企业发行绿色债券对ESG评级的影响研究

Research on the Impact of Corporate Green Bond Issuance on ESG Ratings

摘要: 绿色债券作为绿色金融的重要组成部分，在中国仍处于起步阶段，需要政府的更多政策扶持。ESG评价体系作为评估企业绿色发展和可持续性的重要工具，在中国追求实现碳排放峰值和中和目标的过程中，发挥着增强企业可持续经营能力、促进经济向绿色低碳方向转型的重要作用。文章研究的重点是企业发行绿色债券对企业ESG评级的影响。基于2010~2022年数据，以企业绿色债券发行为解释变量，以企业信誉得分和企业金融化为调节变量，以企业ESG评级作为被解释变量，先后运用固定效应模型、调节效应模型、异质性分析和机制分析探究核心变量对企业ESG评级的促进作用及其作用渠道。结果表明：1) 企业发行绿色债券对ESG评级有比较明显的正向作用；2) 企业信誉得分和企业金融化可以有效提高绿色债券对企业ESG评级的促进作用；3) 在行业污染程度上，绿色债券的发行对重污染企业的作用效果更为显著；在产权性质上，绿色债券的发行对非国有企业的ESG表现更为显著。从要素密集度来看，非技术密集型企业受绿色债券发行的助力较大；在区域异质性上，东部和中部地区的企业发行绿色债券对提升企业的ESG绩效具有更加明显的正面效果；4) 企业发行绿色债券可以通过融资约束、环保投资和绿色创新效率等机制提高其ESG表现；5) 绿色债券发行能够增强企业ESG评级水平，并且该结论在经过排除区域绿色金融改革政策、疫情冲击以及缩短样本期间等一系列稳健性检验的基础上依旧成立。最后，文章基于实证结果对绿色金融提出相应的建议：完善绿色金融市场，创新绿色金融产品，促进绿色金融与政策的良性互动。

Abstract: As an important component of green finance, green bonds are still in their infancy in China and require more policy support from the government. The ESG (Environmental, Social, and Governance) evaluation system, as a crucial tool for assessing corporate green development and sustainability, plays a significant role in enhancing corporate sustainable management capabilities and promoting the transformation of the economy towards green and low-carbon directions, especially as China pursues its goals of carbon peak and neutrality. The focus of this study is on the impact of corporate green bond issuance on ESG ratings. Based on data from 2010 to 2022, with corporate green bond issuance as the explanatory variable, corporate credit scores and financialization as moderating variables, and corporate ESG ratings as the dependent variable, this paper employs fixed-effects models, moderation effect models, heterogeneity analysis, and mechanism analysis to explore the promoting effect of core variables on corporate ESG ratings and their channels of action. The results indicate: 1) The issuance of green bonds by companies has a relatively significant positive effect on ESG ratings; 2) Corporate credit scores and financialization can effectively enhance the promoting effect of green bonds on corporate ESG ratings; 3) In terms of industry pollution levels, the issuance of green bonds has a more pronounced effect on heavily polluting enterprises, and in terms of property rights, the issuance of green bonds has a more significant impact on the ESG performance of non-state-owned enterprises. From the perspective of factor intensity, non-technology-intensive enterprises benefit more from the issuance of green bonds, and in terms of regional heterogeneity, the issuance of green bonds by enterprises in the eastern and central regions has a more noticeable positive effect on improving corporate ESG performance; 4) The issuance of green bonds can enhance corporate ESG performance through mechanisms such as financing constraints, environmental protection investment, and green innovation efficiency; 5) The issuance of green bonds can enhance the level of corporate ESG ratings, and this conclusion remains valid after a series of robustness tests, including excluding regional green finance reform policies, the impact of the pandemic, and shortening the sample period. Finally, based on the empirical results, the paper proposes corresponding suggestions for green finance: improve the green finance market, innovate green financial products, and promote positive interaction between green finance and policies.