碳风险视角下的企业环境、社会及治理责任履行  

Implementation of Corporate Environmental,Social and Governance Responsibility from the Perspective of Carbon Risk

作　　者：黄恒 齐保垒 HUANG Heng;QI Baoleil(School of Economics and Management,Xinjiang University,Urumqi,Xinjiang,830046;Center for Energy Carbon Neutrality Strategy and Decision-making of Xinjiang,Xinjiang University,Urumqi,Xinjiang,830046;School of Management,Xi'an Jiaotong University,Xi'an,Shanxi,710049)

机构地区：[1]新疆大学经济与管理学院,新疆乌鲁木齐830046 [2]新疆大学能源碳中和战略与决策研究中心,新疆乌鲁木齐830046 [3]西安交通大学管理学院,陕西西安710049

出　　处：《国际商务（对外经济贸易大学学报）》2024年第3期137-156,共20页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金面上项目“股票发行注册制改革、信息披露质量与资源分配效率”(72172116);国家社会科学基金重大项目“碳中和目标驱动下多能互补体系的协同机理与实现路径研究”(21&ZD133);新疆维吾尔自治区研究生创新项目“我国企业ESG行为的绿色创新效应研究”(XJ2023G011)。

摘　　要：本文以地区碳排放作为碳风险的代理变量,通过匹配2011—2021年中国沪深A股上市公司数据,实证检验碳风险对企业ESG责任履行的影响。研究结果表明:地区碳风险能够有效促进企业ESG责任履行,碳风险对企业ESG责任履行的影响具有产权性质、机构所有权占比和碳排放行业异质性。机制分析表明:碳风险通过提升企业面临的政府环境规制压力促使企业进行ESG战略调整,通过增加企业面临的融资约束压力倒逼企业履行ESG责任,通过提升管理者战略意识促进企业在战略层面重视ESG责任履行。进一步研究表明:碳风险对企业ESG单一维度责任履行的影响具有方向上的一致性和强度上的差异性;在地区碳风险的影响下,企业履行ESG责任可以实现生态环保和经济绩效的双重价值。This paper explored the relationship between regional carbon emissions,as a proxy for carbon risk,and the implementation of ESG responsibility in Chinese A-share listed companies from 2011 to 2021.The findings indicate that regional carbon risk effectively encourages corporate ESG responsibility.The impact of carbon risk on ESG responsibility implementation of enterprises exhibits characteristics related to property rights,institutional ownership proportion,and industry-specific carbon emissions heterogeneity.Mechanism analysis shows that carbon risk compels firms to adjust ESG strategies by amplifying government environmental regulation pressure,fulfll ESG responsibility by intensifying financing constraint pressure,and prioritize ESG responsibility fulfllment at the strategic level by enhancing managers'strategic awareness.Further research demonstrates that the impact of carbon risk on specific dimensions of ESG responsibility performance is consistent in direction but varies in intensity.Under regional carbon risk influence,companies can fulfll ESG responsibility to achieve the dual value of ecological environmental protection and economic performance.

关 键 词：碳风险 环境规制压力 融资约束压力 管理者战略意识 ESG责任履行 双重价值 

分 类 号：F062.2[经济管理—政治经济学]