摘要
文明城市创建活动作为中国城市治理新模式,是进行生态文明建设、促进可持续发展的重要措施。本文以2009—2022年我国A股上市公司为研究对象,采用多期双重差分法分析文明城市创建对企业ESG表现的影响。初步研究发现文明城市创建能够显著提升企业ESG表现。作用机制检验结果表明文明城市创建能够通过促进企业绿色技术创新和增加政府环保补助两条路径提升企业ESG表现。进一步分析发现文明城市创建对企业ESG表现的提升作用在国有控股、内部控制健全、所处行业竞争激烈的企业中更显著。细分ESG分项指标的研究结果表明文明城市创建对于企业环境保护(E)、社会责任(S)、公司治理(G)三个维度的表现均有显著改善作用,尤其是对社会责任(S)和公司治理(G)表现的提升效果更为明显。因此,政府要继续推进文明城市创建政策,针对企业和行业的不同属性完善政策体系,为企业ESG实践提供资源支持;同时,企业要增强对文明城市创建活动的敏感性,抓住政策机遇,实现企业ESG战略转型。
As a new mode of urban governance in China,the creation of civilized cities is an important measure for ecological civilization construction and sustainable development.This paper takes China's A-share listed companies from 2009 to 2022 as the research object,and uses the multi-period difference-in-differences method to analyze the impact of the creation of civilized cities on corporate ESG performance.The preliminary study finds that the establish-ment of civilized cities can significantly promote the improvement of corporate ESG performance.The mechanism analysis shows that the creation of civilized cities can improve the ESG performance of enterprises by promoting green technological innovation and increasing government environmental protection subsidies.Further analysis reveals that the effect of civilized city creation on corporate ESG performance is more prominent among state-controlled enterpris-es,enterprises with sound internal control,and enterprises with intense competition in industries.Research on the dif-ferentiation of the ESG index show that the creation of civilized cities has a significant effect on the performance of en-vironmental(E),social(S),and governance(G),especially on the performance of social(S)and governance(G).There-fore,the government should continue to promote the policy of creating civilized cities,improve the policy system ac-cording to the different attributes of enterprises and industries,and provide resource support for corporate ESG prac-tices.At the same time,enterprises should enhance the sensitivity to the creation of civilized cities and seize the poli-cy opportunities to realize the strategic transformation of corporate ESG.
作者
张娆
徐容
Zhang Rao;Xu Rong(School of Finance,Nanjing Agricultural University)
出处
《环境经济研究》
2024年第2期42-62,共21页
Journal of Environmental Economics
基金
江苏高校“青蓝工程”(2022-2025)
江苏省高校社科联发展专项“服务乡村振兴战略的智库优化策略与模式选择”(22GSB-008)
南京农业大学金融学院学科建设专项和深入学习贯彻党的二十大项目“国家绿色政策推动企业绿色治理:政策解构、理论推演与实证研究”(ZDXM202204)的阶段性成果。
关键词
文明城市
企业ESG表现
绿色技术创新
政府环保补助
Civilized Cities
Corporate ESG Performance
Green Technology Innovation
Government Environmental Subsidies
