通往绿色之路:企业ESG表现与环保投资——基于中国绿色金融创新政策赋能的经验证据  

The Road to Green:Corporate ESG Performance and Environmental Investment——Empirical Evidence from China's Green Finance Innovation Policies

作　　者：黄大禹 谢获宝[2] 邹梦婷 HUANG Da-yu;XIE Huo-bao;ZOU Meng-ting(School of Economics and Management,Tsinghua University 100084;School of Economics and Management,Wuhan University 430072;School of Economics,Wuhan University of Technology 430072)

机构地区：[1]清华大学经济管理学院,100084 [2]武汉大学经济与管理学院,430072 [3]武汉理工大学经济学院,430072

出　　处：《上海经济研究》2023年第10期92-111,共20页Shanghai Journal of Economics

基　　金：国家社科基金项目“碳市场约束条件下企业ESG评价指标体系重构与对策研究”(项目编号:21BGL188)阶段性成果之一。

摘　　要：ESG是双碳时代背景下企业可持续、高质量发展的重要抓手。本文使用沪深两市A股上市企业2011-2022年数据集,检验企业ESG表现提升对环保投资的影响、机制和作用条件。实证结果发现,企业ESG表现提升有助于提升环保投资强度。异质性检验发现,企业ESG表现提升对于民营企业、战略性新兴企业与非重污染企业的环保投资水平提升具有显著作用。机制检验发现,企业ESG表现提升对环保投资活动的赋能效果,是通过改善市场主体的预期、提升经营稳定性并增强企业绿色转型动能的路径实现的。进一步研究发现,绿色金融创新政策的支持是企业ESG有效转换成为环保投资活动的重要条件,在得到绿色金融改革创新政策的支持下,企业ESG表现提升能够赋予环保投资活动更大的加速度。本文从强化ESG信息披露规范和治理、设置ESG基金、推动可持续金融的多元创新、革新监管方法等多个维度提出了政策建议,以增强企业ESG赋能经济高质量发展的质效水平。Environmental,Social,and Governance(ESG)considerations have emerged as a pivotal compass for corporate advancement in contemporary times.This study leveraging a dataset spanning 2011 to 2022 and encompassing A-share listed firms in Shanghai and Shenzhen,the research meticulously dissects the impact,mechanisms,and prerequisites governing the augmentation of ESG performance on environmental investment.Empirical findings illuminate that an elevation in corporate ESG performance directly contributes to the amplification of environmental protection investment intensity.Underpinning this correlation are nuanced heterogeneity tests,revealing that enhanced ESG performance predominantly influences heightened environmental investment levels in non-state-owned enterprises,high-tech ventures,and non-heavy pollution enterprises.Mechanism analyses offer additional insights,elucidating that bolstered ESG performance nurtures positive market expectations,mitigates environmental uncertainty,and fosters superior green transformation quality.These factors collectively foster an environment conducive to elevated corporate environmental investments.Subsequent exploration underscores the paramount role of green financial innovation policies as a catalyst for translating ESG performance improvements into tangible environmental investment outcomes.The research establishes that the synergy between improved ESG performance and supportive green financial reform policies propels accelerated environmental investment endeavors.In light of these findings,this paper formulates comprehensive policy recommendations across multiple dimensions,encompassing governmental,corporate,and financial policy domains.These recommendations converge to heighten the quality and efficacy of ESG-driven corporate initiatives,thereby propelling economic high-quality development.

关 键 词：ESG表现 环保投资 绿色转型 绿色信贷政策 绿色金融改革试验区 

分 类 号：F810.2[经济管理—财政学]