ESG评级能否提高企业韧性——基于多时点双重差分的实证检验

阳旸; 林梓博

ESG评级能否提高企业韧性——基于多时点双重差分的实证检验

引用本文：阳旸，林梓博.ESG评级能否提高企业韧性——基于多时点双重差分的实证检验[J].湖南大学学报社会科学版,2024,(6):73-83

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作者	单位
阳旸，林梓博	（湖南师范大学商学院，湖南长沙410081）

中文摘要:以商道融绿首次公布上市公司ESG评级作为外生冲击，选取2011~2022年上市企业为样本，利用多时点双重差分模型研究ESG评级对企业韧性的影响效应和作用机制。实证结果表明，ESG评级会显著提高企业韧性，这一结论经过一系列检验后依然稳健。同时，机制分析发现ESG评级通过缓解融资约束、降低企业风险和提升创新能力等途径增强企业韧性。进一步研究发现，ESG评级对企业韧性的促进作用在国有企业和重污染企业中更为明显。因此，企业应主动形成ESG投资的长效机制，政府部门需要加快推动ESG制度化建设，从而增强企业应对危机与冲击时的韧性。

中文关键词:ESG评级企业韧性融资约束企业风险创新能力

Can ESG Ratings Enhance Corporate Resilience—An Empirical Examination Based on the Multi-Time-Point Difference-in-Differences Model

Abstract:Based on the exogenous shock of ESG ratings disclosed by Sino-Green Finance for the first time, this paper selects the listed companies from 2011 to 2022 as samples and utilizes a multi-time point difference-in-differences model to investigate the impact and mechanism of ESG ratings on corporate resilience. The empirical results indicate that ESG ratings significantly enhance corporate resilience, and this conclusion remains robust after a series of tests. Meanwhile, the mechanism analysis reveals that ESG ratings improve corporate resilience by alleviating financing constraints, reducing corporate risks and enhancing innovation capabilities. Further research finds that the positive impact of ESG ratings on corporate resilience is more apparent in the state-owned enterprises and heavily polluting enterprises. Therefore, enterprises should actively form a long-term mechanism for ESG investment, and government should accelerate the promotion of ESG institutionalization to enhance the resilience of enterprises in responding to crises and shocks.

keywords:ESG rating corporate resilience financing constraints corporate risks innovation capability

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