2341 
2373ESG表现是新发展理念在微观企业层面的应用，对企业经营活动将产生持续影响。在新发展格局下，改善ESG表现对企业专业化分工的影响值得深入研究。文章基于2009—2022年中国沪深A股上市公司数据，实证检验了ESG表现对企业专业化分工的直接影响和内在影响机制，研究发现，良好的ESG表现有利于提高企业专业化分工水平。机制分析结果表明，ESG表现通过强化比较优势、降低交易费用和有效传递信号的渠道来提升企业专业化分工水平。异质性分析结果表明，对于具有政策和发展优势的国有企业和大型企业、专业化需求更强烈的制造业和非高新技术企业、位于营商环境更完善的城市群或东部地区的企业来说，ESG表现的改善更能促进其专业化分工水平。经济后果检验得出，ESG表现与企业专业化分工的促进关系有利于提高全要素生产率和改善企业经营状况，从而促进企业高质量发展。文章对ESG表现的经济效应研究提供新的视角，为促进企业专业化分工并推动经济高质量发展提供重要参考。
ESG表现与企业专业化分工——基于上市公司的证据
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马融, 王光丽, 豆建民. ESG表现与企业专业化分工——基于上市公司的证据[J]. 财经研究, 2024, 50(5): 19-33.
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