作　者：胡浩志 朱方政
关键词：政府引导基金；ESG；融资约束；政策性金融工具
摘　要：

 政府引导基金具有政策导向和市场运作的双重特征，其促进产业结构转型升级和地区经济高质量发展的核心目标与ESG 理念高度契合。以2011-2023 年A 股非金融类上市公司为研究对象，实证检验政府引导基金对企业ESG 表现的影响，研究发现：政府引导基金的介入和投资规模均可以显著提升企业ESG 表现。机制检验表明，政府引导基金可以通过缓解企业融资约束和抑制管理层短视行为提升企业ESG 表现，上述作用在中小规模、内部控制质量较高、信息透明度较高、金融化程度较低、环境规制较强地区以及重污染行业的企业中更明显，且科技类与非科技类政府引导基金均能显著提升企业ESG 表现。这一发现不仅为政策性金融工具赋能企业ESG 转型提供了经验借鉴，也对创新政企协同机制和推动区域经济高质量发展具有重要启示。

 

 

On Government-guided Funds and Corporate ESG Performance

Hu Haozhi（Zhongnan University of Economics and Law） Zhu Fangzheng（Henan Academy of Social Sciences）

Abstract Due to their dual characteristics of policy orientation and market operation, government- guided funds (GGF) is highly aligned with the principles of Environmental, Social and Governance (ESG) in their core objective of promoting the transformation and upgrading of industrial structures and the high-quality development of regional economies. Taking A-share non-financial listed companies from 2011 to 2023 as research samples, an empirical examination was conducted to assess the impact of GGF on corporate ESG performance. The findings reveal that both the involvement and investment scale of GGF can significantly enhance corporate ESG performance. Mechanism tests reveal that GGF enhances corporate ESG performance by alleviating financing constraints and curbing managerial myopia. The above effects are more evident in small-to-medium-sized enterprises, with high internal control quality, more information transparency and low financialization levels, located in regions with strong environmental regulations and distributed in heavily pol‐ luting industries. Moreover, both technology-oriented and non-technology-oriented GGF can significantly im‐ prove corporate ESG performance. The conclusions of this study not only provide empirical evidences for leveraging policy-based financial instruments to empower corporate ESG transformation but also offer important insights for innovating government-enterprise collaboration mechanisms and promoting high-quality regional economic development.

Key words  government-guided fund; ESG; financing constraints; policy-based financial instruments

 

■    作者简介  胡浩志，中南财经政法大学经济学院教授，湖北 武汉 430073；

朱方政（通讯作者），河南省社会科学院经济研究所助理研究员，河南 郑州 451464。

 

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