| 摘要: |
| 摘要：绿色是高质量发展的底色，发展绿色金融是推动经济社会可持续发展的重要力量。基于2010－2021年中国上市企业数据，通过匹配中国省级层面绿色金融指数与企业层面微观数据，考察绿色金融对企业ESG表现的影响效应及作用机制。研究发现：绿色金融有助于提升企业ESG表现；异质性分析结果表明，绿色金融对企业ESG表现的提升作用在国有企业、非重污染行业企业及高新技术产业企业中更为显著；机制分析结果表明，环境规制与产业结构升级在绿色金融提升企业ESG表现中发挥了正向调节作用。基于此，提出相关政策建议：一是加快绿色金融发展速度，完善绿色金融体系；二是强化ESG理念，加大ESG投资，鼓励企业ESG实践；三是鼓励企业绿色低碳转型，促进产业结构向“绿色化”“低碳化”转型；四是强化环境规制对企业ESG的支撑作用，充分释放环境政策的政策效应。 |
| 关键词: 关键词：绿色金融；ESG；环境规制；产业结构升级 |
| DOI： |
| 分类号:F832.5；F275 |
| 基金项目:基金项目：云南省教育厅科学研究基金项目“云南省绿色金融发展对乡村振兴影响的实证研究”（2022Y399）；云南省教育厅科学研究基金项目“数字经济驱动城乡融合发展的作用机制、实现路径与政策研究”（2023Y0529）；云南民族大学硕士研究生科研创新基金项目“云南省数字普惠金融对包容性增长的影响机制与对策研究”（2022SKY042）。 |
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| Green Finance and Firm ESG Performance：Empirical Evidence from Chinese Listed Firms |
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XIONG Yun-biao，DAI Yu-jie，WANG Yue
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（School of Economics，Yunnan Minzu University）
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| Abstract: |
| Abstract：Green is the background color of high-quality development，and the development of green finance is an important force to promote sustainable economic and social development.Based on the data of Chinese listed enterprises from 2010 to 2021，this paper investigates the effect and mechanism of green finance on the ESG performance of enterprises by matching the green finance index at the provincial level with the micro data at the enterprise level.The study finds that green finance helps to improve the ESG performance of enterprises；The results of heterogeneity analysis show that the improvement effect of green finance on ESG performance is more significant in state-owned enterprises，enterprises in non-heavy pollution industries and enterprises in high-tech industries.The results of mechanism analysis show that environmental regulation and industrial structure upgrading play a positive role in the improvement of ESG performance by green finance.Based on this，relevant policy recommendations are proposed:First，accelerate the development of green finance and improve the green financial system；second，strengthen the ESG concept，increase ESG investment，and encourage enterprise ESG practices；the third is to encourage green and low-carbon transformation of enterprises and promote the transformation of industrial structure to “green” and “low-carbon”；fourth，strengthen the supporting role of environmental regulation on enterprise ESG，and fully release the policy effect of environmental policy. |
| Key words: Key words：Green Finance;ESG;Environmental Regulation;Upgrading of Industrial Structure |
