cnki.1000-2995.2026.05.004 CSTR: 32148.14.kygl.2026.05.004

企业竞争力的动力之辨:从利润驱动到ESG表现

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A discussion on the driving force of corporate competitiveness: From profit driving to ESG performance

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摘要

ESG表现展示了企业综合治理水平,因此研究ESG表现对企业竞争力的影响对于提升企业治理能力,巩固企业市场地位具有重要意义。本文以2009—2022年沪深两市A股上市公司的数据为样本,通过面板模型分析发现:第一,企业ESG表现代表了企业综合发展能力,是企业全方位发展的体现,所以企业ESG表现会提升企业竞争力,经过一系列稳健性和内生性检验,企业ESG表现对企业竞争力的促进作用依然显著。第二,企业ESG表现通过提升企业全要素生产率来促进企业竞争力。第三,异质性分析表明,企业ESG表现对中心地区企业、国有企业、非高科技企业的竞争力影响更明显。进一步分析表明,企业利润对企业竞争力的影响效果明显低于企业ESG表现。鉴于此,政府要做好ESG评价体系的顶层设计,并引导好ESG评价任务;企业应视ESG投入为“价值投资”,并落实好ESG评价任务。本研究可以为加强企业ESG建设、提升企业竞争力的理论研究和实践工作提供启示。

Abstract

ESG performance shows the comprehensive governance level of enterprises, and therefore studying the impact of ESG performance on corporate competitiveness is of great significance for enhancing governance capabilities of enterprises and consolidating their market position. Based on the data of A-share listed companies in the Shanghai and Shenzhen stock exchange from 2009 to 2022 as a sample, and with the help of the panel model, the following conclusions were drawn: Firstly, the ESG performance of enterprises represents their comprehensive development ability and reflects their all-round development, so their ESG performance will enhance their corporate competitiveness; after a series of robustness and endogeneity tests, the ESG performance still plays a significant role in promoting corporate competitiveness. Secondly, the ESG performance promotes corporate competitiveness by enhancing the total factor productivity of enterprises. Thirdly, the heterogeneity analysis showed that the ESG performance has a more significant impact on the corporate competitiveness in central areas, state-owned corporate and non-high-tech corporate. Further analyses showed that the impact of corporate profits on corporate competitiveness is significantly lower than that of ESG performance. Based on this, the government should do a good job in the top-level design of ESG evaluation system, and guide the ESG evaluation task well; Enterprises should regard ESG investment as an “investment in value”, and implement ESG evaluation tasks well. This study can provide inspiration for theoretical research and practical work on strengthening corporate ESG construction and enhancing corporate competitiveness.

导出引用

曹志伟, 白平, 刘莎. 企业竞争力的动力之辨:从利润驱动到ESG表现[J]. 科研管理. 2026, 47(5): 32-40 https://doi.org/10.19571/j.cnki.1000-2995.2026.05.004

Cao Zhiwei, Bai Ping, Liu Sha. A discussion on the driving force of corporate competitiveness: From profit driving to ESG performance[J]. Science Research Management. 2026, 47(5): 32-40 https://doi.org/10.19571/j.cnki.1000-2995.2026.05.004

中图分类号： F272.3

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