熟女自慰

作者：Huashuo Yang , Yu Zhang , Suying Long* , Li Pan

题名：Corporate ESG Performance and New Quality Productive Forces: Based on Signaling Theory

期刊：《Sustainability》.2026(4)

摘要：Amid the new wave of technological revolution and industrial transformation, new quality productive forces (NQPFs) have become the key to a firm’s sustainable development. To help enterprises accelerate the improvement of their NQPFs, grounded in signaling theory, this paper takes data of China’s A-share listed companies from 2015 to 2024 as the research sample and uses a two-way fixed effects model to empirically examine whether and how superior ESG performance, serving as a high-quality signal, fosters NQPFs. The results show the following. There is a significant positive relationship between corporate ESG performance and NQPFs. This finding remains robust across a series of checks, including replacing the key explanatory variable, removing outlier years and cities, and addressing endogenous problems through instrumental-variable estimation. Heterogeneity tests reveal that the effect is more pronounced among non-state-owned firms and those located in Northeast China, whereas it is statistically insignificant for firms in Western China. Mechanism analysis indicates that ESG performance boosts NQPFs indirectly by raising analyst attention and investor confidence. Overall, this paper not only enriches research perspectives on the relationship between corporate ESG performance and NQPFs, but also offers theoretical support and practical reference for the formulation of corporate ESG strategies and the precise policy-making of governments.

在新一轮科技革命和产业变革中，新质生产力（NQPFs）已成为企业实现可持续发展的关键。为帮助企业加速发展其新质生产力，本文基于信号传递理论，以中国A股上市公司2015—2024年的数据作为研究样本，采用双向固定效应模型实证检验：优异的ESG表现作为高质量信号能否以及如何促进新质生产力发展。研究发现：企业ESG表现与新质生产力之间存在显著的正相关关系。这一发现经更换关键解释变量、剔除异常年份与城市数据，以及通过工具变量法解决内生性问题等多项稳健性检验后依然稳健。异质性检验表明，该效应在非国有企业以及位于中国东北地区的企业中更为显著；而在中国西部地区的企业中，该效应在统计学上并不显著。机制分析表明， ESG表现通过提升分析师关注和投资者信心，间接推动新质生产力的发展。总体而言，本文不仅丰富了企业ESG表现与新质生产力关系的研究视角，也为企业开展ESG实践及政策制定提供了理论支持与实践参考。

关键词：enterprise sustainable development; ESG; new quality productive forces; signaling theory; analyst attention; investor confidence

企业可持续发展； ESG ；新质生产力；信号传递理论；分析师关注；投资者信心