ESG Information Disclosure And Enterprise Total Factor Productivity

Total factor productivity is an important indicator reflecting the production and operation efficiency of micro-enterprises,and it is also the internal source of macroeconomic growth.Therefore,how to effectively improve total factor productivity is an important starting point for realizing high-quality economic development in China.As an important means for enterprises to meet the information needs of stakeholders,can ESG information disclosure promote the growth of total factor productivity? Does a high-quality response to stakeholder demands help build a long-term relationship of trust? Can ESG information disclosure bring about higher information transparency and play a governance role in mitigating agency problems?Will the heterogeneity of the firm’s external environment have an impact on the relationship between ESG information disclosure and firms’ total factor productivity?This thesis uses the data of A-share listed companies from 2011 to 2019 to conduct regression analysis,and the results show that ESG information disclosure has a significant positive correlation with the total factor productivity of enterprises.On this basis,starting from the three mechanisms of financing constraints,investment efficiency,and R&D innovation,this thesis verifies the partial intermediary role of ESG information disclosure on the total factor productivity of enterprises.Further,the analysis of how stakeholders use ESG information disclosed by companies shows that customers are willing to provide more business credit to companies with good ESG information disclosure performance,but cannot affect the business credit policies of upstream suppliers,while investors And creditors’ risk assessment of the expected return of the company will be reduced,which will also reduce the required minimum return on investment,and institutional investors will also prefer companies with better ESG information disclosure.In addition,this study also confirms that the government will provide higher tax breaks and government subsidies as incentives to such enterprises.Based on the above analysis,it can be seen that the three types of stakeholders: customers,investors,creditors,and the government increase the availability of external financing for companies with good ESG information disclosure,mainly by easing financing constraints to promote total factor productivity;As far as stakeholders are concerned,ESG information disclosure can effectively alleviate the degree of information asymmetry of enterprises,and can effectively restrain management’s inefficient investment,that is,to promote total factor productivity mainly by improving investment efficiency channels;from the perspective of employees’ stakeholders,This thesis finds that companies with better ESG information disclosure have significantly more employee stock ownership plans and lower employee turnover rates.Existing research believes that employee innovation efficiency can be improved through interest binding,thus validating the R&D innovation channel of this thesis.The analysis of the moderating effect of the external environment shows that when the dissemination efficiency of the external information environment is higher,the external institutional environment is more conducive to market-oriented development,and the uncertainty of the external business environment is stronger,ESG information disclosure has a more significant role in promoting total factor productivity.Finally,this thesis conducts a robustness test by adding some control variables and firm-level fixed effects,sub-sample regression,shortening the sample period,and using instrumental variable regression,etc.,which proves that the conclusions of this thesis are relatively credible.The conclusion of this thesis enriches the analysis of the governance effect and economic value of non-financial information disclosure,confirms the hypothesis that enhancing the awareness of responsible investment will help to achieve sustainable development,and also helps to formulate ESG for my country in the context of my country’s economic development and transformation Mandatory disclosure system for reference.