政府监管的“鞭长莫及”效应——来自企业ESG表现的微观证据

阳镇1; 王越2

政府监管的“鞭长莫及”效应——来自企业ESG表现的微观证据

引用本文：阳镇1,王越2.政府监管的“鞭长莫及”效应——来自企业ESG表现的微观证据[J].财经理论与实践,2025,(5):129-137

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作者	单位
阳镇1,王越2	(1.中国社会科学院工业经济研究所，北京 100006；2.中国人民大学财政金融学院，北京 100872)

中文摘要:基于2010—2022年中国A股上市公司的数据，从政府监管视角出发，运用固定效应模型实证考察监管距离对企业ESG表现的影响及其内在作用机制。研究发现：监管距离对企业ESG表现存在“鞭长莫及”效应，即企业与当地监管局的距离越远，其ESG表现越差；企业代理成本和企业信息披露质量是监管距离影响企业ESG表现的重要机制；且监管距离对企业ESG表现的影响存在异质性，在轻污染行业、制度环境欠佳以及外部治理环境良好的子样本中，监管距离对企业ESG表现的抑制作用更为明显。鉴于此，需要进一步根据监管距离的差异性提升监管效能，持续强化常态化ESG制度建设以推动企业高质量发展。

中文关键词:监管距离企业ESG表现代理成本盈余管理

The “Beyond Reach” Effect of Government Regulation: Micro Evidence Based on Corporate ESG

Abstract:Using data of Chinese A-share listed companies from 2010 to 2022, and from the perspective of government regulation, this study empirically investigates the impact of regulatory distance on firms’ ESG (environmental, social, and governance) performance as well as its underlying mechanisms through a fixed-effects model. The findings are as follows: there exists a “beyond-the-reach” effect of regulatory distance on firms’ ESG performance, meaning that the farther a firm is from the local regulatory bureau, the worse its ESG performance tends to be. Among the mechanisms, corporate agency costs and the quality of corporate information disclosure are identified as significant channels through which regulatory distance affects firms’ ESG performance. Moreover, the impact of regulatory distance on firms’ ESG performance exhibits heterogeneity. The inhibitory effect of regulatory distance on firms’ ESG performance is more pronounced in sub-samples of lightly polluting industries, regions with suboptimal institutional environments, and areas with better external governance environments. In light of these findings, it is necessary to further enhance regulatory effectiveness based on the differences in regulatory distance and consistently strengthen the construction of a regularized ESG institutional framework to promote high-quality development of enterprises.

keywords:regulatory distance ESG performance of enterprise agency costs earnings management

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