Graduate Business School, UCSI University, 56000, Kuala Lumpur, Malaysia.
School of Economics and Management, Huangshan University, Huangshan, 245041, Anhui, China.
Environ Sci Pollut Res Int. 2023 Nov;30(51):110499-110514. doi: 10.1007/s11356-023-30139-x. Epub 2023 Oct 4.
In recent years, academics have paid more attention to green finance, and public companies have reached a broad consensus on the concept of timely environmental, social, and governance (ESG) disclosure. Due to the close relationship between green finance and ESG, this presents an opportunity to determine whether green finance compels companies to actively disclose ESG. The sample for this study consists of China's non-financial A-share listed companies from 2010 to 2021, and the empirical findings demonstrate that green finance can positively influence the ESG performance of listed companies. Through an analysis of heterogeneity, this study reaches the following conclusions: state-owned enterprises, heavy pollution companies, and companies in low-carbon pilot cities perform better in terms of green finance's role in promoting ESG scoring. This study also introduces market concentration and social trust as the moderating variables, enriching the green finance research framework. Through the analysis of moderating variables, the 'black box' effect of green finance on ESG is disclosed, providing theoretical support for the government and companies to better comprehend the policy effect as well as a reference for reform and experimental promotion of green finance.
近年来，学术界越来越关注绿色金融，上市公司也广泛认同及时进行环境、社会和治理（ESG）披露的理念。由于绿色金融与 ESG 密切相关，这为我们提供了一个机会，可以确定绿色金融是否促使公司积极披露 ESG。本研究的样本包括 2010 年至 2021 年中国非金融类 A 股上市公司，实证结果表明，绿色金融可以积极影响上市公司的 ESG 绩效。通过对异质性的分析，本研究得出以下结论：国有企业、重污染企业和低碳试点城市的企业在绿色金融促进 ESG 评分方面表现更好。本研究还引入了市场集中和社会信任作为调节变量，丰富了绿色金融研究框架。通过对调节变量的分析，揭示了绿色金融对 ESG 的“黑箱”效应，为政府和企业更好地理解政策效果提供了理论支持，也为绿色金融的改革和试点推广提供了参考。
