金融秩序维护与企业ESG表现——来自金融司法审判的证据  

Financial Order Maintenance and Corporate ESG Performance:Evidence from Financial Judicial Trials

作　　者：魏建[1,2] 王慧敏 薛启航 WEI Jiɑn;WANG Huimin;XUE Qihɑng(Shɑndong University,Jinɑn,China)

机构地区：[1]山东大学人文社科期刊社 [2]山东大学中泰证券金融研究院,250100 [3]山东大学经济学院,250100

出　　处：《经济学动态》2024年第7期92-110,共19页Economic Perspectives

基　　金：国家自然科学基金重大项目“基于司法大数据的可靠计算与实证研究”(T2293773);“数字化社会治理的复杂性机理与智能方法”(T2293770)。

摘　　要：司法行为的社会影响备受关注,但对该问题的研究缺乏充足的经验证据。从金融秩序维护的角度,利用中国裁判文书网公布的破坏金融管理秩序刑事一审判决书构建地级市层面的金融司法审判指标,探讨金融司法审判对企业ESG表现的影响。研究结果显示:企业所在地的金融司法审判效率越高、上诉率越低,企业的ESG表现越好。机制分析表明,金融司法审判主要通过降低信息不对称程度、缓解企业融资约束以及增强企业风险管理意识来提高企业的ESG表现水平。进一步分析发现,对于那些拥有较多法律背景高管的企业以及处于银行机构密集城市的企业,金融司法审判的影响更加显著;而且,金融司法审判的改善还有助于降低ESG不确定性程度,以及强化ESG对企业价值的提升效应。因此,应当持续加强金融司法审判的专业化和严格化,鼓励企业主动承担ESG责任,从而实现企业和社会的“双赢”局面。As the basic unit of the national economy,companies should incorporate environmental(E),social(S),and governance(G)factors into their investment decisions,which is an effective means to achieve sustainable economic development.Corporate ESG practice has obvious positive externalities.Encouraging and guiding companies to actively carry out ESG practices has become a major issue of widespread concern in academia and practice.At the same time,China has attached great importance to improving the quality and efficiency of financial judicial trials in recent years,which has become an important means to optimize the financial legal environment,maintain financial market order,and stabilize financial functions.Improving financial justice provides enterprises with a more stable financial market environment for their development,and the demonstration effect of justice can also guide them to engage in some activities with positive externalities.Corporate ESG behavior is essentially an investment decision,which not only requires information exchange with the financial market and external financial support but also requires risk management to ensure stakeholders’benefits.Therefore,from the perspective of financial judicial trials,clarifying the impact of financial rule of law construction on corporate ESG performance is of great significance for strengthening China’s financial governance capabilities,promoting corporate sustainable development,and achieving modernization in which humans and nature coexist in harmony.This study conducts a theoretical analysis and empirical examination of the relationship between financial judicial trials and corporate ESG performance.Based on the criminal first-instance judgments of the“crimes of disrupting the order of financial administration”published by China Judgments Online from 2014 to 2021,indicators to measure the efficiency and quality of financial judicial trials are constructed,and empirical tests are conducted combined with the ESG data from Sino-Securities Index Informatio

关 键 词：金融秩序维护 审判效率 上诉率 ESG 

分 类 号：D922.28[政治法律—经济法学] D924.3[政治法律—法学] F272[经济管理—企业管理]