环境政策组合对ESG不确定性的影响——基于企业差异化行为响应  

The Impact of Environmental Policy Combinations on ESG Uncertainty:Based on Firms'Differentiated Behavioral Responses

作　　者：李双圆 徐晓莉[1] 朱富显 LI Shuangyuan;XU Xiaoli;ZHU Fuxian(College of Economics and Management,Xinjiang University,Urumqi Xinjiang 830046,China)

机构地区：[1]新疆大学经济与管理学院,新疆乌鲁木齐830046

出　　处：《技术经济与管理研究》2025年第3期101-107,共7页Journal of Technical Economics & Management

基　　金：新疆维吾尔自治区社会科学重点项目(19AZD005);新疆维吾尔自治区社会科学一般项目(XJA070224314)。

摘　　要：以2016—2023年中国A股制造业上市公司为样本,分析环境政策下企业差异化响应行为及影响后果。研究发现,惩罚型和市场型环境规制政策显著加剧ESG不确定性,激励型环境规制政策则相反。机制分析表明,惩罚型和市场型环境政策“倒逼”企业分别进行低质量和高质量绿色技术创新,加剧ESG不确定性,激励型环境政策“激励”企业进行“漂绿”掩盖ESG不确定性。进一步研究发现,在良好的绿色融资环境与政府监管环境下,“规制—补贴—市场”环境政策组合对企业ESG不确定性的扭曲影响分别得到缓解和纠偏。Using a sample of Chinese A-share listed companies in the manufacturing sector from 2016 to 2023,this paper analyzes the differential response behavior and consequences of corporate differentiation under environmental policies.It is found that punitive and market-based environmental regulation policies significantly exacerbate ESG uncertainty,while the opposite is true for incentive-based.The mechanism analysis shows that punitive and market-based environmental policies"push"firms to engage in low-quality and high-quality green technological innovations,respectively,which exacerbate ESG uncertainty,while incentive-based environmental policies"motivate"firms to engage in greenwashing to mask ESG un certainty.It is further found that the distorting effects of the"regulation-subsidy-market"combination of environmental policies on firms'ESG uncertainty are mitigated and corrected,respectively,under a favorable green financing environment and government regulatory environment.

关 键 词：环境政策组合 ESG不确定性 “漂绿”行为 企业差异 

分 类 号：F832.51[经济管理—金融学]