环境不确定性、ESG责任履行与企业全要素生产率

ESG作为一种可持续发展理念和框架，引导和推动企业积极参与长期价值增长的各项实践行动。当企业面对环境不确定性时，是否还能坚持可持续发展理念和长期价值导向，继续履行ESG责任，并且该责任的履行是否能推动企业全要素生产率的提升是一个值得探讨的理论问题。文章基于企业微观环境不确定性下的管理行为选择偏差，运用实证方法以2011-2020年沪深A股上市公司数据为样本系统分析了ESG责任履行对企业全要素生产率的影响。研究发现：ESG责任履行能够提高企业全要素生产率；高低环境不确定性下，企业ESG责任履行对全要素生产率的影响存在成本管控水平和投资水平两种不同的机制作用。异质性分析发现：机构投资者持股水平在ESG责任履行对全要素生产率的提升中起到正向调节作用，且对低环境不确定企业的正向调节作用更显著。

Environmental Uncertainty, ESG Implementation and Enterprise Total Factor Productivity

As a sustainable development concept and framework, ESG guides and promotes enterprises to actively participate in the practical actions of long-term value growth. In the face of environmental uncertainty, whether enterprises can continue to fulfill ESG responsibility with the concept of sustainable development and long-term value orientation? Whether ESG implementation can promote the improvement of Total Factor Productivity (TFP) of enterprises is a theoretical issue worthy of discussion. Based on the selection bias of management behavior under the uncertainty of micro-environment of enterprises, this paper systematically analyzes the impact of ESG implementation on the TFP by using the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020.The results show that: ESG implementation can improve Under high and low environmental uncertainty, there are two different mechanism effects of cost control level and investment level on the impact of ESG implementation on TFP. Heterogeneity analysis shows that the shareholding level of institutional investors has a positive moderating effect on the improvement of TFP and ESG implementation, and the positive moderating effect on low environmental uncertainty is more significant.