ESG表现对商业银行竞争力的影响——兼论金融创新的调节效应

Impact of ESG Performance on the Competitiveness of Commercial Banks:On the Regulatory Effect of Financial Innovation

近年来,国家提出“双碳”目标,“十四五”规划要求全社会统筹经济、社会、环境效益,企业践行ESG理念变得至关重要。商业银行作为金融业中最重要的机构之一,相关部门对其践行ESG理念提出了更高的要求。以2009年第一季度到2023年第一季度38家上市商业银行为样本,实证检验ESG表现对商业银行竞争力的影响,同时进一步研究金融创新的调节效应。结果显示,ESG表现对商业银行竞争力有显著正向影响,且存在一定的滞后效应;金融创新能够正向调节ESG对商业银行竞争力的影响;异质性分析表明,ESG表现对国有大型商业银行以及农村商业银行无显著影响,但对股份制商业银行和城市商业银行有显著正向影响。

In recent years,the country has proposed the“dual carbon”goal,and the“14th Five Year Plan”requires the entire society to coordinate economic,social,and environmental benefits.It has become crucial for enterprises to practice the ESG concept.As one of the most important institutions in the financial industry,commercial banks have higher requirements from relevant departments for practicing ESG concepts.Taking 38 listed commercial banks from the first quarter of 2009 to the first quarter of 2023 as samples to empirically test the impact of ESG performance on the competitiveness of commercial banks,the moderating effect of financial innovation was studied.The results show that ESG performance has a significant positive impact on the competitiveness of commercial banks,and there is a certain lag effect.Financial innovation can positively regulate the impact of ESG on the competitiveness of commercial banks.Heterogeneity analysis shows that ESG performance has no significant impact on state-owned large commercial banks and rural commercial banks,but has a significant positive impact on joint-stock commercial banks and urban commercial banks.