为加快建设环境友好型社会、推进环境治理,国务院常务会议于2017年颁布了绿色金融改革创新试验区的试点政策。本研究以2009~2022年沪深两市A股上市公司为初始样本,选择五省中企业的ESG评级得分数据及对应的企业层面的经济数据进行研究,...为加快建设环境友好型社会、推进环境治理,国务院常务会议于2017年颁布了绿色金融改革创新试验区的试点政策。本研究以2009~2022年沪深两市A股上市公司为初始样本,选择五省中企业的ESG评级得分数据及对应的企业层面的经济数据进行研究,采用双重差分模型对绿色金融改革创新试验区设立的微观效应进行了深度剖析,探讨了不同企业性质、行业和不同企业地区下设立绿色金融改革创新试验区对企业ESG表现的异质性。研究表明,绿色金融改革创新试验区的设立对企业ESG表现具有正向调节作用,试验区设立后,政策效应逐步提高,且对国有企业、重污染行业企业以及东部地区的ESG表现的促进作用更为明显。本研究以企业ESG表现的新视角评估了绿色金融改革创新试验区的政策效应,为绿色金融改革更有效地发挥指引作用提供经验支持。In order to accelerate the construction of an environment-friendly society and promote environmental governance, the Executive Meeting of The State Council promulgated the pilot policy of Green Finance Reform and Innovation pilot zone in 2017. This study takes A-share listed companies in Shanghai and Shenzhen Stock markets from 2009 to 2022 as the initial sample, selects ESG rating score data of enterprises in five provinces and corresponding enterprise-level economic data for research, and uses the DID model to conduct in-depth analysis on the micro effects of the establishment of Green Finance Reform and Innovation pilot zone. This paper explores the heterogeneity of the establishment of Green Finance Reform and Innovation pilot zone on the ESG performance of enterprises under different enterprise NFTS, industries and different enterprise regions. The study shows that the establishment of the Green Finance Reform and Innovation pilot zone has a positive moderating effect on the ESG performance of enterprises, and the policy effect gradually increases after the establishment of the pilot zone, and the promotion effect on the ESG performance of state-owned enterprises, enterprises in heavy polluting industries and the eastern region is more obvious. This study evaluates the policy effect of Green Finance Reform and Innovation pilot zone from a new perspective of enterprise ESG performance, and provides empirical support for green finance reform to play a more effective guiding role.展开更多
文摘为加快建设环境友好型社会、推进环境治理,国务院常务会议于2017年颁布了绿色金融改革创新试验区的试点政策。本研究以2009~2022年沪深两市A股上市公司为初始样本,选择五省中企业的ESG评级得分数据及对应的企业层面的经济数据进行研究,采用双重差分模型对绿色金融改革创新试验区设立的微观效应进行了深度剖析,探讨了不同企业性质、行业和不同企业地区下设立绿色金融改革创新试验区对企业ESG表现的异质性。研究表明,绿色金融改革创新试验区的设立对企业ESG表现具有正向调节作用,试验区设立后,政策效应逐步提高,且对国有企业、重污染行业企业以及东部地区的ESG表现的促进作用更为明显。本研究以企业ESG表现的新视角评估了绿色金融改革创新试验区的政策效应,为绿色金融改革更有效地发挥指引作用提供经验支持。In order to accelerate the construction of an environment-friendly society and promote environmental governance, the Executive Meeting of The State Council promulgated the pilot policy of Green Finance Reform and Innovation pilot zone in 2017. This study takes A-share listed companies in Shanghai and Shenzhen Stock markets from 2009 to 2022 as the initial sample, selects ESG rating score data of enterprises in five provinces and corresponding enterprise-level economic data for research, and uses the DID model to conduct in-depth analysis on the micro effects of the establishment of Green Finance Reform and Innovation pilot zone. This paper explores the heterogeneity of the establishment of Green Finance Reform and Innovation pilot zone on the ESG performance of enterprises under different enterprise NFTS, industries and different enterprise regions. The study shows that the establishment of the Green Finance Reform and Innovation pilot zone has a positive moderating effect on the ESG performance of enterprises, and the policy effect gradually increases after the establishment of the pilot zone, and the promotion effect on the ESG performance of state-owned enterprises, enterprises in heavy polluting industries and the eastern region is more obvious. This study evaluates the policy effect of Green Finance Reform and Innovation pilot zone from a new perspective of enterprise ESG performance, and provides empirical support for green finance reform to play a more effective guiding role.