Yuan Wenhua, Li Miaochen, Lu Weixiao, Fan Meiqi
Business School, Yangzhou University, No .196, Huayang West Road, Yangzhou, 225127, Jiangsu, China.
Institute of International Economy, University of International Business and Economics, No.10 Huixin Street Chaoyang District, 100029, Beijing, China.
J Environ Manage. 2025 Jan;373:123391. doi: 10.1016/j.jenvman.2024.123391. Epub 2024 Nov 28.
This paper constructs a theoretical model on how ESG performance affects enterprise's Outward Foreign Direct Investment (OFDI) intention from the perspective of integrating financing constraints and productivity thresholds, and uses data from Chinese A-share listed companies for empirical testing. The findings indicate a positive correlation between ESG performance and the willingness of corporations to OFDI. Furthermore, the heterogeneity analysis reveals that the impact of ESG performance on OFDI is more significant for enterprises with a high degree of digital transformation, containing foreign equity, operating in industries. The study concludes that better ESG performance bolsters corporate OFDI willingness through two distinct mechanisms. These mechanisms include alleviating financing constraints and lowering the productivity threshold. Additionally, better ESG performance not only increases the scale of OFDI but also fosters the binary marginal expansion of OFDI. This paper offers several solutions for enterprises seeking to expand their global reach, focusing on leveraging their ESG performance. It also provides policy recommendations for government departments seeking to optimize the ESG rating system and OFDI regulatory service system.
本文从融资约束与生产率门槛相结合的视角构建了一个关于企业社会责任环境、社会和治理（ESG）绩效如何影响企业对外直接投资（OFDI）意愿的理论模型，并运用中国A股上市公司的数据进行实证检验。研究结果表明，ESG绩效与企业进行OFDI的意愿之间存在正相关关系。此外，异质性分析显示，对于数字化转型程度高、含有外资股权、在行业中运营的企业，ESG绩效对OFDI的影响更为显著。该研究得出结论，更好的ESG绩效通过两种不同机制增强了企业的OFDI意愿。这些机制包括缓解融资约束和降低生产率门槛。此外，更好的ESG绩效不仅增加了OFDI的规模，还促进了OFDI的二元边际扩张。本文为寻求拓展全球业务的企业提供了几种解决方案，重点是利用其ESG绩效。它还为寻求优化ESG评级体系和OFDI监管服务体系的政府部门提供了政策建议。
