| 胡洁,于宪荣,韩一鸣.ESG评级能否促进企业绿色转型？——基于多时点双重差分法的验证[J].数量经济技术经济研究,2023,(7):90-111 |
| ESG评级能否促进企业绿色转型？——基于多时点双重差分法的验证 |
| CanESGRatingPromoteGreenTransformationofEnterprises? |
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| DOI： |
| 中文关键词: ESG评级 绿色转型 绿色创新 非正式环境规制 多时点双重差分 |
| 英文关键词: ESGRating GreenTransformation GreenInnovation InformalEnvironmentalRegulation Multi-periodDifferenceinDifferences |
| 基金项目:本文获得国家社科基金项目（20BGL259）、中国社会科学院创新工程基础研究学者项目（XJ2022005）、中国社会科学院大学（2022-KY-127）的资助。 |
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| 中文摘要: |
| 促进企业绿色转型是中国实现高质量发展的重要路径。相较于正式的环境规制迫使企业被动进行绿色转型，非正式的环境规制则更能够激发企业内在动力，而ESG评级在企业与市场的连接中起着重要作用，能够改善企业的外部信息环境，为企业绿色发展提供激励相容的市场化治理机制。本文从非正式环境规制视角出发，基于商道融绿首次公布上市公司ESG评级的外生冲击，以2010~2020年A股上市公司为样本，利用多时点双重差分模型，从绿色创新和全要素生产率两个角度实证研究了ESG评级对企业绿色转型的影响效应和作用机制。实证研究表明，ESG评级通过市场激励机制与外部监督机制，显著促进了企业绿色转型，这一结论在经过一系列稳健性检验后依然稳健。机制研究表明，ESG评级通过缓解融资约束、缓解代理问题和增加研发投入等途径促进了企业绿色转型。拓展研究表明，ESG评级对企业绿色转型的促进作用在重污染行业和竞争性行业中更为明显；ESG评级能够与正式环境规制互为补充；市场关注进一步增强了ESG评级的积极效应。本文的研究在理论上为探索企业绿色转型提供了新的视角，在实践上为构建与完善市场导向的绿色发展体系提供了经验证据。 |
| 英文摘要: |
| Howtopromotethegreentransformationofenterprisesandachievehigh-qualitydevelopmenthasattractedattentionfromallwalksoflife.Comparedwithformalenvironmentalregulationsforcingenterprisestocarryoutgreentransformationpassively，informalenvironmentalregulations，representedbypublicandnon-governmentalorganizations，havea“bottom-up”effectandplayanincreasinglyimportantroleinenvironmentalgovernance，whichcanstimulatetheinternalmotivationofenterprisesandencouragethemtocarryoutgreentransformationactively.Inaddition，thepreferenceandchoiceofcapitalforgreenenterprisesandgreeneconomyplayanimportantroleinthegreentransformationofenterprises.Inrecentyears，withtheriseoftheconceptofsustainableinvestment，environmental，social，andgovernance（ESG）investmenthasgrownrapidly，servingasaforcetopromoteenterprisestostrengthenESGimplementation.ESGratingisanimportantbasisforESGinvestment.ESGratingcanconnectenterpriseswiththemarket，improvetheexternalinformationenvironmentofenterprises，reducetheinformationasymmetrybetweenenterprisesandexternalstakeholders，provideanincentivecompatiblemarket-orientedgovernancemechanismforenterprises’greendevelopment，andencourageandforceenterprisestocarryoutgreentransformationthroughmarketincentivemechanismandexternalsupervisionmechanism.Fromtheperspectiveofinformalenvironmentalregulation，thisstudyisbasedontheexogenousimpactofthefirstannouncementofESGratingsoflistedcompaniesbySynTaoGreenFinance，takingA-sharelistedcompaniesfrom2010to2020assamplesandusingthemulti-perioddifference-in-differences（DID）modeltostudythespecificeffectandimpactmechanismofESGratingonthegreentransformationofenterprisesfromtheperspectiveofgreeninnovationandtotalfactorproductivity.Thestudyfindsthat（1）theESGratingoflistedcompanieshaspromotedthegreentransformationofenterprisessignificantlythroughthemarketincentivemechanismandexternalsupervisionmechanism.Theconclusionisstillvalidafteraseriesofrobustnesstests.（2）ThemechanismanalysisrevealsthatESGratingpromotesthegreentransformationofenterprisesbymitigatingfinancingconstraints，alleviatingagencyproblems，andincreasingR&Dinvestment.（3）FurtherexpansionstudyrevealsthattheroleofESGratinginpromotingthegreentransformationofenterprisesismoreobviousintheheavypollutionindustriesandcompetitiveindustries；ESGratingscancomplementformalenvironmentalregulationsandplayagreaterroleinareaswithweakenvironmentalregulations；andattentionandsupervisionfromthecapitalmarketareconducivetoincreasingthepositiveeffectofESGratings.Thepossiblenoveltiesofthisstudyareasfollows.First，intermsoftheoreticalanalysis，itincorporatesESGratingandenterprisegreendevelopmentintothesameanalyticalframeworkforthefirsttime，proposesthetheoreticalmechanismofESGratingpromotingenterprisegreentransformation，enrichestherelevantliteratureonESGresearch，andprovidestheoreticalreferenceandpolicyinspirationforbuildingandimprovingamarket-orientedgreendevelopmentsystem.Second，fromtheperspectiveofinformalenvironmentalregulation，thisstudyfurtherexpandsresearchonthefactorsaffectingthegreentransformationofenterprises.Theexistingliteraturemainlyanalyzestheimpactofformalnationalpoliciesorenvironmentalregulationsonthegreentransformationofenterprises.ThisstudyproposesandverifiesthatESGratingcanpromotethegreentransformationofenterprisesbymitigatingfinancingconstraints，alleviatingagencyproblems，andincreasingR&Dinvestment，whichhelpstoclarifythemechanismthroughwhichnon-formalenvironmentalregulationsaffectthegreentransformationofenterprisesandprovidesanewperspectiveforoptimizingandadjustingtheexistinggreendevelopmentpolicies.Third，intermsofempiricalresearch，thisstudytakestheESGratingoflistedcompaniespublishedbySynTaoGreenFinanceasaquasi-naturalexperimentandusesthemulti-perioddifferenceindifferencesmethodtostudytheimpactofESGratingonthegreentransformationofenterprises.ComparedwiththedirectregressionofESGratingdatainsomestudies，themethodcanbettersolvetheendogenousproblem.TheconclusionofthisstudyrevealstheimportanceofESGratingforthegreentransformationofenterprisesandprovidesempiricalevidenceforrelevantdepartmentstofurtherimprovetheESGratingsystem. |
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