“双碳”目标下重污染企业ESG表现与企业升级

ESG Performance and Upgrading of Heavy Polluting Enterprises under the“Dual Carbon”Target

企业良好的ESG表现可以降低代理成本和融资成本,提高企业的运营效率,从而促进企业升级。本文以2012—2021年中国沪深A股上市公司重污染企业为样本,探究“双碳”目标下重污染企业ESG表现对企业升级的作用机制。研究发现,企业良好的ESG表现可以促进重污染企业升级,企业数字化水平在重污染企业ESG表现和企业升级之间起到了部分中介效应,税收优惠正向调节了重污染企业数字化水平的中介效应。进一步探究还发现:重污染行业中非国有企业相较于国有企业而言,ESG表现对企业升级的影响较弱;中小规模企业相较于大规模企业而言,ESG表现对企业升级的促进作用更强;重污染企业ESG表现对于企业升级的影响具有一定的滞后性。

Good ESG performance of enterprises can reduce agency costs and financing costs,improve the operational efficiency of enterprises,and thus promote enterprise upgrading.This paper takes heavy polluting enterprises of Shanghai and Shenzhen A-share listed companies in China from 2012 to 2021 as samples to explore the mechanism of ESG performance of heavy polluting enterprises on enterprise upgrading under the“Dual Carbon”target.It is found that good ESG performance of enterprises can promote the upgrading of heavy polluting enterprises,and the digitalization level of enterprises plays a partial intermediary effect between the ESG performance of heavy polluting enterprises and the enterprises upgrading,and the tax incentives positively regulate the mediating effect of the digitization level of heavy polluting enterprises.Further research also shows that the ESG performance of non-state-owned enterprises in heavily polluting industries has a weaker impact on enterprise upgrading than that of state-owned enterprises.Compared with large-scale enterprises,ESG performance of small and medium-sized enterprises in heavily polluting industries has a stronger role in promoting enterprise upgrading.And the ESG performance of heavy polluting enterprises has a certain lag effect on enterprise upgrading.This paper has enriched and expanded the existing applied research on ESG performance and enterprise upgrading,and provided a new research perspective for promoting heavy polluting enterprises to better fulfill their environmental responsibilities,achieve sustainable development and implement the“Dual Carbon”goal.