双碳背景下环境规制与企业ESG表现——基于宏观和微观双层机制的实证  

Environmental Regulation and Enterprise ESG Performance under the Background of Dual Carbon Practice——Empirical Study Based on both Macro and Micro Mechanisms

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,Beijing 100084;School of Economics and Management,Wuhan University,Wuhan 430072;School of Economics,Wuhan University of Technology,Wuhan 430072,China)

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

出　　处：《山西财经大学学报》2023年第10期83-96,共14页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(19YJA630093);博士后基金“国家知识产权局2022年度软科学研究项目”(SS22-B-11)。

摘　　要：基于沪深两市A股上市企业2011—2021年的数据集,实证检验环境规制对企业ESG表现的影响,及其影响机制和可能的异质性问题。研究发现,环境规制能够显著提升企业的ESG表现水平。机制研究发现,环境规制能够在宏观层面上增强政府部门对环境问题的治理和惩戒力度并优化产业结构,在微观上能够促进企业绿色转型并增加环保支出强度,这些改善都有助于企业提升ESG水平。异质性检验发现,环境规制对重污染企业、成长期和成熟期企业、中西部地区企业的ESG表现具有显著正向促进效果。本文的研究成果,可为政府环境规制工具完善与政策制度建设提供有益参考。Based on the datasets of A-share listed enterprises in Shanghai and Shenzhen for the period of 2011-2021,this paper empirically examined the impact of environmental regulation on enterprise ESG performance,as well as its influencing mechanism and possible heterogeneity issues.The empirical results illustrated that environmental regulation could significantly improve the level of enterprise ESG performance.Mechanism study revealed that environmental regulation could enhance the government's efforts to punish environmental problems and optimize industrial structure at the macro level.Meanwhile,environmental regulation could also promote the green transformation of enterprises and increase the intensity of environmental protection expenditures at the micro level.These improvements were all conductive to the improvement of enterprise ESG performance.Heterogeneity test showed that,environmental regulation had a significant positive effect on the ESG performance of heavily polluting firms,the firms at both growth and maturity stages,and the firms in the central and western regions.The results provided useful references for the improvement of tools and policy construction of the government's environmental regulation.

关 键 词：环境规制 企业ESG表现 绿色技术创新 环保投资 产业结构优化 

分 类 号：C80[社会学—统计学]