低碳城市试点政策对企业ESG表现的影响研究——基于多期双重差分法的实证检验

A Study on the Impact of Low Carbon City Pilot Policies on Corporate ESG Performance--An Empirical Test Based on Multi-Period DID Model

本文将低碳城市试点政策视为准自然实验,选取2011—2019年沪深A股上市公司数据,构建多期双重差分模型,研究了低碳城市试点政策对企业ESG表现的影响及其作用机制。结果表明,低碳城市试点政策显著提升了企业ESG表现,在经过一系列稳健性检验后,这一结论依然成立。异质性分析结果表明,低碳城市试点政策只对东部地区和南方地区的企业ESG表现起提升作用;并且相较于低碳城市企业、非国有企业和成熟期企业,低碳城市试点政策能提升高碳城市企业、国有企业和衰退期企业的ESG表现,抑制成长期企业的ESG表现。机制检验结果表明,低碳城市试点政策通过促进企业进行绿色创新、增强企业社会责任感和加强企业内部控制,从而提升企业ESG表现。

This article considers the pilot policy of low-carbon cities as a quasi-natural experiment,selects data of A-share listed companies from 2011 to 2019,constructs a multi-period DID model,and studies the impact and mechanism of the low-carbon city pilot policy on the ESG performance of enterprises.The results show that the low-carbon city pilot policy significantly improves the ESG performance of enterprises;this conclusion still holds after a series of robustness tests.The heterogeneity analysis shows that the low-carbon city pilot policy only has a promotion effect on the ESG performance of enterprises in the eastern and southern regions.Compared with low-carbon city enterprises,non-state-owned enterprises,and mature enterprises,the low-carbon city pilot policy can improve the ESG performance of high-carbon city enterprises,state-owned enterprises and declining enterprises,and suppress the ESG performance of growing enterprises.The mechanism test results show that the low-carbon city pilot policy promotes green innovation,enhances corporate social responsibility,and strengthens internal control,thereby improving corporate ESG performance.