On the 18th, the Institute of Financial Strategy of the Chinese Academy of Social Sciences and the Social Sciences Literature Press jointly released the "Investment Blue Book: China ESG Investment Development Report (2023)" (hereinafter referred to as the "Report"). The "Report" pointed out that ESG can significantly Promote the improvement of total factor productivity of enterprises.
ESG investing refers to the process by which investors incorporate non-financial factors such as environmental, social and governance factors into investment decisions. In the context of mankind facing the major challenge of climate change and my country's implementation of carbon peaking and carbon neutrality strategies, the ESG investment concept has gradually accelerated its popularity in my country and has become a focus of attention in academia, government departments, the financial industry, the energy industry and other fields.
The "Report" points out that although systematic "ESG investment" has only become active in recent years, in fact, ESG-related issues such as green transformation, social responsibility and corporate governance have been the key to China's economic development since the 18th National Congress. important issues.
The "Report" uses 1,229 listed companies in China's A-share market from 2012 to 2021 as a sample to clarify the impact results and action paths of ESG practices on total factor productivity, and believes that corporate ESG practices have a significant promotion effect on the improvement of total factor productivity.
On this basis, the "Report" points out that corporate ESG practices can improve total factor productivity and achieve a "win-win" between corporate and social benefits by easing financing constraints, promoting optimization of human capital structure, and improving technological innovation capabilities.
The "Report" further recommends that all parties should first focus on broadening diversified financing channels and alleviating corporate financing constraints. The government actively promotes innovation in financial institutions, develops new green financial products, broadens the scope of credit for corporate ESG investments, reduces loan interest rates for companies with good ESG performance, improves the ESG ecosystem financing system, and provides maximum support to companies.
Secondly, under the ESG system, if companies want to significantly improve total factor productivity, they need to effectively improve core technologies, concentrate on overcoming difficulties, increase investment in technological innovation and advanced equipment, and gradually increase the capacity of investment in technological innovation. , digestion and absorption capabilities, and achieve the goal of steadily increasing the total factor productivity of enterprises through technological innovation and reform. At the same time, enterprises should put an end to waste of resources, strive to improve the efficiency of resource allocation, exchange less input for higher output, optimize the investment structure, achieve cost reduction and efficiency improvement, and lay the foundation for high-quality development.
Finally, enterprises must also pay attention to the optimization of human capital structure, strive to improve the quality of labor force and human capital quality, regularly introduce innovative and highly educated talents, and pay attention to corporate welfare to achieve the purpose of retaining outstanding talents.
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