贵州财经大学学报

贵州财经大学学报 ›› 2024 ›› Issue (05): 28-37.

• 金融经济 • 上一篇    下一篇

绿色金融改革创新与制造业ESG表现

孙芳城, 何雨恬   

  1. 重庆工商大学 成渝地区双城经济圈建设研究院, 重庆 400067
  • 收稿日期:2023-06-13 出版日期:2024-09-15 发布日期:2024-09-21
  • 作者简介:孙芳城(1963—),男,福建宁德人,重庆工商大学教授,博士生导师,研究方向为区域经济、会计;何雨恬(1991—),女,四川遂宁人,重庆工商大学成渝地区双城经济圈建设研究院博士研究生,研究方向为区域经济、公司金融。
  • 基金资助:
    国家社科基金重点项目"粮食安全视角下耕地保护审计协同机制研究"(23AJY017)。

Reform and Innovation of Green Finance and ESG Performance in the Manufacturing Industry

SUN Fangcheng, HE Yutian   

  1. Institute for Chengdu-Chongqing Economic Zone Development, Chongqing Technology and Business University, Chongqing 400067, China
  • Received:2023-06-13 Online:2024-09-15 Published:2024-09-21

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摘要： 利用2017年国务院批准设立绿色金融改革创新试验区作为准自然实验,选取2009~2022年A股上市制造业企业为样本,使用双重差分法实证检验设立绿色金融改革创新试验区对制造业ESG表现的影响。作用机制检验表明,绿色金融改革创新试验区的设立有助于缓解制造业的融资约束、提高盈利能力和提升企业市场价值,进而对制造业的ESG表现产生积极影响。进一步研究发现,设立绿色金融改革创新试验区对制造业ESG表现的影响存在异质性,该影响主要集中在东部地区、市场化程度较高和非重污染的企业中。研究结论在理论上为提升企业ESG表现提供了新视角,在实践上为利用绿色金融政策推动企业绿色转型升级和可持续发展提供了政策启示。

关键词: 绿色金融, ESG表现, 融资约束, 盈利能力, 市场价值

Abstract: This paper examined the impact of the establishment of the Green Finance Reform and Innovation Pilot Zone on the ESG performance of the manufacturing industry by using the difference-in-difference method. This paper used the establishment of the Green Finance Reform and Innovation Pilot Zone approved by the State Council in 2017 as a quasi-natural experiment and selected the A-share listed manufacturing enterprises from 2009 to 2022 as samples. The mechanism test shows that the establishment of the Green Finance Reform and Innovation Pilot Zone can help alleviate the financing constraints, improve the profitability and increase the market value of the manufacturing enterprises, and thus have a positive impact on the ESG performance of the enterprises. Further research find that the establishment of the Green Finance Reform and Innovation Pilot Zone has a heterogeneous impact on the ESG performance of the manufacturing enterprises, which is mainly concentrated in the eastern region, higher degree of marketization and non-heavy pollution enterprises. This paper provides a new perspective for improving the ESG performance of enterprises in theory, and provides policy implications for using the green finance policies to enhance the green transformation and sustainable development of enterprises.

Key words: green finance, ESG performance, financing constraints, profitability, market value

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