摘要
文章基于2010年第一季度至2021年第四季度中国沪深A股非金融上市企业样本,考察绿色债券发行对企业ESG水平的影响。研究显示:企业发行绿色债券后,ESG水平显著提升,表明绿色债券能够发挥积极治理作用,促进企业可持续发展,此结论在经过平行趋势检验、安慰剂检验、PSM、Heckman等一系列稳健性检验后仍成立;机制检验发现,绿色债券通过激励企业绿色创新与强化外部监督途径提高企业ESG水平;进一步研究发现,企业所在市场化水平较高时,绿色债券对企业ESG表现的促进作用更大;相较于非重污染行业企业,重污染行业企业发行绿色债券对ESG水平的影响更明显;绿色债券对管理者能力较强企业ESG水平的促进作用更大。研究结论为绿色债券助力企业绿色转型提供了新证据。
Based on the sample of non-financial listed enterprises in Shanghai and Shenzhen A-shares from the first quarter of 2010 to the fourth quarter of 2021,this paper examines the impact of green bond issuance on the ESG level of enterprises.The research shows that the ESG level of enterprises has significantly improved after the issuance of green bonds,indicating that green bonds can play a positive role in governance and promote the sustainable development of enterprises.This conclusion is still valid after a series of robustness tests such as parallel trend test,placebo test,PSM,Heckman,etc;the mechanism inspection shows that green bonds can improve the ESG level of enterprises by encouraging green innovation and strengthening external supervision;further research shows that when the level of marketization of enterprises is high,green bonds have a greater role in promoting the performance of ESG of enterprises;compared with enterprises in non-heavily polluting industries,the issuance of green bonds by enterprises in heavily polluting industries has a more obvious impact on the level of ESG;green bonds play a greater role in promoting the ESG level of enterprises with stronger abilities of managers.This paper provides new evidence for green bonds to help green transformation of enterprises.
作者
葛春瑞
韩君
GE Chunrui;HAN Jun(School of Statistics,Lanzhou University of Finance and Economics,Lanzhou 730020,China)
出处
《华东经济管理》
CSSCI
北大核心
2023年第12期102-113,共12页
East China Economic Management
基金
国家社会科学基金项目“新发展阶段自然资源资产负债核算理论体系构建与实践应用研究”(22BTJ001)
国家社会科学基金项目“生态安全视域内黄河上游城市群韧性测度及优化路径研究”(21XTJ004)。
关键词
绿色债券
ESG表现
绿色创新
监督效应
green bonds
ESG performance
green innovation
supervisory effect
作者简介
葛春瑞(1995-),女,甘肃会宁人,博士研究生,研究方向:西部生态与资源环境统计;韩君(1980-),男,河南南阳人,教授,博士生导师,研究方向:西部生态与资源环境统计。
