全球视角下的企业ESG绩效驱动因素解析

企业是践行可持续理念、实现可持续发展目标的重要主体。企业需要在生产经营过程中统筹提升环境（E）、社会（S）、治理（G）三个维度的ESG绩效。基于外部压力和内部实力，本文预先设定了国家背景、行业属性、金融实力三种因素驱动企业改善ESG绩效的理论假设。为检验假设，本文使用多元线性回归和多层线性模型对来自55个国家、共计6139家上市公司样本进行实证研究。结果表明，即使在控制企业规模、风险管理和社会声誉的情况下，国家可持续发展水平、行业绿色发展水平、企业金融实力仍能显著提升企业ESG绩效。其中，国家和行业变量不仅直接促进了企业ESG绩效的提升，还在更高维度上通过调节CFP-ESG的关系间接促进企业ESG绩效的提升。本研究有助于企业更好地制定实施可持续发展战略，也能为投资者评估并筛选出ESG绩效优异的企业提供科学参考。

Analysis of Drivers for Corporate ESG Performance from a Global Perspective

Corporations are crucial agents in practicing sustainable concepts and achieving sustainable development goals (SDGs). In the process of production and operation, corporations need to holistically improve ESG performance across three dimensions of environment (E), society (S) and governance (G). Based on external pressures and internal capabilities, this paper establishes theoretical hypotheses that national background, industry attributes, and financial strength are three factors driving corporations to improve ESG performance. To test the hypothesis, this study employs multiple linear regression (MLR) and hierarchical linear models (HLM) in an empirical study on a sample of 6139 listed companies from 55 countries. The results indicate that, even when firm size, risk management and social reputation are controlled, the national sustainability level, industry green development level and corporate financial strength can significantly improve corporate ESG performance. Among them, country and industry variables not only directly promote the improvement of corporate ESG performance, but also indirectly improve it by adjusting the relationship between corporate financial performance (CFP) and ESG in a higher dimension. The conclusions of this paper contribute to better formulation and implementation of sustainable development strategies for companies, and also provide valuable insights for investors to evaluate and select companies with excellent ESG performance.