智慧城市试点政策与企业ESG表现——基于多期双重差分方法的实证

Smart City Pilot Policies and Enterprise ESG Performance ——Empirical Study Based on Double Difference Method

摘要:

党的二十大要求企业加快绿色可持续发展。ESG表现是由环境、社会责任和治理组成的综合指标，其已经成为当下企业绿色可持续发展的代名词。文章以企业ESG表现视角，运用多时点双重差分的固定效应模型，通过2010-2021年A股上市企业数据研究探讨智慧城市试点政策对企业ESG表现的影响及作用机制。研究发现：智慧城市试点政策对企业ESG表现起到显著的促进作用；智慧城市试点政策通过提高企业绿色技术创新和缓解企业融资约束两条路径加强企业ESG表现；智慧城市试点政策背景下，在导入期、成熟期、非国有企业、非重污染企业的样本中，企业ESG表现表现提升更为显著，研究结论为企业、市场投资者和政府提供了更丰富的建议。

Abstract:

The 20th National Congress of the Communist Party of China requires enterprises to accelerate green and sustainable development. ESG performance is a comprehensive indicator composed of environment, social responsibility, and governance, which has become a synonym for green and sustainable development of enterprises today. The article explores the impact and mechanism of smart city pilot policies on corporate ESG performance from the perspective of corporate ESG performance, using a fixed effects model with multiple time points and double differences, and through data research on A-share listed companies from 2010 to 2021. Research has found that the smart city pilot policy has a significant promoting effect on the ESG performance of enterprises; The smart city pilot policy strengthens the ESG performance of enterprises through two paths: improving green technology innovation for enterprises and alleviating financing constraints for enterprises; Under the background of the smart city pilot policy, the ESG performance of enterprises has improved more significantly in the sample of non-state-owned enterprises and non heavily polluting enterprises during the introduction and maturity periods. Provide richer advice for enterprises, market investors, and governments.