ESG评级软监管对企业碳排放强度的影响研究

Research on the Impact of Soft Regulation of ESG Rating on Corporate Carbon Emission Intensity

企业碳减排不仅事关其自身长远发展,更对我国“双碳”目标实现具有重要意义。基于此,采用2009—2021年沪深A股上市公司制造业企业数据,以资本市场第三方ESG评级公布为准自然实验,运用多时点DID方法系统考察了ESG评级软监管对上市公司碳排放强度的影响。研究发现,ESG评级软监管能够显著降低企业碳排放强度。影响机制检验表明,ESG评级软监管主要通过提高媒体关注度与抑制管理者短视途径影响企业碳排放强度的治理。调节效应显示,ESG评级分歧度会削弱ESG评级的碳强度治理效果。上述关系在环境规制力度较强以及机构投资持股比例较高的样本中更显著。ESG评级软监管还会降低同城市、同行业中其他企业碳排放强度,呈现出一定的溢出效应。研究结论不仅拓展了资本市场ESG评级监管以及企业碳排放强度各自领域的相关文献与研究视角,也对完善优化资本市场ESG评级监管及更有效促进企业碳减排形成有益启发。

The carbon emission reduction of enterprises is not only related to their own long-term development,but also important to the realization of China s“double carbon”goal.Using the sample of A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2009 to 2021,and the publication of third-party ESG rating in the capital market as a quasi-natural experiment,we employ the multi-period difference-in-differences(DID)method to investigate the impact of the ESG rating soft regulation on carbon emissions intensity of listed enterprises.The results of the study indicate that soft market regulation of ESG rating is helpful to reduce carbon emission intensity of enterprises.The impact mechanism test shows that soft market regulation of ESG rating influences corporate carbon emission intensity mainly through increasing media attention and inhibiting managerial myopia.Moderating effects show that the divergence of ESG rating will weaken the carbon intensity governance effect of ESG rating.The above relationship is more significant in samples with stronger environmental regulations and high ownership by institutional investors.Soft regulation of ESG rating also reduces carbon emission intensity by other companies in the same industry and city,showing some spillover effects.The research conclusions not only enriches and expands the literature and research perspectives on the regulation of ESG rating in capital market and corporate carbon emission intensity,but also provides useful inspiration for improving the regulation of ESG rating in capital market and promoting corporate carbon emission reduction more effectively.