绿色金融对涉海企业ESG表现的影响研究

The Impact of Green Finance on the ESG Performanceof Marine-Related Enterprises

ESG表现是衡量海洋生态环境重要治理主体涉海企业可持续发展的关键标准,与海洋经济高质量发展理念不谋而合。而在实现“双碳”目标的进程中,绿色金融作为推动低碳转型的市场型环境规制工具,探讨其对涉海企业绿色转型的撬动作用兼具理论价值和实践意义。以2009—2020年中国A股涉海上市企业为研究对象,分析绿色金融对涉海企业ESG表现的影响。结果显示:绿色金融显著提升了涉海企业ESG表现。机制分析表明,绿色金融对涉海企业ESG表现的提升作用主要源于融资效应和“末端治理”倒逼效应,但并未能倒逼涉海企业通过绿色技术创新实现“前端预防”的方式提升ESG表现。进一步研究发现,绿色金融对涉海企业ESG表现的促进作用需具备一定的金融基础环境,且该促进作用在国有涉海企业、低代理成本涉海企业和绿色转型注意力配置较低的涉海企业中更加明显。因此,应通过涉海绿色金融的精准度提升和服务范围扩大,促进涉海企业环境责任承担,赋能海洋经济高质量发展。

As an important governance subject of marine ecological environment,the ESG performance of marine-related enterprises is an important standard to measure their sustainable development,which coincides with the concept of high-quality development of marine economy.In the process of“dual carbon”,as a market-based environmental regulation tool to promote the transformation of economic structure,giving play to the role of green finance in the green transformation of marine-related enterprises has both theoretical value and practical significance.Taking the A-share listed companies involved in the sea from 2009 to 2020 as the research object,this paper explores the impact of green finance on the ESG performance of marine-related enterprises.The research finds that green finance significantly improves the ESG performance of marine-related enterprises.Mechanism analysis shows that the improvement of ESG performance of marine-related enterprises by green finance is mainly due to its financing effect and the back-forcing effect of“end-management”,but it does not force marine-related enterprises to improve ESG performance through green technology innovation and the realization of“front-end prevention”.Further research shows that the promotion effect of green finance on the ESG performance of marine-related enterprises requires a certain basic financial environment,and the promotion effect is more obvious in state-owned marine-related enterprises,marine-related enterprises with low agency costs and marine-related enterprises with low attention allocation for green transformation.Therefore,green finance should be used to promote the environmental responsibility of marine-related enterprises and enable the high-quality development of marine economy through the improvement of accuracy and expansion of service scope of marine-related green finance.