在ESG披露的不确定性下,企业战略绿色化:融资激励和非线性效应
1College of Business Administration, Wonkwang University, No. 460, Iksandae-ro, Iksan, 54538, Republic of Korea.
Journal of environmental management
|October 2, 2025
概括
企业可以战略性地使用模两可的环境,社会和治理 (ESG) 披露来进行绿色洗 (GW),以降低融资成本. 然而,过度的GW可能会导致罚款和声誉损害,突出了可持续金融中的微妙平衡.
科学领域:
- 环境,社会和治理 (ESG) 投资.
- 企业金融公司财务
- 行为经济学是一种行为经济学.
背景情况:
- 越来越多的ESG投资规范化导致对企业绿色洗 (GW) 策略的审查.
- 企业可以利用ESG披露的模糊性来战略性地表明对环境的承诺.
- 信号理论和信息不对称下的债权人行为是关键的理论基础.
研究的目的:
- 开发一个理论模型,解释在模糊的ESG信号下为GW提供坚定的激励措施.
- 构建和实证测试一家公司级的ESG披露不确定性 (ESGU) 指数.
- 调查ESGU,GW与中国上市公司的融资约束之间的联系.
主要方法:
- 游戏理论框架,以模拟 GW 的企业激励机制.
- 开发一个企业级ESG披露不确定性 (ESGU) 指数.
- 使用中国A股上市公司 (2009-2022) 的数据进行实证分析.
主要成果:
- 更大的ESGU增加了企业参与GW的可能性,强调绿色叙述,同时掩盖环境绩效.
- 债务成本较高,信息不对称和资源依赖度较高的公司更容易利用ESG模两可.
- 发现GW显著减轻了企业的融资约束,非线性关系表明"模糊套利"窗口.
结论:
- 理论和经验证据支持将ESG披露模两可与GW联系起来的经济理由.
- 提供了可操作的见解,以加强ESG治理和促进可持续发展.
- 该研究为有关绿色信号,战略合规和可持续金融的文献做出了贡献.
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