ESG评级能否促进企业绿色转型?  

Can ESG Rating Promote the Green Transformation of Enterprises?

作　　者：严春晓[1] 李雅薇 朱迪星[3] YAN Chun-xiao;LI Ya-wei;ZHU Di-xing(School of Economics and Management,China University of Geosciences;College of Management and Economics,Tianjin University;Wuhan Branch of the People’s Bank of China)

机构地区：[1]中国地质大学(武汉)经济管理学院,湖北武汉430000 [2]天津大学管理与经济学部,天津300072 [3]中国人民银行武汉分行,湖北武汉430071

出　　处：《当代金融研究》2023年第6期1-13,共13页Journal of Contemporary Financial Research

摘　　要：习近平总书记在“新发展理念”中深刻阐述了绿色发展的重要性,但现实看,传统财务决策和内部治理框架下,企业绿色发展内生驱动力不足,无法充分实现绿色转型的要求。近期,ESG披露在《上市公司治理准则》(修订)中被明确要求,关于评级披露能否推动企业绿色转型,这一问题的思考具有重要的理论意义和实践价值。本文基于2011-2020年中国662家A股上市公司财务数据,实证分析了ESG评级对企业绿色转型的影响机制,并重点考察了不同污染程度、不同市场化程度以及不同信息透明度企业的异质性。从结果看,ESG评级显著促进企业绿色转型;企业面临的融资约束对ESG评级与绿色转型的关系起抑制作用,而研发投入则起促进作用;重污染行业、高市场化程度和低信息透明度企业的ESG评级对企业绿色转型的促进作用更为显著。最后,提出完善ESG评级制度与体系、制定绿色转型差异化政策、减弱融资约束影响力的对策建议。Xi Jinping,general secretary of the Communist Party of China Central Committee,put forward the“new development concept”and deeply expounded the importance of green development.But seen from reality,under the traditional financial decision-making and internal governance framework,the endogenous driving force of enterprise green development is insufficient,and it is unable to fully realize the requirements of green transformation.Recently,in the“Code of Corporate Governance of Listed Companies(2018 Revised)”,ESG disclosure has been clearly required.Thinking about this problem,whether the rating disclosure can essentially promote the enterprise green transformation,has important theoretical significance and practical value.Based on the financial data collected from China’s 662 A-share listed companies from 2011 to 2020,the influence mechanism of ESG rating on the motivation and effectiveness of enterprise green transformation is empirically analyzed,and the heterogeneity of enterprises with different pollution levels,different marketization and different information transparency is examined.The main conclusions are as following:Firstly,ESG rating significantly promotes the enterprise green transformation;Secondly,the financing constraint can inhibit the relationship between ESG rating and enterprise green transformation,while R&D investment promotes it;Finally,ESG ratings of heavily polluting industries,high marketization and low information transparency enterprises play a more significant role in promoting the green transformation of enterprises.

关 键 词：ESG评级 企业绿色转型 融资约束 研发投入 异质性分析 

分 类 号：F832[经济管理—金融学]