企业ESG表现对绿色金融科技发展的影响及机制分析——以A股上市公司为例

The Impact of Corporate ESG Performance on the Development of Green Fintech and Mechanism Analysis

科技金融、绿色金融是金融强国建设的重要组成部分,也是业界关注的重点。企业ESG(环境、社会和公司治理)行为对推动可持续投资和实现“双碳”目标、促进传统产业转型升级、助力经济高质量发展具有重要意义,其内涵与科技金融、绿色金融的发展要求不谋而合。本文以2010—2021年A股上市公司为研究样本,考察企业ESG表现如何影响绿色金融科技发展。研究结果显示,首先,积极改善企业ESG表现能显著提升绿色金融科技发展水平。其次,信息透明度在ESG改善绿色金融科技的影响中具有“遮掩效应”。最后,企业ESG表现对绿色金融科技发展的影响在产权性质、股权制衡度和信息环境等方面存在异质性。本文拓展了关于企业ESG经济后果的研究范畴,深化了企业ESG表现对金融科技发展影响的理解,为促进绿色金融科技的平稳发展提供了新的思路。

Fintech and green finance are critical components of building a strong financial nation and have become focal points within the industry.Corporate ESG(Environmental,Social,and Governance)performance plays significant role in promoting sustainable investment,achieving the"dual carbon"goals,facilitating the transformation and upgrading of traditional industries,and aiding high-quality economic development.Its connotation coincides with the development requirements of fintech and green finance.This paper examines how corporate ESG performance influences the development of green fintech by using a research sample of A-share listed companies from 2010 to 2021.The research results show:First,actively improving corporate ESG performance can significantly enhance the level of green fintech development.Second,information transparency has a"concealment effect"on the impact of ESG improvements on green fintech in some regions.Finally,the impact of corporate ESG performance on the development of green fintech shows heterogeneity in terms of ownership nature,equity balance degree,and information environment.This paper expands the research scope on the economic consequences of corporate ESG and deepens the understanding of the impact of corporate ESG performance on fintech development,providing new insights for the stable development of green fintech.