Corporate ESG Performance and Foreign Capital Inflows: Effects and Mechanisms

Abstract

Abstract: This article uses the ESG rating data of China's A-share listed companies from 2009 to 2023 to study the impact and mechanisms of corporate ESG performance on foreign capital inflows. The research finds that good corporate ESG performance can promote foreign investment decisions and increase the level of foreign investment. Good Corporate ESG performance primarily boosts foreign capital inflows by enhancing corporate reputation, attracting analyst attention, and improving financial performance. Further analysis reveals that the impact of corporate ESG performance on foreign capital inflows exhibits dynamic effects, and corporate digital transformation can strengthen the role of ESG performance in attracting funds. Additionally, the good performances of ESG each have a positive effect on attracting foreign capital inflows, and good ESG performance can help companies attract long-term foreign investments, which is beneficial for enhancing long-term strategic value and market competitiveness. Notably, improvements in ESG performance among companies in the western regions have a more pronounced effect on attracting foreign investments. This article uncovers the pathways through which corporate ESG performance influences foreign capital inflows, expands the factors influencing foreign investment, and provides significant insights for achieving high-quality development in China.

Key words: High-Quality Development, ESG, Foreign Capital Inflows, Digital Transformation

摘要： 采用2009—2023年中国A股上市企业ESG评级数据,研究企业ESG表现对外资流入的影响与机制。研究发现:企业良好的ESG表现能增加外资投资概率,提升外资投资水平;企业良好的ESG表现主要通过提升企业声誉、吸引分析师关注、提升财务绩效等方式推动外资流入;进一步分析发现,企业ESG表现对外资流入的影响存在动态效应,且企业数字化转型能强化ESG表现的引资作用;环境、社会和治理表现对外资流入均存在积极影响,并且良好的ESG表现可以帮助企业吸引长期外资投资,有利于企业长期战略价值和市场竞争力的提升;西部地区的企业提升ESG表现对吸引外资的作用更加明显。文章揭示了企业ESG表现影响外资流入的路径机制,拓展了影响外资投资的因素,对中国实现高质量发展具有重要启示。

关键词: 高质量发展, ESG, 外资流入, 数字化转型

CLC Number:

F832.5
F275

LIU Jian, ZHANG Ziqing. Corporate ESG Performance and Foreign Capital Inflows: Effects and Mechanisms[J]. Collected Essays on Finance and Economics, 2025, 41(12): 65-76.

刘建, 张梓卿. 企业ESG表现与外资流入:影响效应与作用机制[J]. 财经论丛, 2025, 41(12): 65-76.

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