贷款银行ESG实践与借款企业绿色技术创新  

ESG Practice of Lending Banks and Green Technology Innovation of Borrowing Enterprises

作　　者：陈东晖 李素梅[2] 尚达 刘岩 CHEN Dong-hui;LI Su-mei;SHANG Da;LIU Yan

机构地区：[1]天津财经大学金融学院,天津300222 [2]天津财经大学绿色经济与社会发展研究院

出　　处：《现代金融研究》2024年第11期14-24,共11页Journal of modern finance

基　　金：国家社会科学基金后期资助项目“金融科技、银行信贷资源配置与实体经济高质量发展研究”(23FJYB033);教育部人文社会科学研究青年基金项目“经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究”(23YJC790038);国家自然科学基金青年项目“系统性风险防范视角下我国货币政策与宏观审慎政策协调机制研究”(71903142)的资助。

摘　　要：本文以2013-2022年我国上市企业和商业银行为研究对象,基于机器学习算法构建商业银行ESG指数,实证检验贷款银行ESG实践对借款企业绿色技术创新的影响及机制。研究发现:第一,贷款银行ESG实践显著提升了借款企业绿色技术创新水平,该作用在民营企业、未持有银行股份的企业和政府环保注意力、环境规制力度较高的地区中更明显;第二,银行ESG实践通过缓解企业融资约束、优化企业人力资源结构、提升企业内部管理水平促进企业绿色技术创新;第三,银行ESG实践对企业绿色创新的推动作用既未导致企业策略性绿色创新,也未牺牲企业经济效益,且该推动作用并非是对其他创新活动的排斥,而是在企业原有创新活动基础上叠加的杠杆效应。This paper takes listed companies and commercial banks in China during 2013-2022 as the research objects,constructs the ESG index of commercial banks based on machine learning algorithms,and empirically tests the impact and mechanism of ESG practice of lending banks on green technology innovation of borrowing enterprises.Research has found that,firstly,the ESG practice of lending banks have significantly improved the level of green technology innovation of bor-rowing enterprises,and this effect is more pronounced in private enterprises,enterprises that do not hold bank shares,and regions with higher government environmental attention and regulation;Secondly,ESG practice of banks promote the green technology innovation in enterprises by alleviating financing constraints,optimizing corporate human resource structures and enhancing their internal management levels;Thirdly,the promotion effect of ESG practice of banks on corporate green inno-vation has neither led to strategic green innovation nor sacrificed the economic benefits of the enterprise.Moreover,this promotion effect is not a rejection of other innovation activities,but a leverage effect added to the existing innovation activi-ties of the enterprise.

关 键 词：银行ESG实践 企业绿色技术创新 资源配置 监督治理 融资激励 

分 类 号：X22[环境科学与工程—环境科学] F273.1[经济管理—企业管理] F832.51[经济管理—国民经济] F832.4