摘要
ESG是关于环境、社会和治理在企业中如何实现可持续发展的全新导向,能够对企业低碳绿色转型活动产生重要影响。基于2011—2021年沪深两市A股上市企业数据,研究企业ESG表现对低碳绿色转型的影响发现,企业ESG表现提升能够有效提高低碳绿色转型水平。异质性检验发现,企业ESG表现提升对非国有企业、重污染企业和高科技企业的低碳绿色转型有更加突出的促进作用。机制检验发现,企业ESG表现提升能够有效传递积极信号、强化风险平滑能力、激发绿色创新活力,从而为低碳绿色转型提供动力。进一步研究发现,绿色金融专项政策是影响企业ESG表现促进低碳绿色转型的重要因素,在得到绿色金融政策支持的企业,ESG表现提升将会对低碳绿色转型产生显著的赋能作用。有鉴于此,建议政府建立更为明确的ESG评估体系,加大对符合ESG标准企业的奖励力度,鼓励金融机构推出绿色金融产品;企业则要加强对ESG的认知,加大投入力度并强化ESG的信息披露。
ESG is a brand new orientation concerning how environment,society and governance can realize sustainable development in enterprises,which can exert an important impact on enterpris-es'low-carbon green transformation activities.Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021,this paper studies the impact of corpo-rate ESG performance on the low-carbon green transformation.The findings show that the improve-ment of corporate ESG performance can effectively improve the level of low-carbon green transforma-tion.The heterogeneity test reveals that the improved corporate ESG performance has a more promi-nent effect on the low-carbon green transformation of non-state-owned enterprises,heavily polluting enterprises and high-tech enterprises.The mechanism test reveals that the improved corporate ESG performance can effectively transmit positive signals,strengthen risk smoothing ability and stimulate green innovation vitality,which can provide impetus for low-carbon green transformation.Further re-search finds out that specialized green financial policies are an important factor influencing the low-carbon green drivers of corporate ESG performance.In the enterprises with green financial policy support,the improvement of corporate ESG performance will have a significant empowering effect on the low-carbon green transition.In view of this,it is recommended that the government should estab-lish a clearer ESG assessment system,increase incentives for enterprises to meet ESG standards,and encourage financial institutions to launch green financial products.The enterprises should strengthen their awareness of ESG,increase investment,and strengthen the disclosure of ESG information.
作者
王芳
WANG Fang(Wuhan University,Wuhan 430072,China)
出处
《当代财经》
CSSCI
北大核心
2024年第1期152-164,共13页
Contemporary Finance and Economics
基金
国家社会科学基金项目“碳市场约束条件下企业ESG评价指标体系重构与对策”(21BGL188)。
关键词
ESG表现
低碳绿色转型
信号传递
风险平滑
绿色创新
ESG performance
low-carbon green transformation
signal transmission
risk smooth-ing
green innovation
