环境污染责任保险与企业ESG表现  

Environmental Pollution Liability Insurance and Corporate ESG Performance

作　　者：代昀昊[1] 彭可可 童心楚 李鸿雨 Dai Yunhao;Peng Keke;Tong Xinchu;Li Hongyu

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《证券市场导报》2025年第2期24-35,共12页Securities Market Herald

基　　金：国家自然科学基金面上项目(72372048);中央高校基本科研业务费(2024WKYXQN034)

摘　　要：作为绿色金融工具的环境污染责任保险会提升企业ESG表现,还是适得其反?本文根据环责险投保企业名单,结合沪深A股上市企业2009—2022年数据,探讨了企业投保环责险与ESG表现之间的关系。研究发现,企业投保环责险存在道德风险,在将可能的环境污染赔偿转嫁给保险公司后,企业会减弱环境治理动机和增加“漂绿”行为,从而导致ESG表现下降。异质性分析表明,外部治理监督能约束投保企业的道德风险,内部兼顾环境保护的经营目标和充足的绿色投入是企业进行环境治理的保障,因此在公众环境关注度和环境规制水平较高、环境执法力度较强的地区,重污染行业和竞争程度较低的行业中,以及国有企业和外部关注度较高的企业中,投保环责险对企业ESG表现的负面效应较弱。进一步分析发现,投保环责险对企业ESG表现的负面效应主要集中于环境和公司治理维度,投资者对企业购买环责险的短期市场反应显著为负。基于上述发现,本文建议进一步完善环保领域的法律法规体系,提高环境规制水平和环境执法力度,同时优化环责险产品设计,根据事故发生率等因素实行差别化保险费率和理赔标准。Does environmental pollution liability insurance(EPLI),as a green financial instrument,improve corporate environmental,social,and governance(ESG)performance or backfire?Based on the name list of companies purchasing EPLI and data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2022,the paper examines the relationship between corporate purchasing EPLI and its ESG performance.The results show that moral hazard exists when companies purchase EPLI.After transferring potential environmental pollution compensation risks to insurance companies,companies tend to weaken their environmental governance motivation and increase“greenwashing”behavior,leading to a decline in ESG performance.The heterogeneity analysis shows that external governance oversight can constrain the moral hazard of insured companies,while internal alignment with environmental protection objectives and sufficient green investment serve as guarantees for companies to carry out effective environmental governance.Therefore,the negative effect of EPLI on ESG performance is weaker in regions with higher public attention to the environment,higher levels of environmental regulation,and stronger environmental law enforcement.It is also weaker in heavily polluting industries,less competitive industries,state-owned enterprises,and companies with higher levels of external attention.Further analysis finds that the negative effect of EPLI on ESG performance is mainly concentrated in the environmental and corporate governance dimensions of ESG.In addition,investors’short-term market reaction to companies purchasing environmental liability insurance is significantly negative.Based on the above findings,the paper recommends further improving the legal and regulatory framework in the environmental protection field,enhancing the level of environmental regulation and enforcement.Additionally,it suggests optimizing the design of EPLI products by implementing differentiated premium rates and compensation standards based on factors

关 键 词：环境污染责任保险 ESG表现 道德风险 漂绿 

分 类 号：F832[经济管理—金融学] X322[环境科学与工程—环境工程]