低碳转型政策对上市公司环境-社会责任-公司治理的影响及作用机制  

Low⁃carbon transition policy and the ESG quality of listed companies:evidence from low⁃carbon city pilots

作　　者：徐妍 宋怡瑾 邵帅 XU Yan;SONG Yijin;SHAO Shuai(School of Economics and Management,Chang'an University,Xi'an Shaanxi 710064,China;School of Business,East China University of Science and Technology,Shanghai 200237,China)

机构地区：[1]长安大学经济与管理学院,陕西西安710064 [2]华东理工大学商学院,上海200237

出　　处：《中国人口·资源与环境》2024年第4期60-75,共16页China Population,Resources and Environment

基　　金：国家自然科学基金项目“重点行业碳中和技术创新与碳减排激励机制研究”(批准号:72243004),“地方政府行为与区域产业演化中的‘路径创造陷阱’;基于可实证空间均衡模型的多尺度交互作用研究”(批准号:71903016),“基于投资者复杂网络结构的证券市场系统性关联风险识别和干预”(批准号:71803147);陕西省社会科学基金项目“空间关联视角下数字经济赋能陕西省高质量发展的效应测度与实现路径研究”(批准号:2022D008);中央高校优秀青年学者项目“地方政府行为与区域产业演化中的路径依赖研究”(批准号:300102230621);陕西省软科学一般项目“东数西算视角下陕西省数字经济高质量发展的空间效应测度及提升路径研究”(批准号:2023-CX-RKX-121)。

摘　　要：全面建设社会主义现代化国家的战略部署对中国经济社会发展的绿色低碳转型提出了新的要求。企业作为推进这一凤凰涅槃过程的核心主体,其践行环保减排、承担绿色责任的激励机制已经成为社会和学界关注的热点。该研究以低碳城市试点政策的实施作为一项代表性低碳转型政策和准自然实验,基于2009—2021年中国上市公司的微观数据,运用渐进双重差分模型考察了该政策实施对上市公司环境-社会责任-公司治理(ESG)质量的影响及作用机制。研究发现:①中国自2010年以来实施的低碳城市试点政策显著提升了上市公司的ESG质量,该政策使试点城市上市公司的ESG指数平均提高了27.42%,且这一结果在排除其他政策干扰、倾向得分匹配、安慰剂检验等一系列稳健性检验后依旧可靠。②在该政策的影响下,来自政府监管和公众舆论监督的压力是企业自主改善ESG质量的重要动因。③通过绿色金融支持缓解企业融资约束和推动企业绿色技术创新,是低碳转型政策改善企业ESG质量的重要机制。其中,绿色技术创新表现为量质齐升的良好态势,且能源节约类绿色技术的创新水平和质量提升在低碳城市试点政策改善企业ESG质量过程中发挥着更重要的作用。该研究表明,中国的低碳城市试点政策不仅在宏观层面推动了区域绿色低碳转型,在微观上也促进了企业践行低碳转型理念、承担可持续发展和绿色发展责任,这在丰富和补充企业ESG质量影响因素研究内容的同时,也为我国实现“双碳”目标提供了一定的学理支持和决策依据。The strategic deployment of building a comprehensive socialist modern state has put forward new requirements for the green and low-carbon transformation of China's economic and social development.As the core subject of promoting this process,the incentive mechanism for enterprises to practice environmental protection and emission reduction and take on green responsibilities has become a hot topic of social and academic attention.This paper examined the impact of the implementation of the low-carbon city pilot policy on the quality of environmental,social and governance(ESG)of listed companies using the staggered difference-in-differences model based on microdata of Chinese listed companies from 2009 to 2021 as a representative low carbon transition policy and a quasi-natural experiment.The findings were as follows:①The low-carbon city pilot policy implemented in China since 2010 significantly improved the ESG quality of listed companies.The policy resulted in an average increase of 27.42%in the ESG index of listed companies in pilot cities.This result held after a series of robustness tests,including controlling for other policy interferences,propensity score matching,and placebo tests.②Under the influence of this policy,pressure from government regulation and public opinion supervision became a crucial driver for companies to autonomously enhance their ESG quality.③Green financial support helped alleviate corporate financ⁃ing constraints and promoted green technological innovation,serving as an important mechanism for improving corporate ESG quality under the low-carbon transformation policy.Among these mechanisms,green technological innovation exhibited a trend toward both quantity and quality improvement.Innovation in energy-saving green technologies played a more significant role in enhancing corporate ESG quality in the context of the low-carbon city pilot policy.This study demonstrates that China's low-carbon city pilot policy not only promoted regional green and low-carbon transformation at the mac

关 键 词：低碳城市试点 ESG质量 渐进双重差分模型 绿色技术创新 上市公司 

分 类 号：F124.3[经济管理—世界经济] F124.5