摘要
在绿色转型的时代背景下,发展环境污染责任保险的环境规制作用,对促进企业进行绿色转型,实现经济高质量发展具有重要意义。本文基于生态环境部和各市生态环境局网站披露的投保企业名单中2014-2023年沪深A股重污染行业上市公司为观测对象,分析投保环境污染责任保险对企业绿色转型的影响及其内在机制。实证研究发现,企业投保环境污染责任保险能够显著促进其绿色转型;机制检验发现,企业ESG表现和融资约束是环境污染责任保险促进企业绿色转型的重要途径;异质性分析发现,环境污染责任保险对非国有企业、处于成长期和成熟期的企业绿色转型的影响效果更加明显。因此,应鼓励企业投保环境污染责任保险,积极提升企业ESG表现,优化融资环境,有效发挥环境污染责任保险作为环境规制市场化手段的政策效应,推动企业绿色转型。
Under the background of the green transformation era,developing the environmental regulation role of environmental pollution liability insurance has a great significance to promote listed companies'green transformation and achieve high-quality economic development.Based on the list of insured enterprises disclosed on the official websites of the Ministry of Ecology and Environment of the People's Republic of China and the ecological and environmental departments of various cities,this study takes A-share listed companies in heavy-polluting industries on the Shanghai and Shenzhen Stock Exchanges from 2014 to 2023 as the research objects,and analyzes the impact of purchasing environmental pollution liability insurance on the green transformation of enterprises as well as its intrinsic mechanism.Empirical studies have found that enterprises'purchase of environmental pollution liability insurance can significantly promote their green transformation.Mechanism tests reveal that enterprises'ESG performance and financing constraints are important channels through which environmental pollution liability insurance facilitates enterprises'green transformation.Heterogeneity analysis shows that the impact of environmental pollution liability insurance on enterprises'green transformation is more significant in non-state-owned enterprises and enterprises in the growth and mature stages.Therefore,it is imperative to encourage enterprises to take out environmental liability insurance,actively improve ESG performance,optimize the financing environment,effectively leverage the policy effect of environmental liability insurance as a market-oriented means of environmental regulation,so as to assist enterprises green transformation.
作者
范庆祝
张超越
Fan Qingzhu;Zhang Chaoyue(School of Finance,Hebei University of Economics and Business,Shijiazhuang 050061,China)
出处
《金融理论探索》
2025年第4期69-80,共12页
Exploration of Financial Theory
基金
河北省社会科学基金项目“数字经济时代实现共同富裕的河北多层次社会保障体系构建路径研究”(HB22YJO38)
河北省在读研究生创新能力培养资助项目“环境污染责任保险促进上市公司绿色转型升级的机制及路径研究”(CXZZSS2025090)。
关键词
环境污染责任保险
企业绿色转型
ESG表现
融资约束
环境规制
environmental pollution liability insurance
enterprises'green transformation
ESG performances
financing constraints
environmental regulations
