混合所有制改革是推动企业实现高质量发展的重要方式,但不同所有制企业混合所有制改革的ESG表现分化效应有待深入研究。本文基于中国沪深A股上市公司2013—2020年的数据,使用OLS回归模型以及中介效应模型考察了企业混合所有制改革能否以及如何影响企业ESG表现。研究发现:第一,企业实施混合所有制改革能够显著促进ESG表现;区分企业ESG表现各维度后,企业混合所有制改革能够显著促进企业的环境责任表现、社会责任表现以及公司治理表现;区分企业产权性质后,混合所有制改革对国企和民企ESG表现均具有显著的促进效应。第二,作用机制检验结果表明,混合所有制改革在提升国企ESG表现中主要发挥了治理效应,而在提升民企ESG表现中主要发挥了资源效应。第三,进一步研究发现,混合所有制改革对ESG表现的促进效应存在地区市场化进程、行业环保敏感度以及企业高管激励强度的异质性;ESG表现在企业混合所有制改革的绿色技术创新促进效应中存在部分中介作用。本文突破了既有研究仅关注国企混改或民企混改的局限,不仅有效扩展了混合所有制改革与企业ESG表现文献的研究内容,而且从产权性质视角揭示了混合所有制改革对企业ESG表现作用机制的异质性,为高质量发展导向下系统化分类推动各种不同类型企业实施混合所有制改革以提升企业ESG表现提供了经验借鉴。

Mixed ownership reform is an important way to promote enterprise high-quality development, but the ESG differentiation effect of mixed ownership reform in different ownership enterprises needs to be further studied. This paper, based on the data from Chinese A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, used the OLS regression model and mediation effect model to examine whether and how mixed ownership reform can affect enterprise ESG performance. The research results indicated that: firstly, mixed ownership reform has a significant promoting effect on enterprise ESG performance; After distinguishing the various dimensions of enterprise ESG performance, mixed ownership reform has a significant promoting effect on enterprise environmental responsibility performance, social responsibility performance and corporate governance performance; After distinguishing the nature of enterprise property rights, mixed ownership reform has a significant promoting influence on the ESG performance of both state-owned and private enterprises. Secondly, the internal mechanism test results indicated that mixed ownership reform has mainly played a governance effect in improving the ESG performance of state-owned enterprises, while it has mainly played a resource effect in improving the ESG performance of private enterprises. Thirdly, further research found that the promotion effect of enterprise mixed ownership reform on ESG performance exhibits heterogeneity in regional marketization, industry environmental sensitivity and executive incentive intensity; ESG performance plays a partial mediating role in the green technology innovation promotion effect of enterprise mixed ownership reform. This paper has broken through the limitations of existing research that only focuses on mixed ownership reform of state-owned enterprises or private enterprises. It has not only effectively expanded the research content of mixed ownership reform and enterprise ESG performance literature, but also revealed the heterogeneity of the mechanism of mixed ownership reform on enterprise ESG performance from the perspective of property rights, thus providing some experiences and reference for systematically promoting mixed ownership reform of different types of enterprises to improve enterprise ESG performance under the guidance of high-quality development.