外资持股对提高企业ESG表现的影响研究

以2013—2022年A股上市企业为研究样本，实证检验了外资持股对企业ESG表现的影响。研究发现，外资持股对企业ESG表现有显著的促进作用，这一结论在经过倾向得分匹配法、工具变量法和替换被解释变量等一系列检验后依然稳健。机制分析表明，外资持股主要通过提高企业创新能力和减少代理成本两条渠道来影响企业ESG表现。调节效应分析表明，市场化和法制化水平会弱化企业外资持股对ESG表现的促进作用。异质性分析表明，外资持股的影响效应在成长期和成熟期的企业中显著，在衰退期的企业中不显著。

Research on the Impact of Foreign Shareholding on Improving Corporate ESG Performance

This paper investigated the impact of foreign shareholding on corporate ESG performance using a sample of A share listed firms from 2013 to 2022. It is found that foreign shareholding has a significant promotion effect on corporate ESG performance, and this finding remains robust after a series of tests, such as propensity score matching method, instrumental variables method and substitution of explained variables. The mechanism analysis shows that foreign shareholding mainly affects ESG performance through two channels, namely, improving enterprise innovation ability and reducing agency costs. The regulatory effect analysis shows that the level of marketization and legalization weakens the promotion effect of foreign shareholding on ESG performance. The heterogeneity analysis shows that the effect of foreign shareholding is significant for enterprises in the growth and maturity periods, but not for enterprises in the decline period.