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環(huán)境管制、ESG和企業(yè)價(jià)值：基于中國(guó)的證據(jù)

 

摘要：企業(yè)正面臨日益增加的環(huán)境監(jiān)管風(fēng)險(xiǎn)，但文獻(xiàn)很少研究企業(yè)如何應(yīng)對(duì)這類(lèi)風(fēng)險(xiǎn)。本文以中國(guó)中央環(huán)保督察（CEPI）為外生沖擊，探討了ESG參與在緩解環(huán)境監(jiān)管風(fēng)險(xiǎn)方面的作用。我們的主要發(fā)現(xiàn)如下。首先，CEPI使公司的市值減少了1.8%，約1530億美元。這意味著環(huán)境監(jiān)管在短期內(nèi)會(huì)降低企業(yè)價(jià)值。其次，ESG得分較高的企業(yè)遭受的CEPI價(jià)值下降較低，這意味著ESG起著調(diào)節(jié)作用。機(jī)制分析表明，ESG通過(guò)取悅政府而不是取悅公眾來(lái)減輕環(huán)境監(jiān)管風(fēng)險(xiǎn)。本文揭示了ESG的新作用，即緩沖政府環(huán)境管制的負(fù)面沖擊。同時(shí)，我們的研究為發(fā)展中國(guó)家的政府和企業(yè)實(shí)現(xiàn)可持續(xù)發(fā)展提供了有益的政策啟示。

 

 

Environmental Regulation, ESG, and Firm Value: Evidence from China

 

Abstract: Companies are facing increasing environmental regulatory risk, but the literature has rarely studied how firms respond to this type of risk. This paper uses China’s Central Environmental Protection Inspection (CEPI) as an exogenous shock and explores the role of ESG engagement in mitigating the environmental regulatory risk. Our main findings are as follows. First, the CEPI reduces the market value of companies by 1.8%, or about $153,000 million. This implies that environmental regulation reduces firm value in the short run. Second, those with higher ESG scores suffer lower value degradation from the CEPI, implying that ESG plays the moderating role. Mechanism analyses suggest that ESG mitigates environmental regulatory risk by placating the government, but not by placating the public. This paper reveals a new role for ESG, i.e., buffering negative shocks from government environmental regulations. Meanwhile, our research provides helpful policy implications for governments and firms in developing countries to achieve sustainable development.

 

 

索引：Fang, Mingyue, Jieying Hong, Huihua Nie, Xinyi Shen, 2024, “Environmental Regulation, ESG, and Firm Value: Evidence from China”, Applied Economics, forthcoming (Available at https://www.tandfonline.com/doi/full/10.1080/00036846.2024.2425117)