金融科技与企业ESG表现  

FinTech and Corporate ESG Performance

作　　者：孙明睿 马融 马文杰[1,3] Sun Mingrui;Ma Rong;Ma Wenjie(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China;Shanghai Institute of International Finance Center,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学金融学院,上海200433 [2]上海财经大学公共经济与管理学院,上海200433 [3]上海财经大学上海国际金融中心研究院,上海200433

出　　处：《财经研究》2024年第12期92-106,共15页Journal of Finance and Economics

基　　金：国家自然科学基金专项项目“助力可持续发展的金融市场建模分析”(72342021)

摘　　要：在金融科技快速发展的背景下,如何通过科技赋能推动企业迈向绿色高质量发展道路已成为当前最重要的议题之一。探讨金融科技发展水平与企业ESG表现之间的关系具有重要的理论和实践意义。文章以2010—2022年中国沪深A股上市公司为研究样本,探究了金融科技发展水平对企业ESG表现的影响及其机制。研究发现,金融科技能够显著提升企业ESG表现,包括ESG综合表现以及环境(E)、社会(S)、治理(G)单项表现。机制分析表明,金融科技一方面通过推动技术进步和降低代理成本促进企业内部成长,从而改善ESG表现;另一方面,通过降低外部交易成本和缓解融资约束优化外部环境,从而提升ESG表现。此外,文章还发现金融科技能够显著提高企业经营绩效并缓解经营风险。ESG is an important standard for the international community to measure the green and sustainable development of enterprises.In the context of rapid development of FinTech,how technology empowerment can better help enterprises move towards a path of green and high-quality development has become one of the most important issues at present.Using data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2022,this paper studies the impact of FinTech on corporate ESG performance and its underlying mechanisms.The results show that FinTech can significantly improve corporate ESG performance,including the overall ESG performance as well as individual E,S,and G performance.The impact mechanisms are that:First,FinTech can boost the internal growth of enterprises by upgrading their technology and reducing their agency costs,thereby improving their ESG performance.Second,FinTech can optimize the external environment of enterprises by reducing external transaction costs and alleviating financing constraints,thereby improving their ESG performance.Heterogeneity analysis indicates a more pronounced impact for financially disadvantaged,heavily polluting,and non-high-tech enterprises.From a macro perspective,the promoting effect of FinTech is more prominent in areas with weaker environmental regulations,lower bank competition,and limited marketization.Finally,the economic consequences show that the improvement of ESG by FinTech can further enhance corporate performance and alleviate operational risks.Based on the findings,this paper draws the following policy implications:First,heavily polluting enterprises should make full use of the technology spillover effect of FinTech to comply with the requirements of green development,improve ESG performance,and accelerate green transformation and upgrading in the context of the new era.Second,under the premise of stable development,we should fully unleash the empowering effect of FinTech,and expand its application and impact scope.

关 键 词：金融科技 ESG表现 技术进步 

分 类 号：F270[经济管理—企业管理]