银行ESG表现、预防性动机和流动性囤积  

Bank ESG Performance,Precautionary Motive and Liquidity Hoarding

作　　者：张年华 曹啸[1] ZHANG Nian-hua;CAO Xiao

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《现代金融研究》2025年第3期68-83,共16页Journal of modern finance

基　　金：国家社会科学基金重点项目“基于新发展理念的经济结构调整与金融系统防风险的动态平衡机制研究”(22AZD134);上海财经大学2023年研究生创新基金项目“ESG投资与上市银行的资本市场表现”(CXJJ-2023-315);国家公派留学基金CSC项目(2023)的资助。

摘　　要：本文从预防性动机出发,深入考察ESG表现影响商业银行流动性囤积的作用机理。研究表明,ESG表现会显著降低商业银行的流动性囤积水平,主要表现为对整体流动性囤积水平和资产端流动性囤积水平的抑制。从机制检验看,ESG表现会降低银行通过增加拨备计提缓解流动性风险的动机来抑制流动性囤积需求。异质性检验表明,ESG表现对流动性囤积的抑制效应在经营风险较大的商业银行中表现更加明显。拓展研究发现,ESG表现还会抑制经济政策不确定性对流动性囤积的强化效应。This paper thoroughly investigates the mechanism by which ESG performance influences the liquidity hoarding of commercial banks from the perspective of precautionary motive.The research demonstrates that ESG performance significantly reduces the level of liquidity hoarding in commercial banks,primarily by suppressing overall liquidity hoarding and asset-side liquidity hoarding.Mechanism tests reveal that ESG performance diminishes banks’motivation to increase provisions to mitigate liquidity risks,thereby curbing the demand for liquidity hoarding.Heterogeneity tests indicate that the inhibitory effect of ESG performance on liquidity hoarding is more pronounced in commercial banks with higher operational risks.Extended research further finds that ESG performance can also mitigate the reinforcing effect of economic policy uncertainty on liquidity hoarding.

关 键 词：ESG表现 流动性囤积 预防性动机 商业银行 

分 类 号：X322[环境科学与工程—环境工程] F832.3[经济管理—金融学]