上市公司ESG表现对地方政府环境绩效的影响研究——基于120个地级市的实证分析

Impact of Corporate ESG Performance on Local Government Environmental Performance——An Empirical Analysis Based on 120 Prefecture-Level Cities

环境、社会和公司治理(Environmental Social and Governance,ESG)作为健全美丽中国建设的重要政策手段,对地方政府环境绩效产生影响,并有助于企业的可持续发展。本文使用2010—2021年的上市公司企业数据对政府环境治理的作用进行实证考察,旨在调查上市公司ESG表现与地方政府环境绩效之间的关系。研究结果表明:①上市公司ESG表现能够有效改善当地政府的环境绩效,该结论在一系列稳健性测试后仍然成立;②上市公司ESG表现有利于企业绿色转型进而减少企业产生的污染,同时有助于地方的产业结构升级,进而共同提升地方政府环境绩效;③上市公司ESG表现对地方政府环境绩效的影响因产权和科技属性的不同而存在显著差异。本文为全面分析上市公司ESG表现带来的环境效益提供了经验基础,对进一步完善上市公司ESG制度框架、提高环境治理综合质效具有启示意义。

Environmental,Social and Governance(ESG),as an important policy tool to improve the construction of a beautiful China,has an impact on the environmental performance of local governments and contributes to the sustainable development of enterprises.This paper uses corporate data of listed companies from 2010 to 2021 to conduct an empirical investigation on the role of government environmental governance,aiming to investigate the relationship between the ESG performance of listed companies and the environmental performance of local governments.The results show that:①the ESG performance of listed companies can effectively improve the environmental performance of local governments,and this conclusion is still valid after a series of robustness tests;②the ESG performance of listed companies is conducive to the green transformation of enterprises and thereby reducing the pollution generated by enterprises.It also helps to upgrade the local industrial structure,thereby jointly improving the environmental performance of local governments;③the impact of the ESG performance of listed companies on the environmental performance of local governments varies significantly due to different property rights and technological attributes.This article provides an empirical basis for comprehensively analyzing the environmental benefits brought by the ESG performance of listed companies,and has enlightenment significance for further improving the ESG institutional framework of listed companies and improving the comprehensive quality and efficiency of environmental governance.