绿色制度创新:中央环保督察与企业ESG表现——效应评估、机制分析与市场化条件支撑下的赋能路径

Green System Innovation:Central Environmental Protection Inspector and Corporate ESG Performance——Effect Assessment,Mechanism Analysis and Empowerment Paths Supported by Marketization Conditions

基于2011—2022年中国沪深两市A股上市企业数据,检验中央环保督察如何影响当前企业前沿的ESG表现。实证结果发现,中央环保督察能够有效驱动企业ESG表现水平提升。从异质性检验看,中央环保督察对于非国有企业、重污染企业ESG表现的促进作用更为明显。从机制分析看,中央环保督察能够显著提升企业的主动性风险承担水平、增加企业的环境补贴强度并增强企业的绿色技术创新动能,从而有助于企业ESG表现水平的提升。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022,this paper examined the impact of central environmental protection inspector on the ESG performance of current corporate frontiers.The empirical results found that,central environmental protection inspector could effectively drive up the level of corporate ESG performance.Heterogeneity test revealed that,the promotion effect of central environmental protection inspector was more profound in non-state-owned enterprises and heavily polluting enterprises.Mechanism analysis proved that,the channels of the promotion effect included improving the level of proactive risk-taking,increasing the intensity of environmental subsidies,and building up the momentum for corporate green technological innovation.