摘要
气候变化、节能降耗和实现高质量发展已成为各界广为关注的重要议题。本文利用2011-2020年沪深A股上市公司数据,考察了企业ESG履责对全要素生产率的影响及多重作用机制。研究发现,企业ESG履责可促进全要素生产率提升,在使用工具变量法、Heckman两阶段模型和一阶差分模型等缓解内生性问题后,结论依然稳健;机制检验发现,企业ESG履责主要通过节能降耗和优化资源配置显著提升生产效率;进一步纳入宏观气候、中观行业、微观企业层面的分析显示,当企业遭受极端气候风险冲击、处于高碳排放区域、属于非重污染行业、非国有企业以及自愿进行责任信息披露时,ESG对全要素生产率的促进作用更为凸显。本文研究揭示了企业ESG履责可显著发挥抵御气候变化和碳排放风险作用,赋能经济高质量发展,助力“双碳”目标实现。
Climate change,energy conservation and high-quality development have become important issues of wide concern.Using a sample of Chinese A-share listed companies from 2011 to 2020,this paper empirically examines the impact of ESG activities on total factor productivity and explores possible mechanisms.We find that ESG performance increase total factor productivity,and the results are robust to numerous tests used to address endogenous problems,including instrumental variable method,two-stage Heckman model and the difference-in-differences(DID)model.The mechanisms analyses show that energy saving and consumption reduction(promoting R&D innovation and reducing costs)and resource allocation optimization are plausible channels through which ESG activities affect enterprise production efficiency.Further analyses at the macro-level,meso-level and micro-level show that the promoting effect of ESG on total factor productivity is stronger when enterprises are exposed to extreme climate risks,are located in high-carbon emission regions,belong to less polluted industries,are not state-owned enterprises,and voluntarily disclose their responsibility information.Overall,the ESG activities of enterprises can play a significant role in resisting climate change and carbon emission risk,promoting high-quality economic development and helping the realization of“carbon peak and carbon neutralization”.
作者
李甜甜
李金甜
Li Tiantian;Li Jintian
出处
《会计研究》
北大核心
2023年第6期78-98,共21页
Accounting Research
基金
国家自然科学基金青年项目(72102006)
北京社科基金规划项目青年项目(22GLC051)的资助
关键词
高质量发展
ESG履责
全要素生产率
节能降耗
资源配置
High-quality Development
ESG Activities
Total Factor Productivity
Energy Conservation
Resource Allocation
