数字金融与企业ESG表现:效应、机制与“漂绿”检验

Digital Finance and Enterprise ESG Performance:Effects,Mechanisms and“Greenwash”Test

文章利用2011—2021年沪深A股上市公司数据,从影响效应、传导机制、调节效应及经济后果四个方面对数字金融与企业ESG表现的关系进行检验。研究发现:(1)数字金融发展显著提升了企业ESG表现。(2)在合理、有效的金融监管约束下,数字金融对企业ESG表现的提升作用更加明显。(3)数字金融通过提高环境合规性、缓解融资约束、改善信息不对称及减少委托代理四个渠道提升企业ESG表现。(4)数字金融在国有企业、重污染企业、高度市场竞争环境及机构投资者持股情况下对企业ESG表现发挥更强的驱动作用。(5)企业ESG表现能够抑制温室气体的排放,我国企业ESG不存在“漂绿”现象。

This paper utilizes the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 to examine the relationship between digital finance and enterprise ESG performance from four aspects:effect,transmission mechanism,moderating effect and economic consequences.The findings are as follows:(1)Digital finance development significantly enhances enterprise ESG performance.(2)Under the constraint of reasonable and effective financial regulation,digital finance enhances enterprise ESG performance more obviously.(3)Digital finance enhances enterprise ESG performance through four channels:improving environmental compliance,alleviating financing constraints,improving information asymmetry and reducing principal-agent.(4)Digital finance plays a stronger role in driving enterprise ESG performance in state-owned enterprises,heavily polluted enterprises,highly competitive market environments,and institutional investors’shareholdings.(5)Enterprise ESG performance can inhibit greenhouse gas emissions,and there is no“greenwash”phenomenon in enterprise ESG in China.