学校代码10125专业代码1202Z1
硕士学位论文
题目非国有股东参与治理对企业ESG 表现的影响研究
姓名王仔月
专业财务管理
研究方向公司财务与公司治理
所属学院会计学院
指导教师李颖
二〇二四年五月三十一日
University Code 10125Major Code 1202Z1
Shanxi University of Finance &Economics
Thesis for Master’s Degree
Title Research on the influence of non-state-
-owned shareholders 'participation in
governance on the ESG Performance of
Enterprises
Name Wang Ziyue
Major Financial Management
Research Orientation Corporate Finance and Corporate Governance
School School of Accounting
Tutor Li Ying
May 31，2024
山西财经大学硕士学位论文
摘要
党的二十大报告指出“实施全面节约战略，发展绿色低碳产业，推动形成绿
色低碳的生产方式”，为中国未来社会绿色转型提供新思路。随着社会责任要求
的不断提升，企业发展经营理念正在逐渐改变，更加注重绿色低碳和可持续发展。
在可持续发展理念不断深化的背景下，ESG 已经成为衡量企业长期价值和可持续
发展能力的重要指标，受到全球企业管理者、所有者和机构投资人等各界利益相
关者的广泛关注。对于中国而言，国有企业扮演着重要的角色，它们不仅是我国
践行ESG 理念的重要参与者，更是引领着这一理念的实践者。十八大以来，党和
政府对国有企业的混合所有制改革和可持续发展给予了极高的关注，并逐步发布
了多项政策文件，以进一步深化国有企业的改革并促进经济的可持续增长。与此
同时，国有企业一直在积极推进混合所有制改革，努力实现股权多元化，治理结
构多元化，机制创新化的目标，以实现不同所有制资本之间的优势互补，相互促
进，从而激发内在动力。然而，非国有股东参与治理作为混改深入推行过程中的
产物，可能对国企ESG 表现的影响存在正反两方面：一方面，非国有股东参与治
理可能实现资源互补、运营效率优化、监督治理加强，进而推动国企绿色技术进
步、缓解社会责任承担中面临的融资约束问题以及提升企业内部代理问题的治理
水平，从而改善国企ESG 表现；但是另一方面，非国有股东参与治理也可能会加
剧企业内部私利动机，减少原有资源禀赋，从而降低企业ESG 表现。因此，非国
有股东参与治理对国企ESG 表现的影响是一个有待实证检验的重要问题。
本文基于委托代理理论、资源基础理论以及产权理论等，对非国有股东参与
治理与国企ESG 表现之间的关系进行理论分析，提出竞争性假设。在此基础上，
选取2010—2022年沪深A 股国有控股上市公司为样本，从股权结构和高层治理两
个维度探究非国有股东参与治理对国企ESG 表现的影响、作用机制以及提升情境。
本文研究发现：首先，非国有股东参与治理能够显著提升国企ESG 表现；其次，
非国有股东参与治理主要通过提升企业绿色技术创新水平、缓解融资约束以及降
低代理成本，进而提升国企ESG 表现；再次，地方国企相对于央企而言，非国有
股东参与治理更能促进企业ESG 表现的提升；竞争性企业相对于垄断性企业而言，
非国有股东参与治理更能促进企业ESG 表现的提升；市场化水平较高地区的企业
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非国有股东参与治理对企业ESG 表现的影响研究
相对于市场化水平较低地区的企业，非国有股东参与治理更能促进企业ESG 表现
的提升；最后，非国有股东参与治理通过提升国企的ESG 表现能够改善国企的经
营业绩。
与已有研究相比，本文专门探讨了促进国企ESG 表现提升的影响因素这一重
要问题，拓展了国企混改经济后果以及企业ESG 表现影响因素的相关研究，并且
进一步剖析了非国有股东参与治理提升企业ESG 表现的作用机制、提升情景以及
经济后果，丰富了相关研究。既为我国政府部门出台相关政策推动国企混改，促
进国企ESG 绩效改善提供依据；又能够为国企积极引进非国有资本，实现资源技
术互补以及有效治理提供经验证据。
关键词：非国有股东参与治理；企业ESG 表现；绿色技术创新；融资约束；
代理成本
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山西财经大学硕士学位论文
ABSTRACT
The report of the 20th National Congress of the Communist Party of China pointed
out that implementing a comprehensive conservation strategy,developing green and
low-carbon industries,and promoting the formation of green and low-carbon production
methods ,providing new ideas for China 's future social green transformation.With the
continuous improvement of social responsibility requirements,the business philosophy
of enterprise development is gradually changing,and more attention is paid to green,
low-carbon and sustainable development.Under the background of deepening the
concept of sustainable development,ESG has become an important indicator to measure
the long-term value and sustainable development ability of enterprises,and has been
widely concerned by stakeholders from all walks of life,such as global enterprise
managers,owners and institutional investors.For China,state-owned enterprises play an
important role.They are not only important participants in China 's practice of the ESG
concept,but also leading practitioners of this concept.Since the 18th National Congress
of the Communist Party of China,the party and the government have paid great
attention to the mixed ownership reform and sustainable development of state-owned
enterprises,and have gradually issued a number of policy documents to further deepen
the reform of state-owned enterprises and promote sustainable economic growth.At the
same time,state-owned enterprises have been actively promoting the reform of mixed
ownership,striving to achieve the goal of diversification of equity,diversification of
governance structure and innovation of mechanism,so as to realize the complementary
advantages and mutual promotion between different ownership capital,so as to
stimulate internal motivation.However,as a product of the in-depth implementation of
the mixed reform,the participation of non-state-owned shareholders in governance may
have both positive and negative effects on the ESG performance of state-owned
enterprises :on the one hand,the participation of non-state-owned shareholders in
governance may achieve resource complementarity,operational efficiency optimization,
supervision and governance strengthening,thereby promoting the green technology
progress of state-owned enterprises,alleviating the financing constraints faced in social
responsibility commitment,and improving the governance level of internal agency
problems,thereby improving the ESG performance of state-owned enterprises ;
however,on the other hand,the participation of non-state-owned shareholders in
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