摘要：随着各国对可持续发展的重视，企业如何提高创新能力、提升ESG表现成为理论界和实践界普遍关注的问题。本文基于2015—2021年重污染上市企业样本，检验利益驱动因素和核心引领因素对企业ESG表现的影响作用及创新能力的中介效应。研究发现：就利益驱动而言，媒体关注、政府补贴均对企业ESG表现具有正向影响，融资约束对企业ESG表现具有负向影响；就核心引领而言，党组织嵌入和网络中心性对企业ESG表现具有正向影响；创新能力在利益驱动与企业ESG表现、核心引领与企业ESG表现之间具有中介效应。此外，进一步采用模糊集定性比较分析方法，关注多个因素对企业ESG表现产生的联合效应，发现可以通过5种组态路径实现企业高ESG表现。由此，本文提出重污染企业基于利益驱动和核心引领视角来提高ESG表现时，既要重视媒体、投资机构和政府等利益相关者的ESG偏好，又要充分发挥党组织治理及网络位置优势，同时考虑通过不同要素条件之间的匹配和协同形成自身提升ESG表现的最佳组合方式。
关键词：企业ESG表现；重污染企业；创新能力；组态效应
Research on the ESG Performance of Heavily Polluting Enterprises Based on the Interest-driven and Core-leading Perspectives
Abstract: As countries attach importance to sustainable development, how enterprises can improve their innovation capabilities and enhance ESG performance has become a common concern in both theoretical and practical circles. Based on a sample of heavily polluting listed enterprises from 2015 to 2021, this paper examines the impact of interest-driven factors andcore-leading factors on enterprise ESG performance, and the mediating role of innovation capabilities in this process.The study found that: in terms of interest-driven factors, media attention and government subsidies have a positive impact on enterprise ESG performance, while financing constraints have a negative impact on enterprise ESG performance. In terms of core-leading factors, party organization embedding and network centrality have a positive impact on enterprise ESG performance. Innovation capability plays a mediating role in the process of interest-driven and core-leading factors affecting enterprise ESG performance. In addition, the fuzzy set qualitative comparative analysis method is used to analyze the joint effects of many factors on enterprise ESG performance, and it is found that high enterprise ESG performance can be achieved through five configuration paths. Therefore, this paper proposes that when heavily polluting enterprises improve ESG performance based on interest-driven and core-leading perspectives, they should not only pay attention to the ESG preferences of stakeholders such as the media, investment institutions, and governments, but also give full attention to the advantages of party organization governance and network position. At the same time, they should also consider the best combination of different factors to improve enterprise ESG performance.
Keywords: Enterprise ESG Performance; Heavily Polluting Enterprises; Innovation Capability; Configuration Effects
全文：
基于利益驱动与核心引领视角的重污染企业ESG表现研究.pdf