环境与社会风险管理如何影响金融机构财务绩效——基于国际金融公司的实证分析

How the Environmental and Social Risk Management Impacts the Financial Performance of the Financial Institutions—— An Empirical Study on International Finance Corporations

本文梳理了国际金融公司环境与社会风险管理的改革历程,并建立相关计量经济学模型,实证分析了国际金融公司环境与社会风险管理对其财务绩效的作用。根据长期协整关系以及误差修正模型的估计结果显示,IFC环境与社会风险管理对财务绩效表现出显著正向作用。本文拟通过对国际金融公司的实证分析,引起国内银行业对环境与社会风险管理理念的重新认识,以促进国内银行进一步落实环境与社会风险管理。

This article reviews the reform process of IFC’s environmental and social risk management and then es-tablishes econometric models to do an empirical analysis on the impact of the environmental and social risk manage-ment on its financial performance. According to the estimation results of the long-term co-integration and error correc-tion model, the IFC’s environmental and social risk management shows a significant positive effect on the financial performance. Through the empirical analysis on IFC, this paper provides an incentive for the domestic banking sector to re-think about and promote them to implement the environmental and social risk management.