绿色制造与企业ESG表现——基于绿色工厂评定的证据  

Green Manufacturing and Corporate ESG Performance--Evidence Based on Green Factory Ratings

作　　者：杜然 刘柯 方齐云[1] Du Ran;Liu Ke;Fang Qiyun(School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China;School of International Business,Shaanxi Normal University,Xian 710119,China)

机构地区：[1]华中科技大学经济学院,武汉430074 [2]陕西师范大学国际商学院,西安710119

出　　处：《工业技术经济》2025年第5期53-61,共9页Journal of Industrial Technology and Economy

基　　金：中央高校基本科研业务费专项资金“‘双碳’背景下的数绿融合赋能制造业企业转型升级研究”(项目编号:YCJJ20230686);教育部人文社会科学研究青年基金“中国物流业非均衡发展形成机制、测度与影响效应研究:要素投入及其空间集聚的视角”(项目编号:19YJC790007)。

摘　　要：绿色制造是生态文明建设和工业转型升级的重要内容,也是实现中国经济高质量发展的重要支撑。本文基于2012~2023年中国上市企业数据,采用多期双重差分模型,实证检验绿色制造体系下的绿色工厂评定政策对企业ESG表现的影响。结果表明,企业获评绿色工厂有利于提升自身的ESG表现。机制分析表明,绿色工厂评定政策能通过加快企业绿色低碳转型和缓解企业融资约束两个渠道促进企业ESG表现。异质性分析发现,在媒体关注度较高的企业、非重污染行业以及东部地区,绿色工厂评定政策对企业ESG表现的促进作用更强。此外,绿色工厂评定政策可以提高企业经济绩效,实现减排增效,且对上下游企业存在溢出效应,从而发挥示范企业的标杆作用。本文研究为企业如何实现绿色可持续发展提供了重要的政策参考。Green manufacturing is an important part of ecological civilization construction and industrial transformation and upgrading.Realizing green transformation of enterprises from the perspective of green manufacturing construction is crucial to the high-quality development of Chinese enterprises.Based on the data of Chinas A-share listed firms from 2012~2023,a staggered DID model is used to empirically test the impact of green factory ratings on corporate ESG performance.The study finds that the certification of green manufacturing,represented by green factory ratings,is beneficial to the ESG performance of firms.Mechanism analysis shows that the green factory can promote corporate ESG performance through two channels:accelerating the green and lowcarbon transformation of enterprises and alleviating corporate financing constraints.Heterogeneity analysis finds that the impact effect of green factory certification is stronger in enterprises with higher media attention,non-heavily polluting industries,and the eastern region.In addition,the green factory certification policy can improve the economic performance of enterprises and realize emission reduction and efficiency.Moreover,there is a spillover effect on upstream and downstream enterprises,which plays the role of a model enterprise as a benchmark.The study provides important policy references on how companies can achieve green and sustainable development.

关 键 词：绿色制造 绿色工厂评定政策 ESG 多期双重差分模型 绿色低碳转型 减排增效 融资约束 企业经济 

分 类 号：F420[经济管理—产业经济] F272