智慧城市试点政策能否提高ESG信息披露质量?——基于准自然实验的实证研究

Can the Smart City Pilot Policy Improve the Quality of ESG Information Disclosure?Empirical Research Based on Quasi-Natural Experiments

智慧城市作为推动城市经济高质量发展的重要战略,可以帮助上市企业加快可持续发展并提高其信息披露质量。以企业ESG信息披露质量为研究视角,运用多时点双重差分的固定效应模型,基于2010—2021年A股上市企业数据,探讨智慧城市试点政策对企业ESG信息披露质量的影响效应及作用机制。研究发现:(1)智慧城市试点政策对企业ESG信息披露质量具有显著的促进作用,且该结论通过一系列稳健性检验依然成立。(2)智慧城市试点政策通过研发创新、媒体关注和数字化转型三条路径增强了企业ESG信息披露质量。(3)在内部控制指数低、市场化程度低、财政支出水平高的样本中,智慧城市试点政策对于企业ESG信息披露质量的提升效果更为显著。研究结论为企业、市场投资者和政府提供了丰富的建议。

As an important strategy to promote the high-quality development of urban economy,smart cities can help listed companies accelerate sustainable development and improve the quality of their information disclosure.The article considers the quality of enterprise ESG information disclosure and uses a multi period difference-in-differences model with fixed effects to explore the impact of smart city pilot policies on the quality of enterprise ESG information disclosure and the mechanism for that effect using data for A-share listed companies from 2010 to 2021.The results show the following.(1)The pilot policy for smart cities has a significant promotional effect on the quality of enterprise's ESG information disclosure,and the conclusion remains valid through a series of robustness tests.(2)The smart city pilot policy strengthens the quality of enterprise ESG information disclosure through three paths:research and development innovation,media attention,and digital transformation.(3)In samples with low internal control index,low levels of marketization,and high level of fiscal expenditure,the smart city pilot policy has a more significant effect on improving the quality of ESG information disclosure by enterprises.This study provides valuable advice for enterprises,market investors,and governments.