环境司法强化与企业ESG表现——基于环保法庭设立的证据

Strengthening of Environmental Justice and Corporate ESG Performance——Evidence from the Establishment of the Environmental Court

在“双碳”目标下,ESG体系建设是企业实现高质量可持续发展的必由之路。基于地级市中级人民法院设立环保法庭这一准自然实验,以2009年至2022年沪深上市公司为研究样本,借助双重差分模型实证分析了环境司法强化对企业ESG表现的影响。研究发现,环保法庭的设立对企业ESG表现具有显著提升作用,即环境司法强化对企业可持续发展具有推动作用,且此作用具有长期性。异质性检验发现,在法治环境较好、司法独立性较强、环境执法强度较高的地区,环保法庭对企业ESG表现的提升作用更为明显;有过诉讼或环保行政处罚经历、数字化转型程度较高、环境绩效较低的企业及非国有企业,环保法庭对企业ESG表现的影响效应更大。机制分析发现,环保法庭可以通过促进企业环境治理加强、社会关注提升和信息披露水平提高来实现企业ESG表现的提升。

Under the goal of carbon peak and carbon neutrality,ESG construction is the only way for enterprises to achieve high-quality and sustainable development.This article uses the quasi-natural experiment of setting up environmental protection courts by intermediate people's courts in prefecture level cities,and takes listed companies in Shanghai and Shenzhen from 2009 to 2022 as research samples.Using a difference-in-differences model,it empirically studies the impact of environmental justice on corporate ESG performance.Research has found that the establishment of environmental courts has a significant improvement effect on the ESG performance of enterprises,that is,environmental justice has a promoting effect on the sustainable development of enterprises,and this effect is long-term.This conclusion still holds after a series of robustness analyses such as parallel trend testing,endogeneity discussion,and heterogeneity testing of multi period difference-in-differences policy effects.Heterogeneity testing finds that in regions with a better legal environment,stronger judicial independence,and stronger law enforcement,environmental courts have a more significant effect on improving corporate ESG performance.Having experience in litigation or environmental administrative penalties,having a high degree of digital transformation,low environmental performance,and the effect of environmental courts on ESG performance in non-state-owned enterprises is greater.Mechanism analysis reveals that environmental courts can enhance corporate ESG performance by promoting stronger environmental governance,increasing social attention,and improving information disclosure levels.