绿色金融改善企业的环境,社会和治理绩效:基于外部融资能力和内部技术创新的二维视角
1School of Public Administration and Policy, Shandong University of Finance and Economics, Jinan, China.
PloS one
|April 17, 2024
概括
绿色金融改革和创新试点区 (GFPZ) 政策通过加强融资和绿色创新,大大提高了企业的环境,社会和治理 (ESG) 绩效. 这一绿色融资倡议还促进了企业社会责任和区域环境治理.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 可持续发展 可持续发展 可持续发展
背景情况:
- 2017年建立绿色金融改革和创新试点区 (GFPZ) 提供了一个独特的机会来研究绿色金融政策的影响.
- 了解绿色金融对企业行为和环境,社会和治理 (ESG) 绩效的影响,对于可持续的经济发展至关重要.
- 之前的研究已经探讨了影响ESG表现的各种因素,但专门绿色金融试点区的具体影响需要进一步的实证研究.
研究的目的:
- 实证地评估绿色金融改革和创新试点区 (GFPZ) 政策对中国上市企业ESG绩效的因果关系.
- 确定GFPZ政策影响ESG绩效的主要机制,特别关注融资可访问性和绿色技术创新.
- 检查GFPZ政策对具有不同所有权结构和内部控制质量的企业的影响的异质性,并探讨其对企业社会责任和区域环境治理的更广泛影响.
主要方法:
- 通过检查2017年GFPZ的建立,利用自然实验框架.
- 使用差异差异 (DID) 方法来比较试点区内外的企业.
- 从2010年到2020年分析了上海和深A股工业上市公司的数据.
主要成果:
- GFPZ政策显著提高了企业的ESG绩效.
- 这种积极影响主要是由于改善了外部融资能力和绿色技术创新的进展.
- 该政策的效果表现出基于公司所有权 (股权性质) 和内部控制水平的异质性.
- 绿色金融显然促进了企业的社会责任,并有助于改善区域环境治理.
结论:
- GFPZ政策是提高企业ESG绩效和促进可持续商业实践的有效工具.
- 绿色融资机制对于使经济目标与环境和社会责任保持一致至关重要.
- 这些发现为寻求利用绿色金融的政策制定者提供了宝贵的见解,以减轻与经济增长相关的负面外部性并提高企业的整体可持续性.
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