567 
676尽管网络安全已成为企业不容忽视的风险源，但目前对企业如何有效防范和应对网络安全风险的研究仍相对有限。基于ESG投资的声誉保险机制，以中国A股2010—2022年上市公司为研究对象，实证检验了网络安全风险对企业ESG投资的影响效应与影响机制。研究发现，网络安全风险越高的企业，越有可能增大ESG投资。较低的市场化程度和较高的媒体关注程度将会强化网络安全风险对企业ESG投资的正向影响。机制检验表明，网络安全风险较高的企业能够通过增大ESG投资，为其潜在的声誉风险进行“保险”。在面临网络安全风险时，声誉风险敞口越大的企业越有可能增大ESG投资。异质性检验发现，网络安全风险对企业ESG投资的正向影响在供应链集中度较低、管理层短视倾向较低和信息技术背景高管较多的样本中更显著。研究结论有助于理解企业通过ESG投资进行网络安全风险管理的内在逻辑，为鼓励和引导企业坚持“科技向善”的发展战略提供了经验证据。
网络安全风险与ESG投资——基于声誉保险机制的解释
摘要
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张才师, 刘益. 网络安全风险与ESG投资——基于声誉保险机制的解释[J]. 外国经济与管理, 2025, 47(4): 3-20.
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