环境规制强度与ESG评级质量  

Environmental Regulation Intensity and ESG Rating Quality

作　　者：田金方[1] 李泰棒 杨晓彤 TIAN Jinfang;LI Taibang;YANG Xiaotong(School of Statistics and Mathematics(Research Center for Statistics and Interdisciplinary Sciences),Shandong University of Finance and Economics,Jinan 250002,China)

机构地区：[1]山东财经大学统计与数学学院(统计交叉科学研究中心),山东济南250002

出　　处：《经济与管理评论》2024年第6期58-69,共12页Review of Economy and Management

基　　金：国家社会科学基金重大项目“工业大数据统计测度理论及应用研究”(21&ZD153)。

摘　　要：ESG评级难以反映企业在环境、社会和公司治理方面的均衡发展程度,如何衡量并实现三者协同发展是决定企业可持续发展的重要因素。通过构建ESG均衡性指标,以2000-2022年中国A股上市公司为样本,研究环境规制强度对ESG评级质量的影响效应和作用机制。研究发现,环境规制强度对企业ESG评级质量具有显著正向影响,这表明环境规制的实施有利于ESG均衡发展。上述结果在进行一系列稳健性检验以及基于工具变量法的内生性处理后仍然成立。机制研究表明,环境规制可通过提高环保投资、维护企业声誉和优化内部治理结构促进企业ESG均衡发展。此外,对于重污染行业和受分析师关注度较高的企业,环境规制对ESG评级质量的正向影响更加显著。该研究不仅在理论上丰富了ESG评级质量的测算方法体系,也为加快推进企业可持续发展提供了经验借鉴。It is difficult for ESG ratings to reflect the degree of balanced development of enterprises in terms of environment,society and corporate governance,and how to measure and realize the synergistic development of the three is an important factor in determining the sustainable development of enterprises.By constructing ESG equilibrium indicators,we study the effect and mechanism of environmental regulation intensity on the quality of ESG ratings using a sample of Chinese A-share listed companies from 2000 to 2022.It is found that the intensity of environmental regulation has a significant positive effect on the quality of corporate ESG ratings,which indicates that the implementation of environmental regulation is conducive to the balanced development of ESG.The above results still hold after a series of robustness tests and endogeneity treatment based on instrumental variables approach.Mechanistic studies suggest that environmental regulation can promote balanced corporate ESG development by increasing environmental protection investment,maintaining corporate reputation and optimizing internal governance structure.In addition,the positive impact of environmental regulation on ESG rating quality is more significant for firms in heavily polluted industries and those that are highly concerned by analysts.This study not only theoretically enriches the system of measurement methods of ESG rating quality,but also provides empirical reference for accelerating the sustainable development of enterprises.

关 键 词：环境规制 ESG评级质量 均衡性 企业可持续发展 企业声誉 

分 类 号：F279.23[经济管理—企业管理]