社会信用与企业 ESG 表现———基于社会信用体系改革试点的准自然实验

Social Credit and Corporate ESG Performance: Quasi-natural Experiment Based on the Pilot Reform of Social Credit System

摘要:

为探索社会信用体系改革试点政策在实现营造良好营商环境目标的同时能否改善企业ESG表现。研究以社会信用体系改革试点政策的实施作为“准自然实验”,基于战略性社会责任理论、社会资本理论和委托代理理论,以2009-2023年A股上市企业为样本,探索并验证社会信用体系建设对企业ESG表现的影响及内在机制。结果表明:社会信用体系建设能够改善试点地区企业ESG表现；机制分析表明,社会信用体系建设能够通过提高社会资本和降低代理成本改善企业ESG表现；机构投资者持股在社会信用体系建设和企业ESG表现关系中存在正向调节作用,且机构投资者持股的调节作用呈现显著的异质性,压力抵制型机构投资者持股正向调节社会信用体系建设对企业ESG表现的影响,但压力敏感型机构投资者持股的调节作用并不显著。进一步分析表明,试点效应在国有产权、内部治理水平较低、第二产业以及所在地区法制环境较薄弱的企业中更强。此外,社会信用体系建设有助于缓解ESG不确定性,提升企业ESG信息质量。社会信用体系改革试点带来的企业ESG表现提升,还能缓解企业融资约束并助力企业高质量发展。研究为社会信用体系建设促进企业ESG表现提供了微观证据,有助于进一步深化社会信用体系建设,从而实现经济、社会、环境协调发展。

Abstract:

To explore whether pilot policies for social credit system reform can improve corporate ESG performance while achieving the goal of creating a favorable business environment.The study takes the implementation of pilot policies for social credit system reform as a "quasi natural experiment", based on strategic social responsibility theory, social capital theory, and agency theory, using A-share listed companies from 2009 to 2023 as samples, to explore and verify the impact and internal mechanism of social credit system construction on corporate ESG performance. Research has found that the construction of a social credit system can improve the ESG performance of enterprises in pilot areas; Mechanism analysis shows that the construction of a social credit system can improve corporate ESG performance by increasing social capital and reducing agency costs; Institutional investors" shareholding has a positive moderating effect on the relationship between social credit system construction and corporate ESG performance, and the moderating effect of institutional investors" shareholding shows significant heterogeneity. Pressure resistant institutional investors" shareholding positively moderates the impact of social credit system construction on corporate ESG performance, but the moderating effect of pressure-sensitive institutional investors" shareholding is not significant. Further analysis shows that the effects of the pilot program are stronger in enterprises with state-owned property rights, lower internal governance levels, secondary industries, and weaker legal environments in their respective regions. In addition, the construction of a social credit system can help alleviate ESG uncertainty and improve the quality of corporate ESG information. The pilot reform of the social credit system has brought about an improvement in the ESG performance of enterprises, which can also alleviate financing constraints and promote high-quality development of enterprises. The study provides micro evidence for promoting corporate ESG performance in the construction of a social credit system, which helps to further deepen the construction of the social credit system and achieve coordinated development of the economy, society, and environment.