绿色金融、碳排放强度和企业ESG表现——基于上市企业微观数据的实证研究

Green Finance,Carbon Emission Intensity and ESG Performance——Empirical Research Based on Micro Data of Listed Enterprises

在“双碳”目标下,发展绿色金融成为中国推动经济结构绿色低碳转型、人与自然和谐共生的重要方式。基于2010—2019年上市企业微观数据,考察了绿色金融发展对企业碳排放强度的影响。研究发现,绿色金融显著降低企业碳排放强度,在一系列稳健性检验后,该结论依然成立。机制检验发现,绿色金融发展通过提升企业环保意识、缓解融资约束加大绿色投资、提高生产率等渠道来实现企业碳减排;同时绿色金融发展提高了企业ESG表现和经济绩效,实现了经济增长与环境保护的“共赢”。进一步发现,绿色金融发展对非国有企业、非重污染企业和高新技术企业的碳排放强度的抑制作用更显著,对处于一线城市、非资源型城市和基础制度规制更强地区的企业能更有效降低碳排放强度。

To achieve the“dual carbon goals”(carbon peaking and carbon neutrality goals),the development of green finance has become an important way to promote the green and low-carbon transformation of economic structure and the harmonious coexistence of human and nature.Based on the micro-data of listed enterprises from 2010 to 2019,this paper examines the impact of green finance development on the carbon emission intensity of enterprises.We find that green finance significantly reduces the carbon emission intensity of enterprises,which remains valid in robustness tests.Through the mechanism test,we find that the development of green finance can achieve corporate carbon emission reduction by enhancing corporate environmental awareness,increasing green investment via easing financing constraints,and improving corporate productivity;meanwhile,the development of green finance has improved the ESG performance and economic performance of enterprises,achieving“win-win”between economic growth and environmental protection.It is further found that the development of green finance has a more significant inhibition effect on the carbon emission intensity of non-state-owned enterprises,non-heavy polluting enterprises and high-tech enterprises,and is more conducive to reducing the carbon emission intensity of enterprises in first-tier cities,non-resource-based cities and areas with stronger basic institutional regulations.