金融科技助力企业提升ESG表现:理论机制和经验证据
Fintech Drive Companies Improving ESG Performance:Theoretical Mechanism and Empirical Evidence
刘喜和 1胡志飞 1李欣宇1
作者信息
摘要
金融科技的快速发展为企业和投资者带来了前所未有的发展机遇和挑战,对企业的ESG表现又将产生怎样的影响?选取沪深A股上市公司为研究样本,运用2011-2020年的数据,研究金融科技对企业ESG表现的影响及作用渠道.结果显示,金融科技能够显著地提升企业ESG表现,且经过内生性处理、替换变量和剔除特定样本等稳健性检验后该结论仍然可靠.作用渠道检验发现,金融科技通过提高信贷资源配置效率和风险承担能力对企业ESG表现起到积极影响,并通过抑制盈余管理行为促进企业开展ESG实践.异质性分析发现,金融科技对非国有企业和小规模企业的ESG表现影响作用明显,对金融发展水平较高和金融监管较严地区的企业ESG表现也有显著促进作用.另外,企业良好的ESG表现,能够实现资源的有效利用、建立良好的企业形象及增强利益相关方的信任,进而实现高质量发展.研究结果证实了金融科技与企业ESG表现之间的正向关系,为推进中国ESG体系建设和完善激励相容的政策提供了重要的决策依据.
Abstract
The rapid development of financial technology(fintech)has brought unprecedented opportunities and challenges for businesses and investors.What impact does it have on the environmental,social,and governance(ESG)performance of companies?It focuses on listed companies in the Shanghai and Shenzhen stock markets as research samples,with data ranging from 2011 to 2020.It examines the influence of fintech on corporate ESG performance and the channels through which the influence occurs.The results demonstrate that fintech significantly improves corporate ESG performance.Even after conducting robustness tests such as endogeneity handling,variable substitution,and specific sample exclusion,the conclusion remains reliable.The examination of channels reveals that fintech positively affects corporate ESG performance by enhancing the efficiency of credit resource allocation and risk-bearing capacity.Furthermore,it promotes ESG practices by inhibiting earnings management behavior.Heterogeneity analysis indicates that fintech has a notable impact on the ESG performance of non-state-owned enterprises and small-scale enterprises.It also has a significant facilitating effect on the ESG performance of companies in regions with higher levels of financial development and stricter financial regulation.Economic consequence analysis reveals that a company's strong ESG performance enables effective resource utilization,establishment of a positive corporate image,and enhanced trust among stakeholders,ultimately leading to high-quality development.The research findings confirm the positive relationship between fintech and corporate ESG performance,providing important decision-making support for advancing China's ESG system construction and improving incentive-compatible policy systems.
关键词
金融科技/ESG/信贷配置效率/风险承担/盈余管理Key words
fintech/ESG/credit allocation efficiency/risk-taking/surplus management引用本文复制引用
基金项目
国家社会科学基金项目(22BJY117)
江苏高校哲学社会科学研究重大项目(2023SJZD135)
出版年
2024
NETL
NSTL
万方数据