中国贸易冲击与US企业的ESG绩效
The China Trade Shock and the ESG Performances of US firms
摘要：
来自中国的进口竞争如何影响美国企业参与ESG计划？一方面，进口竞争导致的盈利能力下降以及中国出口商在ESG方面的表现滞后，可能会抑制美国公司将更多资源投入ESG举措。另一方面，从劳动密集型生产向资本/技术密集型生产的转变以及离岸外包可能会改善美国公司的ESG绩效。此外，美国公司有动机积极寻求更多的ESG参与，以区别于中国进口产品。利用美国国会授予中国永久正常贸易关系的贸易政策以及由此产生的中国进口产品预期关税率的变化，我们发现来自中国的进口竞争加剧导致美国公司的ESG表现提高。这种改善主要源于“做更多积极的事情”和更多地参与环境倡议。间接和直接证据表明，改进不是由生产流程的变化或离岸外包驱动的，而是与产品差异化相一致的。我们的研究结果表明，来自中国的贸易冲击对美国公司的ESG表现有重大影响。
英文摘要：
How does import competition from China affect engagement on ESG initiatives by US corporates? On the one hand, reduced profitability due to import competition and lagging ESG performance of Chinese exporters can disincentivize US firms to put more resources to ESG initiatives. On the other hand, the shift from labor-intensive production to capital/technology-intensive production along with offshoring may improve the US company's ESG performance. Moreover, US companies have incentives to actively pursue more ESG engagement to differentiate from Chinese imports. Exploiting a trade policy in which US congress granted China the Permanent Normal Trade Relations and the resulting change in expected tariff rates on Chinese imports, we find that greater import competition from China leads to an increase in the US company's ESG performance. The improvement primarily stems from "doing more positives" and from more involvement on environmental initiatives. Indirect and direct evidence shows that the improvement is not driven by the change in production process or offshoring, but is consistent with product differentiation. Our results suggest that the trade shock from China has significant impact on the US company's ESG performance.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
