ESG表现对体育上市企业新质生产力的影响研究

——基于融资约束与系统风险的中介效应

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Influence Mechanism of ESG Performance on New-quality Productivity of Sports -listed Enterprises ： Based on the Mediating Effects of Financing Constraints and Systemic Risks

1.SportsPolicy and Strategy Research Center，Wuhan Sports University，Wuhan ，Hubei，China；2.Institute

ofSport and Health，HenanUniversity，Kaifeng475OO1，Henan，China

Abstract：The study empirically examines the efect of ESG performance on the newquality productivityof sportslisted firms，and its mechanism of actionand heterogeneity，using panel data ofA-share sports-listed firms from 2018-2022.The study finds that good ESG performance can significantly enhance the level of new quality productivity of sports listed enterprises，and the conclusion pases multiplerobustness tests；financing constraints and systemic risk in te process of ESG performance affecting thenewquality productivityof sports listed enterprises until a significant mediating role；heterogeneity test shows thatESG performanceon thenewquality productivityof sports service industry listed enterprises is significantly stronger than the sports manufacturing listed enterprises，but thereis no significant difference in the promotion of newquality productivity between state-ownedand non-state-owned sports listed enterprises.Based on this，the folowing recommendations are proposed：at the enterprise level，ESG practice and management should be deepened，and ESG concepts should be integrated into the strategies and daily operations of sports listed enterprises；atthe government level，thepolicy incentive and regulatorysystem should be improved，and the ESG construction of sports listed enterprises be promoted through policyguidanceand regulatory constraints；atthe institutionallevel，the ESGrating systemshould beoptimized，and thequalityof the data and he value of theapplication beimproved，so as to providea moreefective wayfor sports listed enterprises to improve new quality productivity .

Key words：ESG performance；new quality productivity；sports enterprises；mechanism research；financing constraints；systemic risk

2024年，习近平总书记在中共中央政治局第十一次集体学习时，强调要“加快发展新质生产力，扎实推进高质量发展”。（剩余13442字）