ESG的初次收人分配效应研究

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中图分类号：X322；F832.51；F272.92 文献标识码：A 文章编号：1007-5097（2025）08-0061-11

EffectofInitialIncomeDistributionofESG

LIUKefu

（School of Economics and Management，Tsinghua University，Beijing 1Ooo84， China）

Abstract：Initialdistributionrefers tothedistributionofgross nationalincomedirectlylinkedtothefactorsofproduction. Andthedistributionof labor income，asanimportant componentoftheinitial distribution，hasadecisive impacton the final income distributionpattern.Basedon paneldata from Chinese A-share listed companies from 2O09 to 2023，this articlefocusesonexamining themicro incomedistributionefectsofcorporateESGperformanceinthefieldof initial distribution from a micro perspectiveof the labor income share of enterprises.The research results indicatethat ESG performance has a positive efect on the labor income share of enterprises.ESG performance increases this share mainly byreducing thecostof debt financing，promoting research and development innovation，and decreasing earnings management.Heterogeneityanalysis indicates thatthe positive impact of ESG performance on the labor income share of enterprises ismorepronouncedamong state-owned enterprises，labor-intensiveinustries，hightech industriesandin regions where workers have stronger bargaining power.

Keywords：ESGperformance;laborincomeshareofenterprises;incomedistributionefect;initialdistribution;common prosperity

一、引言及文献综述

党的二十大报告明确指出，“实现全体人民共同富裕”是中国式现代化的本质要求之一，凸显了实现全体人民共同富裕的重大意义。（剩余16270字）