统计与信息论坛

“双碳”目标视域下，新质生产力的提出对于平衡减排和经济发展至关重要。考虑企业是发展新质生产力的实践主体，深入考察企业的环境、社会和治理(ESG)表现对企业新质生产力的影响对于实现高质量和可持续发展具有重要意义。利用2009—2022年中国A股制造业企业的数据检验了ESG表现对企业新质生产力的影响效应和作用机制。实证结果表明：良好的ESG表现能够显著提升企业新质生产力，经过内生性处理和稳健性检验后，上述结论仍然成立。作用机制分析表明：良好的ESG表现通过促进企业颠覆性技术创新和提升企业劳动投资效率两条路径影响企业新质生产力，绿色金融能够正向调节企业ESG表现对新质生产力的影响效应。异质性分析表明：对于国有企业、大型企业和东部地区企业，企业ESG表现对新质生产力的提升作用更加显著。此外，碳减排绩效回归结果表明，ESG表现赋能企业新质生产力水平提升能够显著降低企业碳排放强度。研究结果不仅为企业提升ESG表现赋能新质生产力涌现提供了经验证据，而且揭示了企业ESG表现在有效减缓气候变化和降低碳排放风险方面的潜力，助力“双碳”目标实现。

Under the perspective of the “dual-carbon” goal, the proposal of new quality productive forces is crucial for balancing emission reduction and economic development.Considering that firms are the main players in the development of new quality productive forces, it is important to study whether the ESG performance of firms can enhance their new quality productive forces.The relationship between ESG performance and firms' new quality productive forces is examined using data from Chinese A-share manufacturing firms from 2009 to 2022,and the empirical results show that good ESG performance can significantly enhance firms' new quality productive forces, and the above conclusions are still valid after endogeneity treatment and robustness test.The mechanism analysis shows that good ESG performance affects the new quality productive forces of enterprises through two paths: promoting the disruptive technological innovation of enterprises and improving the efficiency of enterprise labor investment, and green finance can positively regulate the impact of enterprise ESG performance on the new quality productive forces.Heterogeneity analysis shows that for state-owned enterprises, large enterprises and enterprises in the eastern region, the effect of corporate ESG performance on new quality productive forces is more significant.The regression results of carbon emission reduction performance show that ESG performance can significantly reduce the carbon emission intensity of enterprises by empowering them to improve the level of new quality productive forces.The findings not only provide empirical evidence for the emergence of new quality productive forces empowered by enterprises' ESG performance, but also reveal the potential of enterprises' ESG performance in effectively mitigating climate change and reducing the risk of carbon emissions, which can help realize the “dual-carbon” goal.