On the Impact of the New"Environmental Protection Law"on the Green Transformation of Heavy Polluting Enterprises——Based on ESG Rating Perspective
In order to promote the"dual carbon"goal in an orderly manner,this article selects A-share heavily polluting listed companies in the Shanghai and Shenzhen stock markets from 2011 to 2020 as the research object,and employs a difference in differences model to analyze the impact mechanism of the new"Environmental Protection Law"in 2015 on the green transformation of heavily polluting enterprises.The empirical results show that the new"Environmental Protection Law"significantly promotes the green transformation of heavily polluting enterprises,and the effect is more prominent for larger scale,more competitive industries,and higher levels of regional marketization.Corporate financing risk,compliance risk,and reputation risk play a significant mediating role.The article explores the micro effects of the new"Environmental Protection Law"from the perspective of ESG(Environmental,Social,and Corporate Governance)ratings,enriching the internal mechanism of green transformation behavior of heavily polluting enterprises.
the new"Environmental Protection Law"green transformationESG ratingheavy polluting enterprisesquasi natural experiment
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