摘要
以商道融绿首次公布上市公司ESG评级作为外生冲击,选取2011~2022年上市企业为样本,利用多时点双重差分模型研究ESG评级对企业韧性的影响效应和作用机制。实证结果表明,ESG评级会显著提高企业韧性,这一结论经过一系列检验后依然稳健。同时,机制分析发现ESG评级通过缓解融资约束、降低企业风险和提升创新能力等途径增强企业韧性。进一步研究发现,ESG评级对企业韧性的促进作用在国有企业和重污染企业中更为明显。因此,企业应主动形成ESG投资的长效机制,政府部门需要加快推动ESG制度化建设,从而增强企业应对危机与冲击时的韧性。
Based on the exogenous shock of ESG ratings disclosed by Sino-Green Finance for the first time,this paper selects the listed companies from 2011 to 2022 as samples and utilizes a multi-time point difference-in-differences model to investigate the impact and mechanism of ESG ratings on corporate resilience.The empirical results indicate that ESG ratings significantly enhance corporate resilience,and this conclusion remains robust after a series of tests.Meanwhile,the mechanism analysis reveals that ESG ratings improve corporate resilience by alleviating financing constraints,reducing corporate risks and enhancing innovation capabilities.Further research finds that the positive impact of ESG ratings on corporate resilience is more apparent in the state-owned enterprises and heavily polluting enterprises.Therefore,enterprises should actively form a long-term mechanism for ESG investment,and government should accelerate the promotion of ESG institutionalization to enhance the resilience of enterprises in responding to crises and shocks.
作者
阳旸
林梓博
YANG Yang;LIN Zibo(Business School,Hunan Normal University,Changsha 410081,China)
出处
《湖南大学学报（社会科学版）》
CSSCI
北大核心
2024年第6期73-83,共11页
Journal of Hunan University(Social Sciences)
基金
教育部人文社会科学研究青年基金项目:双循环格局下金融结构性失衡的经济效应及三维治理路径研究(21YJC790140)
国家自然科学基金青年项目:双循环格局下实体企业金融化对高质量发展的影响机制与政策研究(72103064)
湖南省自然科学基金青年项目:重大突发事件冲击下数字化转型对企业韧性的影响机制与优化路径研究(2023JJ40244)。
关键词
ESG评级
企业韧性
融资约束
企业风险
创新能力
ESG rating
corporate resilience
financing constraints
corporate risks
innovation capability
