高管社会资本与企业ESG表现

随着我国“双碳”目标的提出，我国对ESG的重视程度也在逐渐加大。高管是企业重大战略的决策者和执行者，对企业ESG表现有重要的作用。本文认为社会资本作为高管的一种个人属性，会对高管的ESG理念产生影响，从而影响企业的ESG表现。企业在聘用高管的时候往往倾向于选择与其ESG理念一致的高管。因此，研究高管社会资本与企业ESG表现之间的关系，可以为企业聘用高管及高管自身的职业规划提供适当的参考意见。

本文将高管社会资本划分为政治、商业、学术、金融四个维度，并基于嵌入理论、利益相关者理论、委托代理理论、资源依赖理论、寻租理论和过往文献结论，推测这四个维度的高管社会资本对企业ESG表现存在积极影响。并选取2009-2022年除金融业以外的A股上市公司作为研究样本，通过面板回归进行实证分析和稳健性检验。本文最终得到如下结论：高管政治社会资本对华证评级和企业纳税存在积极影响，高管商业社会资本对华证环境评级有积极影响，高管学术社会资本对ESG表现的影响无法确定，高管金融社会资本对以华证评级衡量的ESG表现存在抑制作用；高管政治社会资本有助于缩小不同机构的ESG评级分歧；高管团队的政治和金融社会资本对华证ESG评级的影响大于董事长和总经理。最后根据实证结论，对企业和高管提出适当建议。

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