绿色投资视角下中国上市公司ESG表现的碳减排效应  

Carbon Emission Reduction Effect of Chinese Listed Company’s ESG Performance from the Perspective of Green Investment

作　　者：张小溪[1] 肖志敏 马宗明 ZHANG Xiaoxi;XIAO Zhimin;MA Zongming(Institute of Economics,Chinese Academy of Social Sciences,Beijing 100836,China;Galaxy Securities Research Institute,Beijing 100102,China)

机构地区：[1]中国社会科学院经济研究所,北京100836 [2]银河证券研究院,北京100102

出　　处：《山东财经大学学报》2025年第1期41-57,共17页Journal of Shandong University of Finance and Economics

基　　金：国家社会科学基金重大项目“基于中国实践的经济增长理论创新研究”(22&ZD053);中国社会科学院智库基础项目“中国绿色增长实践与治理机制研究”(ZKJC240610)。

摘　　要：好的ESG表现是否能够真实带来碳减排?文章运用双向固定效应模型,基于中国上市公司2018—2022年数据,实证检验了企业ESG表现对碳减排的影响和绿色信贷在其中发挥的调节作用,进一步验证了绿色投资视角下中国资本市场对于绿色资产识别及降低企业融资成本的有效性。研究结果证实:好的ESG表现可以显著促进企业减排,但是对非国有企业的影响更大;绿色信贷在其中发挥出正向调节作用,促进了ESG的碳减排效应;好的ESG表现有助于企业在资本市场获得青睐,但在实践中正向反馈作用有限;上市公司ESG实践有助于降低股权融资和债务融资成本,但对股权融资成本的影响更显著。因此,监管机构应制定更严格的ESG信息披露规则、进一步完善绿色信贷政策、加强对ESG投资产品的监管,提高上市公司ESG评级水平。Can good ESG performance truly lead to carbon emission reduction?By using a bidirectional fixed effect model and based on the data from China’s listed companies from 2018 to 2022,this study empirically tests the impact of corporate ESG performance on carbon emission reduction and the regulatory role played by green credit in it,and further verifies the effectiveness of China’s capital market in identifying green assets and reducing corporate financing costs from the perspective of green investment.The research results confirm that good ESG performance can significantly promote corporate emission reduction,and has a greater impact on non-state-owned enterprises;green credit plays a positive regulatory role in it and promotes the carbon emission reduction effect of ESG;good ESG performance helps companies gain favor in capital market,but the positive feedback effect is limited in practice;and that the ESG practice of listed companies helps reduce the costs of equity financing and debt financing,and the impact on equity financing costs is more significant.Therefore,supervision agencies should formulate stricter ESG information disclosure rules,further perfect green credit policies,strengthen the supervision of ESG investment products,and enhance the ESG rating level of listed companies.

关 键 词：绿色投资 绿色资产识别 碳减排 ESG表现 

分 类 号：F015[经济管理—政治经济学] F06