激发ESG增长的催化剂:中国央行的担保框架扩展
1School of Economics, Guangdong Ocean University, Zhanjiang, Guangdong, China.
PloS one
|May 19, 2025
概括
中国央行将绿色债券融入贷款的政策,通过缓解融资和促进绿色创新,提高了企业的ESG业绩. 这一政策显著提高了上市公司的环境,社会和治理 (ESG) 评分.
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:
- 环境,社会和治理 (ESG) 标准对于企业的可持续性至关重要.
- 中国央行在2018年6月扩大了其中期贷款工具 (MLF) 的抵押,包括绿色债券.
- 这一政策旨在缓解融资约束,促进绿色创新.
研究的目的:
- 调查中国扩大承诺框架政策 (EPCF) 对企业ESG绩效的影响.
- 确定EPCF是否减轻了融资限制,并促进了绿色创新.
- 分析EPCF与企业ESG绩效之间的因果关系.
主要方法:
- 使用EPCF的准自然实验设计.
- 采用差异差异 (DID) 和其他计量经济学方法.
- 分析2014年至2022年中国A股上市公司的面板数据.
主要成果:
- 通过缓解融资约束和促进绿色创新,EPCF显著提高了企业的ESG绩效.
- 实施EPCF导致相对ESG绩效平均提高0.02个单位.
- 该政策对不严重污染的企业以及市场化程度较高的地区和沿海地区产生更大的积极影响.
结论:
- 在中国,EPCF是提高企业ESG绩效的有效政策工具.
- 虽然绿色债券本身的影响有限,但EPCF放大了它们的积极影响.
- 政策的有效性取决于环境,在市场化和沿海地区更强.
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