绿色低碳转型与企业可持续发展绩效——来自沪深A股制造业上市公司的证据

Green Low-Carbon Transformation and Corporate Sustainable Development Performance:Evidence from Shanghai and Shenzhen A-share Manufacturing Listed Companies

采用2010~2022年沪深A股制造业上市公司年报数据,结合文本分析方法识别绿色低碳转型企业,并通过倾向得分匹配基础上的渐进双重差分模型(PSM-DID)实证检验绿色低碳转型对企业可持续发展绩效的影响及作用机制。研究发现:绿色低碳转型显著提升了企业可持续发展绩效;绿色低碳转型带来的技术创新水平提升可在一定程度上弥补转型成本,同时有效缓解了融资约束问题和促进行业竞争,从而助力转型企业实现经济和环境目标双赢;绿色低碳转型对不同企业的影响存在异质性,对国有企业、高污染行业企业的环境绩效提升作用明显,而对非国有企业、其他行业企业的财务绩效提升作用更强,相较于其他地区,对以工业为主导的地区企业可持续发展绩效提升效应稍弱。因此,需加快完善相关政策体系,规范市场竞争秩序,制定差异化财政政策和规制措施,引导更多企业走绿色发展之路。

This article uses the data of Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to 2022,and combines text analysis method and PSM-DID model to explore the impact of green and low-carbon transformation on corporate sustainable development performance.It finds that green low-carbon transformation has significantly improved the sustainable development performance of companies.The improvement in the level of technological innovation it brings can make up for the transformation costs to a certain extent,while easing financing constraints and promoting industry growth,thereby helping transformed companies achieve economic and environmental goals.The impact of green low-carbon transformation on different enterprises is heterogeneous.It has a significant effect on improving the environmental performance of state-owned enterprises and high-polluting companies,while it has a stronger effect on improving the financial performance of non-state-owned enterprises and other industries.It has a stronger effect on areas dominated by industry,enterprises sustainability performance is relatively weak relative to other regions.Therefore,it is necessary to speed up the improvement of relevant policy systems,standardize the order of market competition,formulate differentiated fiscal policies and regulatory measures,and guide more companies to practice green development.