高管团队ESG注意力如何影响企业韧性？

——基于文本分析与机器学习的经验证据

黄绮煜¹　张妍¹　崔华清²　李响¹

（1.华北电力大学；2.北京国家会计学院）

内容提要：组织韧性已成为企业在乌卡（VUCA）环境中蓬勃发展的关键属性，探寻企业韧性的常态化提升路径是学术界和实务界亟待解决的重要议题。本文以2016—2022年沪深A股上市公司为样本，采用文本分析和机器学习技术衡量管理认知要素，并基于高阶理论和认知理论的整合视角，探究高管团队环境、社会与治理（ESG）注意力对企业韧性的影响。研究发现，企业韧性与高管团队ESG注意力之间存在U型动态变化规律，揭示了管理认知构筑企业韧性的渐进性和复杂性。机制检验结果表明，融资约束和经营风险是高管团队ESG注意力影响企业韧性的关键路径，适度的ESG注意力对企业韧性具有资源获取效应和风险缓释效应。此外，通过考察环境嵌入背景，本文验证了企业韧性与高管团队ESG注意力之间的关系因产权性质、行业环境敏感度和生命周期阶段的不同而具有异质性。进一步地，本文从时间的稳定性和结构的均衡性两个维度分析了高管团队注意力的配置策略。其一，注意力稳定性较高的企业的组织学习有效性更高，管理认知资源的转化效率更快；其二，注意力均衡性会强化高管团队ESG注意力促进企业韧性的U型关系，即ESG注意力内部各支柱配置的均衡性越高，高管团队ESG注意力转化为企业韧性正向增量的转折点越早。本文的研究拓展了组织韧性的前置促进要素，为探寻提升企业韧性的有效路径、优化配置注意力资源提供了参考。

关键词：高管团队；ESG注意力；企业韧性；管理认知；注意力基础观；融资约束；经营风险

作者简介：黄绮煜，华北电力大学经济与管理学院博士研究生，北京，102206；张妍，华北电力大学经济与管理学院教授、博士生导师，通信作者；崔华清，北京国家会计学院高级会计师，北京，101312；李响，华北电力大学经济与管理学院博士研究生。

基金项目：国家自然科学基金面上项目“基于区块链的分布式能源能量管理系统研究”（71974055）；国家社会科学基金一般项目“促进能源工业绿色转型的经济政策体系研究”（19BGL011）

引用格式：黄绮煜,张妍,崔华清,等.高管团队ESG注意力如何影响企业韧性?——基于文本分析与机器学习的经验证据[J].经济与管理研究,2025,46(11):38-58.

How does Top Management Team ESG Attention Influence Corporate Resilience?

—Empirical Evidence Based on Text Analysis and Machine Learning

HUANG Qiyu¹, ZHANG Yan¹, CUI Huaqing², LI Xiang¹

(1. North China Electric Power University, Beijing 102206;

2. Beijing National Accounting Institute, Beijing 101312)

Abstract: Organizational resilience has become a critical attribute for enterprises to sustain stable operations and thrive in an environment characterized by volatility, uncertainty, complexity, and ambiguity (VUCA). Exploring effective ways for enterprises to regularly cultivate organizational resilience is of theoretical and practical significance for advancing corporate sustainability and promoting the high-quality transformation and upgrading of the national economy.

Using China’s A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2016 to 2022 as the research sample, this paper employs text mining and machine learning methods to measure managerial cognition, and explores how top management team (TMT) attention to environmental, social, and governance (ESG) factors influences corporate resilience from an integrated perspective of upper echelons theory and cognitive theory. The main findings are as follows. First, there is a U-shaped relationship between corporate resilience and TMT ESG attention, indicating the gradualness and complexity of managerial cognition in building resilience. Second, the examination of the underlying mechanism indicates that financing constraints and operational risks serve as key channels through which TMT ESG attention relates to corporate resilience, with moderate ESG attention yielding resource-acquisition and risk-mitigation effects. Third, by examining the context of environmental embeddedness, this paper confirms that this relationship varies across ownership types, industry environmental sensitivity, and life cycle stages. Finally, this paper analyzes the allocation strategy of TMT attention in terms of temporal stability and structural balance and finds that enterprises with higher attention stability exhibit higher organizational learning effectiveness and faster conversion efficiency of management cognitive resources, and that attention balance can strengthen the U-shaped relationship.

This paper makes the following marginal contributions. First, it reveals a U-shaped relationship between TMT ESG attention and corporate resilience, deepening the understanding of the complex and gradual role of managerial cognition in organizational adaptation and transformation. Second, it expands the theoretical scope and research boundaries of ESG through an attention-based view. Third, it explores the allocation strategies of TMT attention from the perspectives of stability and balance, calling for deeper research on how to allocate attention resources more scientifically and effectively. The findings provide valuable insights for companies to navigate painful ESG transformation and achieve sustainable transformation at an early stage, while offering policy implications for government agencies to promote the healthy and orderly development of ESG.

Keywords: top management team; ESG attention; corporate resilience; managerial cognition; attention-based view; financing constraint; operational risk

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