ESG责任履行对企业风险的影响研究

Research on the Impact of ESG Responsibility Fulfillment on Corporate Risk

ESG责任履行是“双碳”目标框架的应有之义,更是企业防范化解金融风险、绿色发展提质增效的必由之路。基于2009—2020年中国A股上市公司样本,构建双重固定模型实证检验了ESG责任履行对企业风险的影响。研究发现:ESG责任履行和企业风险之间存在显著的U形关系,其中该U形关系在社会责任和公司治理维度、非国际“四大”会计师事务所审计的企业和处在成熟期和衰退期的企业中更加显著。进一步研究发现:融资约束和代理冲突在ESG责任履行和企业风险的U形关系中发挥传导作用;同时,分析师关注度和机构投资者持股比例可以负向调节ESG责任履行与企业风险二者之间的U形关系;而ESG评级不确定性和“漂绿”策略会抑制ESG责任履行的风险防治作用。据此,应构建并完善与我国国情相适应的ESG信息披露制度,引导企业适度履行ESG责任,在ESG转型过程中注重内部监管和风险管控,助力经济绿色转型深入推进。

ESG responsibility fulfillment is not only an essential part of the“double carbon”target framework,but also the inevitable course for enterprises to prevent and defuse financial risks and improve the quality and efficiency of green development.Using Chinese A-share listed companies from 2009 to 2020 as sample and constructing a double-fixed model,the paper makes an empirical study to analyze the impact of ESG responsibility fulfillment on corporate risk.It is found that the relationship between ESG responsibility fulfillment and corporate risk presents a significant“U”shape and the U-shaped relationship is more significant in such dimensions as social responsibility and corporate governance,enterprises not audited by international“Big Four”accounting firms,and enterprises in their maturity stage or declining phase.Further analysis shows that financing constraints and agency conflicts play a transmitting role in the U-shaped relationship between ESG responsibility fulfillment and corporate risk and also,analyst attention and institutional speculators shareholding ratio can negatively regulate the U-shaped relationship between the two,the uncertainty of ESG ratings and the“greenwashing”strategy will inhibit the risk prevention effect of fulfilling ESG responsibilities.Accordingly,an ESG information disclosure system that adapts to China s national condition should be constructed and improved in order to guide enterprises to appropriately fulfill their ESG responsibilities,to focus on internal supervision and risk control in the process of ESG transformation,and to help promote and deepen the green transformation of the economy.