政府气候风险应对能否改善企业ESG表现?——基于气候适应型城市建设的准自然实验
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国家社会科学基金项目(20BGL221)


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    摘要:

    随着气候风险的不断加剧,气候政策的重要性与日俱增。基于我国气候适应型城市建设的准自然实验,运用2013—2023年A股上市公司数据,考察区位导向型气候政策对企业ESG表现的影响,发现气候适应型城市建设显著提升了企业ESG表现。机制检验发现,气候适应型城市建设通过外部监督效应和内部传导效应提升了企业ESG表现;异质性检验发现,在国有企业、高竞争程度行业企业、高气候风险和空气污染严重地区的企业中,气候适应型城市建设提升企业ESG表现的效果更加明显;进一步分析发现,政策效果主要体现在E(环境)和G(治理)维度。研究结论揭示了区位导向型气候政策与微观企业ESG行为之间的关系,为政府部门加强气候风险应对以及推进企业绿色转型提供了参考和启示。

    Abstract:

    As climate risks continue to intensify, the importance of climate policies grows day by day. As significant sources of pollution and carbon emissions, the impact of climate policies on enterprises deserves due attention. Based on a quasi-natural experiment of climate-adaptive city construction in China, this paper utilizes data from A-share listed companies from 2013 to 2023 to examine the impact of location-oriented climate policies on corporate ESG performance. The results indicate that climate-adaptive city construction significantly enhances corporate ESG performance, and this conclusion remains valid after a series of robustness checks and endogeneity treatments. Mechanism tests reveal that climate-adaptive city construction improves corporate ESG performance through external monitoring effects and internal transmission effects. Heterogeneity tests find that the policy effects are primarily manifested in state-owned enterprises, enterprises in highly competitive industries, and enterprises in regions with high climate risks and severe air pollution. Further analysis shows that the policy effects are mainly reflected in the E (Environment) and G (Governance) dimensions. This paper reveals the relationship between location-oriented climate policies and micro-level corporate ESG behavior, providing policy basis and management insights for government departments to strengthen climate risk response and promote corporate green transformation.

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凌 华,金 宇.政府气候风险应对能否改善企业ESG表现?——基于气候适应型城市建设的准自然实验[J].审计与经济研究,2026,41(2):118-127

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  • 在线发布日期: 2026-04-03
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