绿色金融影响下的重污染企业ESG战略:实质性改革还是“漂绿”?  

Research on the ESG Transformation and “Greenwashing” Issues of Heavily Polluting Enterprises under the Influence of Green Finance

作　　者：徐维军[1,2] 王昕 XU Weijun;WANG Xin(School of Business Administration,South China University of Technology,Guangzhou,Guangdong 510641,China;Greater Bay Intelligent Finance and Risk Management Research Base,Guangzhou,Guangdong 510641,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510641 [2]大湾区数智金融与风险管理研究基地,广东广州510641

出　　处：《财经理论与实践》2025年第2期2-9,共8页The Theory and Practice of Finance and Economics

基　　金：教育部人文社会科学研究规划基金(22YJA630099);广东省哲学社会科学规划项目(GD23CGL10);广州市哲学社会科学规划课题(2023GZYB09)。

摘　　要：基于2009—2021年中国A股上市公司的数据,运用双重差分模型,考量绿色金融能否如“手术刀”般真正发挥提升企业环境社会治理绩效的作用,抑或只成为部分企业“漂绿”营销的“麦克风”。结果表明:绿色金融的发展不仅未显著加剧企业“漂绿”行为,而且对“漂绿”倾向较重的企业起到了遏制作用。绿色金融政策的实施显著提升了重污染企业的环境社会绩效,且这一正向作用在非国有性质、位于市场化程度较高地区和非高科技企业中表现得更为明显。鉴于此,应扩大区域绿色金融改革试点范围,充分调动社会资本,助力重污染企业改善ESG表现。Based on the data of Chinese A-share listed companies from 2009 to 2021,using a difference-in-differences(DID) model,this study examines whether green finance can truly play a role in improving corporate environmental and social performance like a surgical knife,or only become a “microphone” for some companies' “greenwashing” marketing.The results indicate that the development of green finance not only did not significantly exacerbate the “greenwashing” behavior of enterprises,but also played a restraining role in enterprises with a strong tendency towards “greenwashing”.The implementation of green finance policies has significantly improved the environmental and social performance of heavily polluting enterprises,and this positive effect is more evident in non-state-owned enterprises,those located in areas with higher marketization levels,and non-high-tech enterprises.In view of this,the pilot scope of regional green finance reform should be expanded,social capital should be fully mobilized,and the aim is to help heavy polluting enterprises improve their ESG performance.

关 键 词：绿色金融体系建设 重污染企业 双重差分模型 “漂绿”风险 

分 类 号：F832[经济管理—金融学] F272[环境科学与工程—环境科学] X196