Did the Interest Rate Marketization Reform Improve Corporate ESG Performance?——Evidence from Chinese Listed Companies
Interest rate marketization reform,has become a hot topic of research in terms of its impact on business operations at the micro level.However,few studies have explored its impact on corporate sustainable development.Based on the panel data of Chinese listed firms from 2009-2021,this paper finds that the reform of interest rate market significantly improves the ESG performance of listed firms.The mechanism test shows that resource allocation effect,green innovation effect and market concern mechanism are important ways for interest rate market reform to enhance the ESG performance of enterprises.The reform of interest rates market has a more significant effect on the ESG performance of high-tech firms and firms with a high degree of information disclosure and internal control.In addition,the incentive effect of interest rate market reform on corporate ESG performance is further enhanced in cities with low regional resource endowment,low degree of financial development and reasonable income distribution structure.Further analysis reveals that interest rate marketization reform not only improves overall ESG performance,but also brings different degrees of enhancement to firms'environmental,social and governance aspects,and its substantial benefits to firms'ESG performance.In view of this,this paper proposes policy recommendations to further improve the formation mechanism of market interest rate and ESG evaluation criteria,strengthen the incentive of green r&D,implement differentiated support policies,and promote ESG performance of enterprises.
NETL
NSTL
万方数据
