ESG对物流企业绿色全要素生产率的影响研究

ESG (environmental, social and governance) is a key driving force for logistics enterprises to achieve green transformation and enhance green total factor productivity. Based on the data of 103 listed logistics enterprises in China, this paper focuses on exploring the impact of ESG indicators in three dimensions (environment, society and governance) on the green total factor productivity (GTFP) of logistics enterprises. Through a panel regression model, it empirically analyzes the impact of three representative indicators, namely carbon emission intensity (E), taxes payable (S), and board independence (G), on the GTFP of logistics enterprises; and conducts heterogeneity analysis from the perspectives of enterprise nature, enterprise scale, and time. The results show that: (1) Carbon emission intensity (CO2) has the most significant impact on the green total factor productivity of logistics enterprises, followed by taxes payable (TP), and board independence (IDR) has the weakest and most unstable impact on GTFP; (2) The ESG performance of different enterprise natures and scales has obvious heterogeneity in its effect on green total factor productivity. Finally, the paper puts forward suggestions: taking carbon emission intensity (CO2) as the core indicator of green transformation, paying attention to the fulfillment of social responsibility, actively paying taxes, optimizing the structure of independent directors; and designing differentiated ESG policies according to enterprise nature and scale.