ESG评级与战略激进度:冒进还是控制?——基于商道融绿ESG评级准自然实验  

ESG Ratings and Strategic Aggressiveness:Adventurous or Controlled?——A Quasi-natural Experiment Based on the SynTao Green Finance ESG Ratings

作　　者：郭震 王永伟 刘晶 GUO Zhen;WANG Yong-wei;LIU Jing(School of Business Administration,Henan University of Economics and Law,Zhengzhou 450046,China)

机构地区：[1]河南财经政法大学工商管理学院,郑州450046

出　　处：《上海对外经贸大学学报》2024年第5期64-83,共20页Journal of Shanghai University of International Business and Economics

基　　金：国家教育部人文社科规划基金项目“科技型中小企业员工越轨创新行为的前因与后果:一项追踪的研究”(项目编号:22YJA630094);2023年度河南财经政法大学校级研究课题“‘消解商业漂绿’的ESG信息披露体系构建及协同治理路径研究”(项目编号:23HNCDXJ34);河南省专创融合特色项目“数字创业”(项目编号:67)的资助。

摘　　要：随着美丽中国建设迈出重大步伐,推进ESG评级对于企业实现高质量发展具有重大意义。本文以商道融绿金融机构2015年ESG评级为准自然实验,基于2010~2020年中国A股上市公司面板数据,构建多期双重差分模型,深入探究了ESG评级事件对企业战略激进度的外生冲击。研究结果表明,ESG评级对企业战略激进度有抑制作用,这一结论通过了一系列稳健性检验。ESG评级通过减少管理者短视行为和高管股权减持抑制企业战略激进度,防止企业战略激进度过高带来冒进风险、资源浪费等负面影响。异质性检验结果表明,ESG评级对战略激进度的影响机制对大企业、新企业的影响效果更突出。进一步研究发现,数字化转型程度高、企业账面市值比高的行业,ESG评级对企业战略激进度的抑制作用会减弱。本文有助于全面理解和完善ESG评级的经济后果,为企业可持续发展提供参考。As China has made significant progress in the construction of a beautiful country,promoting ESG ratings is of great significance for enterprises to achieve high-quality development.This study takes the ESG ratings conducted by SynTao Green Finance Financial Institution in 2015 as a quasi-natural experiment,and based on panel data of Chinese A-share listed companies from 2010 to 2020,constructs a multi-period difference-in-differences model to explore the exogenous impact of ESG ratings on corporate strategic aggressiveness.The results of the study show that ESG ratings have an inhibitory effect on corporate strategic aggressiveness,and this conclusion is supported by a series of robustness tests.ESG ratings inhibit corporate strategic aggressiveness by reducing managerial myopia behavior and executive stock reduction,preventing excessive risk-taking,resource waste,and other negative impacts brought by high strategic aggressiveness.Heterogeneity test results indicate that the impact mechanism of ESG ratings on strategic aggressiveness is more prominent in large enterprises and new enterprises.Further research has found that in industries with high digital transformation and high book-to-market ratios of enterprises,the inhibitory effect of ESG ratings on corporate strategic aggressiveness is weakened.This study contributes to a comprehensive understanding and improvement of the economic consequences of ESG ratings,providing important references for sustainable development of enterprises.

关 键 词：ESG评级 企业战略激进度 高管股权 管理者短视 PSM-DID 

分 类 号：F272[经济管理—企业管理] F205[经济管理—国民经济]