摘要
本文以2009—2022年中国A股上市公司为样本,实证检验自贸区设立对企业ESG表现的影响。研究发现,设立自贸区有助于改善所在城市企业的ESG表现。作用机制研究表明,自贸区设立通过意愿、资源和行动三个层面作用于企业ESG表现,意愿层面表现为外资持股增加带来了ESG转型的压力,资源层面表现为融资约束缓解带来了开展ESG活动的资金,行动层面表现为企业环保投资水平和绿色创新水平的提升。结合企业内外部环境研究发现,在公司治理水平和地区金融发展水平越低的企业中,自贸区设立对企业ESG表现的正向影响越显著,再次印证了自贸区设立在影响企业ESG表现中发挥了治理效应和资源效应。异质性分析表明,在低层级城市和非国有企业中,自贸区设立对企业ESG表现的促进效应更大。本文的研究不仅加深了对自贸区设立的认识,也为促进ESG发展提供了实践启示。
Using the sample of A-share listed companies from 2009 to 2022,this paper empirically tests the impact of the establishment of pilot free trade zones on corporate ESG performance,and finds that establishing pilot free trade zones can help improve the ESG performance of companies located in these cities.Research on the mechanism of action shows that the establishment of pilot free trade zones affects corporate ESG performance through three levels:willingness,resources,and action.The willingness level is reflected in the pressure of ESG transformation brought by the increase in foreign shareholding,the resource level is reflected in the relief of financing constraints,which brings funds for ESG activities,and the action level is reflected in the improvement of corporate environmental protection investment and green innovation.Based on the internal and external environments of firms,we find that the lower internal corporate governance and external financial development,the more significant the positive impact of setting up pilot free trade zones on corporate ESG performance.This once again confirms that the establishment of pilot free trade zones plays a governance and resource effect in influencing corporate ESG performance.Heterogeneity analysis shows that the establishment of pilot free trade zones has a greater promoting effect on corporate ESG performance in low-level cities and non-state-owned enterprises.This study not only deepens our understanding of the establishment of pilot free trade zones,but also provides practical inspiration for promoting ESG development.
作者
张欣
夏宇
ZHANG Xin;XIA Yu(Business College,Qingdao University,Qingdao 266071,China;Economics School,Jilin University,Changchun 130012,China)
出处
《中南财经政法大学学报》
北大核心
2025年第1期3-15,41,共14页
Journal of Zhongnan University of Economics and Law
基金
山东省社会科学规划研究项目“基础设施公募REITs赋能企业高质量发展的机制、效应与政策优化研究”(24DGLJ05)
山东省自然科学基金青年项目“税负粘性对企业创新的影响研究——兼论减税降费政策的实施效果”(ZR2023QG085)
青岛市社会科学规划研究项目“青岛自贸片区赋能企业绿色创新的效应、机制及政策优化研究”(QDSKL2401076)。
