School of Economics, Yunnan University, Wujiaying Ave., Kunming, 650500, China.
Environ Sci Pollut Res Int. 2024 Aug;31(40):52784-52803. doi: 10.1007/s11356-024-34709-5. Epub 2024 Aug 19.
The establishment of green finance reform and innovation pilot zone (GFRIPZ) is a pivotal strategy for harmonizing the twin goals of economic prosperity and environmental preservation. By applying panel data on Chinese A-share listed firms from 2011 to 2022, this study examines the influence of China's green finance pilot policy on corporate environmental social responsibility (ESR) using a difference-in-differences (DID) model. The study's findings indicate that the green finance pilot policy promotes corporate environmental social responsibility. The results remain robust after a series of robustness tests. Moreover, mechanism analysis reveals that the pilot policy promotes firms' ESR through three key channels: financing constraints, green innovation, and corporate governance mechanisms. Additionally, analyst attention can positively moderate the promotional effect of the green finance pilot policy on corporate ESR. Furthermore, this study reveals that the green finance pilot policy's impact on corporate ESR is more pronounced among large-scale firms and firms operating in regions characterized by stringent environmental regulations and greater marketization. The empirical findings present evidence for enhancing ESR through the implementation of the green finance pilot policy in China and offer insights for refining the green finance system.
绿色金融改革创新试验区（GFRIPZ）的建立是协调经济繁荣与环境保护双重目标的关键战略。本文利用 2011 年至 2022 年中国 A 股上市公司的面板数据，采用双重差分（DID）模型，考察了中国绿色金融试验区政策对企业环境、社会和治理（ESG）的影响。研究结果表明，绿色金融试验区政策促进了企业的环境、社会和治理责任。在一系列稳健性检验后，结果仍然稳健。此外，机制分析表明，试验区政策通过融资约束、绿色创新和公司治理机制这三个关键渠道促进了企业的 ESG。此外，分析师关注度可以正向调节绿色金融试验区政策对企业 ESG 的促进作用。此外，本研究还发现，绿色金融试验区政策对企业 ESG 的影响在大规模企业和在环境法规严格、市场化程度较高的地区经营的企业中更为显著。实证结果为中国通过实施绿色金融试验区政策来增强 ESG 提供了证据，并为完善绿色金融体系提供了思路。
