摘要
有效防范企业ESG漂绿是当前中国金融监管部门亟需解决的重要议题。本文以2009—2023年中国A股上市公司为研究样本,系统考察了排污许可证制度对企业ESG漂绿行为的影响。研究结果表明,排污许可证制度能够显著抑制企业ESG漂绿现象。机制分析揭示,该制度主要通过缓解企业融资约束和提升ESG信息披露质量,从而有效抑制企业ESG漂绿。异质性分析发现,在ESG基金持股、媒体关注度较强以及智能化转型程度较高的情境下,排污许可证制度对企业ESG漂绿的约束作用更为显著。本文的研究结论不仅从理论层面拓展了企业ESG漂绿的影响因素,还为监管部门利用环境规制工具促进ESG治理提供了政策参考。
Effectively preventing corporate ESG greenwashing is an important issue that needs to be addressed by Chinese financial regulators at present.This article systematically examines the impact of the emission permit system on corporate ESG greenwashing behavior,using a research sample of Chinese A-share listed companies from 2009 to 2023.The findings show that the emission permit system can significantly yinhibit corporate ESG greenwashing.Mechanism analysis reveals that the system is effective in suppressing corporate ESG greenwashing mainly by alleviating corporate financing constraints and enhancing the quality of ESG information disclosure.Heterogeneity analysis reveals that the emission permit system has a more significant restraining effect on corporate ESG greenwashing in the context of ESG fund shareholding,stronger media attention,and higher degree of intelligent transformation.The findings of this paper not only expand the influencing factors of corporate ESG greenwashing from the theoretical level,but also provide policy references for regulators to utilize environmental regulatory tools to promote ESG governance.
作者
赵婉楠
陈艳
张天锴
Zhao Wannan;Chen Yan;Zhang Tiankai
出处
《宏观经济研究》
北大核心
2025年第4期112-127,共16页
Macroeconomics
基金
教育部人文社会科学研究规划基金项目“基于金融科技的风险识别与投资者关注研究”(23YJA630014)
东北财经大学会计学院博士科研项目(DUFEBY20240607)的阶段性研究成果。
关键词
排污许可证
ESG漂绿
融资约束
信息披露质量
Emission permit
ESG greenwashing
Financing constraints
Quality of disclosure of information
