ESG表现对制造业企业绿色低碳转型的影响研究

Research on the Impact of ESG Performance on Green and Low-carbon Transformation of Manufacturing Enterprises

选取我国2012-2020年沪深A股制造业上市公司为样本,探究企业高ESG表现能否促进其绿色低碳转型。研究表明,企业高ESG表现促进其绿色低碳转型;企业高ESG表现显著缓解其融资约束、增加政府环保补助,从而加速企业绿色低碳转型;企业管理层薪酬越高,ESG表现对企业绿色低碳转型的促进作用越强;企业数字化程度在ESG表现促进企业绿色成果产出中起正向调节作用。

Selecting Shanghai and Shenzhen A-share listed manufacturing companies from 2012 to 2020 as samples,this paper explores whether high ESG performance of enterprises can promote their green and low-carbon transformation.The results show that the high ESG performance of enterprises promotes their green and low-carbon transformation;The high ESG performance of enterprises significantly alleviates their financing constraints and increases government environmental protection subsidies,thus accelerating the green and low-carbon transformation of enterprises.The higher the management salary of the enterprise,the stronger the promotion effect of ESG performance on the green and low-carbon transformation of the enterprise.The degree of enterprise digitalization plays a positive role in the promotion of ESG performance on the output of enterprise green achievements.