摘要
绿色金融和绿色政策作为引导资源配置的重要工具,对推动经济可持续发展有重要作用。ESG(企业环境、社会和治理评分)体系作为评价企业可持续发展的重要手段,可以较好地衡量污染企业转型发展程度。在全球防止和适应气候变化背景下,科学探究中国绿色金融、绿色政策对企业转型发展的作用具有必要性和现实意义。基于此,该研究首先通过三方完全信息静态博弈模型对金融、企业和政府三部门的作用机制和行为模式进行梳理;其次以绿色金融发展水平、绿色政策支持力度指数为解释变量,以融资约束SA(融资约束)指数为机制变量,运用固定效应模型、Bootstrap中介效应模型和因果中介效应模型测算了绿色金融和绿色政策对企业ESG的中介效应和调节中介效应;最后运用两阶段最小二乘和动态GMM模型进行了内生性分析和稳健性检验。研究发现:①绿色金融发展水平对企业ESG有比较明显的促进作用,绿色政策支持力度对企业ESG有比较明显的抑制作用。②中介效应和调节中介效应分析表明,一方面,绿色金融和绿色政策可以通过融资约束对企业ESG产生显著的促进和削弱作用,且间接和直接效应显著;另一方面,绿色政策对绿色金融的调节效应可以通过融资约束对企业ESG产生显著影响。这意味着,绿色政策中的监管类政策作用显著,但激励型政策并不完善,且与绿色金融发展不相匹配,因此,政府需要因地制宜制定绿色政策,推动绿色金融水平的提升,加强二者之间的联系与互促机制,实现绿色政策与绿色金融的协调配合。
As important tools to guide resource allocation,green finance and green policies both are playing the key roles in promoting sustainable economic development.The ESG system,as an important means to evaluate the sustainable development of enterprises,can better measure the green development of Chinese enterprises.Under the background of severe global climate change,it is necessary and practical to scientifically explore the role of green finance and green policies on the transformation and development of enterprises in China.This paper examined the mechanisms and behavior modes of finance,enterprise and government by using the tripartite complete information static game model.The mediating and moderated mediation effects of green finance and green policies on corporate ESG were measured by using the fixed-effect model,Bootstrap mediation effect model,and causal mediation effect.These models used the green finance development level and green policy support index as the explanatory variables,and the financing constraint SA index as the mechanism variable.Finally,the two-stage least squares and dynamic GMM models were used for endogeneity analysis and robustness test.The following three points were concluded.It is found that:①The green finance development level had a relatively obvious promotion of corporate ESG,and the intensity of green policy support had a relatively obvious inhibitory of corporate ESG.②The analysis of mediating and moderated mediation effects showed that,on the one hand,green finance and green policics could have a significant promotion and weakening effect on corporate ESG through financing constraints,and the indirect and direct effects were significant;on the other hand,the moderation effect of green policy on green finance could have a significant impact on corporate ESG through financing constraints.This means that the regulatory policies in green policies play a significant role,but the incentive policies are not perfect and do not match the development of green finance,so the governmen
作者
张建平
李林泽
ZHANG Jianping;LI Linze(Academy of International Trade and Economic Cooperation,Ministry of Commerce,Beijing 100710,China;WTO Research Institute,University of International Business and Economics,Beijing 100029,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2023年第10期47-60,共14页
China Population,Resources and Environment
基金
国家重点研发计划项目“‘一带一路’沿线主要国家气候变化影响和适应研究”(批准号:2018YFA0606504)之课题四“中国与‘一带一路’主要国家气候合作战略对策”(批准号:2018YFA0606504)。
