Banks'ESG Performance and Enterprises'Green Total Factor Productivity:Based on the Two-sided Mechanism Test of Banks and Enterprises
The report of the 20th Party Congress points out that"high-quality development is the primary task of compre-hensively building a modern socialist country".In view of this,this paper explores the economic effects of banks'ESG per-formance from the perspective of enterprises'green total factor productivity through the credit linkage between banks and enter-prises,with China's commercial banks and listed enterprises as the research objects.The study finds that banks'ESG perform-ance significantly promotes the improvement of enterprises'green total factor productivity;mechanism analysis shows that,on the bank side,ESG performance can enhance the level of banks'liquidity creation,optimize credit allocation,and strengthen the credit supervision ability;on the enterprise side,banks'ESG performance can alleviate the constraints of enterprises'finan-cing,optimize the internal management of the enterprises,and improve the management's awareness of environmental protec-tion,which plays a positive role in the enhancement of enterprises'green total factor productivity.In addition,bank-enterprise ESG has obvious synergistic effects,which can strengthen the role of bank's ESG performance in the enhancement of enterprise green total factor productivity.Further analysis shows that the promotional effect of bank's ESG performance is more obvious in the private and SME samples.This paper expands upon the research on the microeconomic consequences of bank's ESG per-formance and the influencing factors of enterprise total factor productivity,which has certain theoretical and practical signifi-cance for promoting the sustainable development of China's banking industry and the green and high-quality development of the real economy.
Bank ESGGreen Total Factor ProductivityResource EffectSupervisory Effect