地方政府债务管理体制改革与企业ESG表现——基于双重机器学习模型的因果推断

Impact of Local Government Debt Management System Reform on Corporate ESG Performance:Causal Inference Based on Double Machine Learning Model

促进企业在环境、社会和治理(ESG)方面的积极实践对推动可持续发展和提升社会责任意识具有重要意义。本文基于2011—2019年沪深A股上市公司数据,采用双重机器学习模型研究地方政府债务管理体制改革对企业ESG表现的影响及作用机制。研究结果表明,地方政府债务管理体制改革显著提升企业ESG表现。异质性分析结果表明,地方政府债务管理体制改革效果对金融发展程度高的地区、数字化转型程度高的企业和机构投资者持股比例高的企业的影响更为显著。机制分析结果表明,地方政府债务管理体制改革主要通过缓解企业融资约束、减轻地方政府财政压力和防止企业过度金融化等路径提升企业ESG表现。本文的研究不仅丰富了地方政府债务管理体制改革对企业微观层面ESG表现影响的文献,而且为政策制定者和企业管理者分别提供了优化债务管理和提升企业ESG表现的实证依据,对于理解和应对当前中国经济面临的挑战具有重要的理论和实践意义。

With the increasing global emphasis on sustainable economic development and the rising standards of environmental,social,and governance(ESG)evaluation,corporate performance in ESG areas has become a key metric for assessing their long‑term sustainability.In this context,the Chinese government initiated a series of local government debt management reforms in 2009 to promote more efficient economic development.Given the importance of corporate ESG performance in this evolving landscape,it is crucial to examine how these reforms influence firms’ESG performance.The findings indicate that local government debt management system reform significantly enhances corporate ESG performance.Specifically,the reform helps alleviate corporate financial constraints by improving access to external financing,lowering capital costs,and allowing firms to allocate more resources to projects related to environmental protection,social responsibility,and corporate governance improvement.The enhancement of local government’s fiscal health due to the reform provides firms with more policy support,encouraging them to invest in ESG‑related areas.Furthermore,the reform plays a role in curbing excessive financialization within firms,reducing their engagement in speculative financial activities and directing more resources towards core business operations and sustainable development.In addition to the direct effects on firms’financing and investment behavior,this study reveals notable heterogeneity in the reform’s impact across different types of firms.Companies located in regions with higher financial development,greater digital transformation,and higher institutional investor ownership benefit more significantly from the reform.In these regions,firms are better positioned to access financial markets,leverage technology for ESG initiatives,and respond to the demands of institutional investors who emphasize long‑term sustainability and governance.The innovation of this study lies in its methodological approach and research perspective.Methodologically,the DML method allows for more accurate handling of complex causal relationships compared to conventional statistical methods,particularly in high‑dimensional data settings.From a research perspective,this study is one of the first to examine the microeconomic effects of local government debt management system reform on corporate ESG performance,offering valuable empirical evidence for policymakers and corporate leaders alike.The findings suggest that well‑designed fiscal reforms can play a crucial role in promoting corporate sustainability and such reforms should be tailored to regional and firm‑specific conditions to maximize their effectiveness.This study underscores the need for policymakers to continue refining fiscal management reforms to support sustainable corporate development.