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论文编号：	14093
作者编号：	2120213301
上传时间：	2023/6/9 0:00:07
中文题目：	公平竞争审查与企业ESG表现
英文题目：	Fair Competition Review and Corporate ESG Performance
指导老师：	姚颐
中文关键字：	公平竞争审查； 企业 ESG 表现；市场竞争；行政垄断
英文关键字：	Fair Competition Review； Corporate ESG Performance； Market Competition； Administrative Monopoly
中文摘要：	长期以来， 由于计划经济积弊以及地区间竞争等原因，我国存在较为严重 的市场分割和地方保护现象，政府利用行政权力，通过限制准入、资质审批和信贷优惠等手段赋予某些企业特殊地位，造成行政垄断问题。该问题的存在限制了公平竞争，扭曲了要素分配， 不利于全国统一大市场的建设。 为此，国家推出公平竞争审查制度，该制度明确了竞争政策的基础性地位，限制了政府不当干预市场的行为，对推动经济高质量发展具有重要意义，自实施以来便受到各领域学者的普遍关注。 与之相对，企业进行 ESG 实践有助于改善环境、推动社会向好、提升自身治理水平，是经济高质量发展在微观层面的重要体现，但值得注意的是，尚未有学者对二者间关系进行探讨。 本文以 2012-2020 年中国 A 股上市公司为研究对象，使用三重差分方法研 究公平竞争审查制度对企业 ESG 表现的影响。该方法在控制企业和年度固定效应的基础上，还加入了三个双维固定效应，能够同时从地区和行业维度对行政垄断关联企业进行细致识别，极大限度地减弱相关遗漏变量的干扰，从而得到更有效的因果估计结果。研究发现，公平竞争审查制度的实施显著提升了行政垄断关联企业的 ESG 评级，且该作用对于国有企业、价值链上游的企业以及融资约束程度较强的企业更加明显。影响机制上，公平竞争审查增强了市场竞争程度， 提高了企业资源配置效率，从动机和能力上促使企业提升 ESG 表现。本文主要结论通过平行趋势假设检验、安慰剂检验，且在执行更换回归模型、修改变量定义和变更样本范围等一系列其它稳健型检验后依旧不变。 基于公平竞争审查制度这一中国特色竞争政策，本文从正式制度角度对企 业 ESG 行为的影响因素研究做出了有效补充，丰富了企业 ESG 表现作为竞争战略的文献。 进一步地， 本文发现良好的竞争政策有助于提升企业 ESG 表现，从而拓展了竞争政策经济后果的研究，从企业 ESG 表现这一更前沿的微观视角对公平竞争审查制度的政策效果进行了科学评估。本文认为国家应该继续完善公平竞争审查制度， 限制政府滥用行政权力， 有序推进全国统一大市场建设，同时深化国有企业改革， 激发市场主体活力， 推动经济高质量、可持续发展。
英文摘要：	For an extended period, the shortcomings of a planned economy and regional competition, among other factors, have led to significant market segmentation and local protectionism in our country. By employing administrative power, the government grants special status to select enterprises through restricted access, qualification examinations and approval, credit preferences, and other measures, thereby creating an administrative monopoly. This issue hinders fair competition, distorts resource allocation, and obstructs the development of a unified national market. Consequently, the state has implemented a fair competition review system to establish the fundamental position of competition policy and limit improper government intervention in the market, significantly promoting high-quality economic growth. Additionally, Environmental, Social, and Governance (ESG) practices undertaken by enterprises foster environmental improvement, societal wellbeing, and enhanced governance, which represent vital aspects of high-quality economic growth at the micro-level. However, no scholars have explored their relationship. This study examines the impact of the fair competition review system on the ESG performance within Chinese A-share listed companies from 2012 to 2020, employing a triple difference method. In addition to controlling firm and year-fixed effects, this method incorporates three two-dimensional fixed effects, which allows for the precise identification of administrative monopoly-related enterprises across regional and industrial dimensions, significantly reducing the interference of relevant omitted variables and yielding more effective causal estimations. The research’s findings reveal that the fair competition review system substantially enhances the ESG ratings of administrative monopoly-affiliated enterprises, with state-owned enterprises, enterprises in upstream of the value chain, and enterprises with strong financing constraints experiencing more significant effects. Regarding the influence mechanism, the fair competition review increases market competition, optimizes resource allocation efficiency, and encourages enterprises to improve ESG performance by enhancing motivation and capability. The primary conclusions of this study remain consistent following a parallel trend hypothesis test, placebo test, and a series of other robust tests, including modifying regression models, variable definitions, and sample scopes. This research, centered on the fair competition review system—a competition policy with Chinese characteristics—effectively supplements the investigation into the factors influencing ESG behavior from a formal system perspective and enriches the literature on ESG performance as a competitive strategy. Moreover, our study establishes that sound competition policy aids in improving ESG performance, thereby expanding research on the economic consequences of competition policy and providing a scientific evaluation of the policy impact of the fair competition review system from the advanced micro-perspective of ESG performance. We contend that China should persist in refining the fair competition review, curb the government's abuse of administrative power, systematically advance the establishment of a unified national market, deepen state-owned enterprise reform, invigorate market participants, and foster high-quality, sustainable economic growth.
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