自由贸易试验区建设对企业ESG表现的影响

The Impact of the Construction of Pilot Free Trade Zones on the ESG Performance of Enterprises

作为新时代制度型开放的“试验田”,自由贸易试验区建设为推动企业高质量发展提供了新机遇。文章基于2010—2019年中国上市公司数据,精确到自由贸易试验区片区层面,采用多时点双重差分方法,首次量化评估了自由贸易试验区建设对企业ESG表现的影响。结果表明,自由贸易试验区建设显著提升了区内企业ESG表现。机制分析发现,自由贸易试验区建设通过缓解企业融资约束、增强环保能力和提高管理效率,促进企业ESG表现提升;异质性分析显示,自由贸易试验区建设对中国东部地区、低污染行业、国有企业以及商业信用供给低的企业ESG表现提升效应更为显著。研究结论为中国通过深入实施自由贸易试验区提升战略促进企业高质量发展提供经验依据与政策启示。

As the"experimental plot"for institutional opening in the new era,the construction of pilot free trade zones provides new opportunities for promoting high-quality development of enterprises.Based on the data of China's listed companies from 2010 to 2019,which is precise to the level of free trade zone areas,this article,by using the multiple-time-point difference-in-differences method,quantitatively assesses the impact of the construction of pilot free trade zones on corporate ESG performance for the first time.The result shows that the construction of the pilot free trade zones has significantly improved the ESG performance of enterprises within the zones.According to the mechanism analysis,the construction of pilot free trade zones lifts the ESG performance of enterprises by alleviating financing constraints,enhancing environmental protection capabilities,and improving management efficiency.The heterogeneity analysis shows that the construction of pilot free trade zones has a more significant effect on improving the ESG performance of the eastern China,low-pollution industries,state-owned enterprises,and enterprises with low commercial credit supply.The research conclusion provides empirical basis and policy inspiration for China to promote the high-quality development of enterprises by deeply implementing the pilot free trade zone enhancement strategy.