摘要
在全球可持续发展和“双碳”目标驱动下,企业碳排放脱钩对制造业实现绿色转型意义重大。本文以2017-2021年A股制造业上市公司为样本,实证检验了ESG表现对企业碳排放脱钩的影响及其机制。研究显示,ESG表现能够显著提高企业的碳排放脱钩程度,即ESG表现越好,企业碳排放脱钩程度越高。机制分析表明,ESG表现通过缓解融资约束、提升绿色创新水平两个渠道来提高企业碳排放脱钩程度。异质性检验表明,ESG表现对国有企业、中部地区企业、非重污染企业的碳排放脱钩的促进作用更为明显。本文拓展了ESG表现、碳排放脱钩以及二者关联机制等领域的研究边界与视角,也为制造业企业提升ESG水平、实现绿色转型,以及政府制定促进碳排放脱钩政策提供了参考。
Driven by the global sustainable development agenda and China's dual carbon goals,achieving carbon emission decoupling is crucial for manufacturing firms to realize green transformation.This study takes A-share listed manufacturing companies from 2017 to 2021 as the sample and empirically examines the impact of ESG performance on enterprise carbon emission decoupling,as well as the underlying mechanisms.The findings reveal that ESG performance can significantly enhance the degree of enterprise carbon emission decoupling:The better the ESG performance,the higher the level of carbon emission decoupling.Mechanism analysis indicates that ESG performance facilitates carbon emission decoupling through two key channels:alleviating financing constraints and improving green innovation capabilities.Heterogeneity tests further demonstrate that the positive effect of ESG performance on carbon emission decoupling is more pronounced for stateowned enterprises,enterprises in central China,and non-heavy-pollution enterprises.This study expands the research boundaries and perspectives on ESG performance,carbon emission decoupling,and their interrelationship mechanisms.It also provides valuable practical insights for manufacturing enterprises to enhance their ESG levels and achieve green transformation,as well as for policymakers to formulate targeted policies that promote carbon emission decoupling.
作者
段伟宇
史振华
DUAN Weiyu;SHI Zhenhua(School of Economics and Management,Shanxi Normal University)
出处
《金融经济》
2025年第5期42-53,共12页
Finance Economy
基金
山西省高等学校人文社会科学重点研究基地项目“山西装备制造业结构升级的政策体系优化研究——以创新驱动发展为导向”(201801021)
国家级大学生创新创业训练计划项目“企业ESG表现对其碳排放行为的影响研究”(20250557)。
关键词
ESG表现
碳排放脱钩
融资约束
绿色创新
ESG performance
Carbon emission decoupling
Financing constraints
Green innovation
