形式主义还是实质主义:ESG评级软监管下的绿色创新研究  

Formalism or Substantialism:Research on Green Innovation under Soft Market Supervision of ESG Rating

作　　者：刘柏[1] 卢家锐 琚涛 Liu Bai;Lu Jiarui;Ju Tao(School of Business and Management,Jilin University;Business School,Southern University of Science and Technology;School of Accounting and Finance,The Hong Kong Polytechnic University)

机构地区：[1]吉林大学商学与管理学院 [2]南方科技大学博士后科研流动站 [3]香港理工大学,中国香港

出　　处：《南开管理评论》2023年第5期16-26,I0003,I0004,共13页Nankai Business Review

基　　金：教育部人文社会科学研究规划基金项目(22YJA630047)资助。

摘　　要：区别于对政府环境规制的硬监管研究,本文聚焦市场软监管如何干预企业绿色创新。基于第三方商道融绿首次发布ESG评级的外生冲击,采取双重差分模型考察该评级引致的市场软监管对企业绿色创新的影响。结果表明,第三方ESG评级倒逼企业提高绿色创新数量,但是降低绿色创新质量。这说明企业为了迎合市场偏好采取了“重数量轻质量”的形式主义行为,加剧了绿色创新的“泡沫”。进一步研究发现,管理者短视心理是ESG评级软监管与企业绿色创新形式主义行为之间的潜在影响机制。截面分组发现,更高的公司治理水平与分析师关注度,分别通过抑制管理者短视的自利动机内因和信息不对称外因,进而对企业绿色创新形式主义行为进行纠偏。最后,ESG评级软监管存在显著的溢出效应,即评级企业同省和同行其他企业绿色专利申请数量也得到提高,但绿色专利申请质量的负向溢出效应仅在同省企业中存在。研究不仅证明了环境与经济困局中市场软监管的作用,也为中国金融监管机构即将推行ESG信息披露硬监管政策提供了参考。Diverging from the existing literature on the stringent reg-ulatory research pertaining to government-enforced environmental norms,this paper delves into the realm of market-driven soft regu-lation and its intervention in fostering corporate green innovation.Anchored by the exogenous perturbation introduced by the inaugural release of ESG(Environmental,Social,and Governance)ratings through the third-party SynTao Green Finance,this study employs a Difference-in-Differences model to meticulously scrutinize the reper-cussions of market-driven soft regulation,catalyzed by these ratings,on corporate green innovation.The empirical findings unveil a com-pelling scenario wherein third-party ESG ratings exerted coercive pressure on enterprises to augment the quantity of green innovation initiatives,albeit at the expense of compromising the quality thereof.This discernible outcome underscores the unfortunate reality that companies,in a bid to conform to market preferences,have resorted to a flawed paradigm characterized by an overemphasis on quantity,while inadvertently undermining the imperative facet of quality.Con-sequently,this proclivity towards a form-over-substance approach has inadvertently exacerbated the dynamics of the green innovation“bubble”.Delving deeper into the underlying mechanisms,this in-vestigation unearths the lurking influence of managerial myopia as a seminal factor governing the interplay between ESG rating-driven soft regulation and the manifestation of form-oriented behavior with-in the domain of corporate green innovation.Through cross-sectional subgroup analysis,it is revealed that elevated levels of corporate governance and heightened analyst attention act as formidable cor-rectives,effectively countering the proclivity towards form-oriented behavior by curbing managerial self-serving motives and mitigating information asymmetry.Lastly,the study unveils significant spillover effects emanating from the implementation of ESG rating soft regu-lation.Specifically,companies subjected to the rat

关 键 词：市场软监管 ESG评级 绿色创新 形式主义 管理者短视 

分 类 号：F273.1[经济管理—企业管理] F270[经济管理—国民经济] F271[环境科学与工程—环境工程] X322