"双碳"目标视域下,探究企业ESG(Environmental、Social and Governance)行为对碳排放的作用机理具有重要意义.考虑ESG行为存在表面上顺应迎合而实质上"言行不一",构建了划分ESG行为类别的动态随机一般均衡(DSGE)模型,研究实质性ESG行为与策略性ESG行为对碳排放等宏观经济因素的动态传导机制.研究发现:相比难以实现碳减排的策略性ESG行为,企业采取实质性ESG行为能够显著降低碳排放量且对宏观经济有正向影响,推动经济向低碳绿色转型,实现减排与经济发展的"共赢".企业实质性ESG行为对碳减排与经济增长的影响机制为:(1)内部资本投入机制:企业采取实质性ESG行为对碳减排技术研发投入形成溢出效应,且实质性ESG行为激励企业将生产要素投入由高碳产品转移到低碳产品,以实现"增低碳降高碳",达到碳减排与经济增长的协调统一;(2)外部政策激励机制:企业采取实质性ESG行为可获得更多的政府碳减排补贴,促使企业增加低碳产出投入,实现外部政策激励与内部低碳转型的协同效应;(3)金融机构信贷优惠机制:企业采取实质性ESG行为能够激发金融机构对其实行差异化信贷优惠利率,增加企业碳减排技术的研发投入,推动绿色金融与绿色技术的协同发展.研究为辨识ESG行为类别推动企业低碳转型发展提供理论依据与政策启示.
Research on the Equilibrium Mechanism of Carbon Emission Reduction and Economic Growth Considering ESG Categories
Under the perspective of"dual-carbon"goal,it is of great significance to explore the mechanism of corporate ESG(Environmental,Social and Governance)behaviors on carbon emissions.In this paper,a dynamic stochastic general equilibrium(DSGE)model is constructed for the first time to classify ESG behaviors,and study the dynamic transmission mechanism of substantive and strategic ESG behaviors on carbon emissions and other macroeconomic issues.Our study finds that compared with strategic ESG behaviors,which are difficult to achieve carbon emission reduction,substantive ESG behaviors of enterprises can significantly reduce carbon emissions and have a positive impact on the macroeconomy,thus promoting the economic transition to low-carbon and green,and realizing a"win-win"situation.The impact mechanism of substantive ESG behavior of enterprises on carbon emission reduction is as follows:(1)Internal capital investment mechanism:enterprises adopt substantial ESG be-havior to form a spillover effect on carbon emission reduction technology research and development investment,and substantial ESG behavior incentives for enterprises to transfer production factor inputs from high-carbon prod-ucts to low-carbon products,in order to achieve the goal of"increasing low-carbon and decreasing high-carbon",and to achieve the goal of"carbon emission reduction and economic growth".(2)External policy incentive mecha-nism:enterprises adopting substantive ESG behavior can obtain more carbon emission reduction subsidies,prompt-ing enterprises to increase low-carbon output inputs,and realize the synergistic effect of external policy incentives and internal low-carbon transformation.(3)Financial institutions'credit preference mechanism:enterprises adopt-ing substantive ESG behavior can stimulate financial institutions to implement differentiated credit preferences for them.financial institutions to implement differentiated credit preferential interest rates,increase the R&D invest-ment in carbon emission reduction technology of enterprises,and promote the synergistic development of green fi-nance and green technology.This paper provides theoretical basis and policy inspiration for identifying ESG behav-ior categories to promote the development of enterprise low-carbon transformation.
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