绿色补贴对企业ESG表现的影响研究

The Impact of Green Subsidies on Corporate ESG Performance

摘要: 在“双碳”目标与高质量发展背景下，绿色补贴能否有效提升企业ESG表现，是评估绿色产业政策绩效的重要问题。本文基于2011~2022年我国A股上市公司面板数据，构建双向固定效应模型，以检验绿色补贴对企业ESG表现的影响。研究表明：第一，绿色补贴显著提升企业ESG表现，且在更换变量衡量方式与剔除疫情冲击样本后结论依然稳健，验证了结论的可靠性。第二，异质性分析发现，绿色补贴对国有企业、非高科技企业及非重污染企业的ESG促进效应更为明显，表明绿色补贴的ESG治理效应具有显著的选择性与结构性特征。第三，机制检验表明，绿色补贴能够通过促进企业绿色创新进而提升企业ESG表现，验证了“补贴–绿色创新–ESG提升”的传导路径。本文研究为优化绿色补贴精准投放、引导企业绿色创新与提升可持续治理水平提供了证据与政策启示。

Abstract: Against the backdrop of China’s “dual-carbon” goals and high-quality development, whether green subsidies can effectively improve firms’ ESG performance is a key issue for evaluating the effectiveness of green industrial policies. Using panel data of A-share listed firms in China from 2011 to 2022, this study employs a two-way fixed-effects model to examine the impact of green subsidies on corporate ESG performance. The results show that: (1) green subsidies significantly enhance firms’ ESG performance, and this finding remains robust after adopting alternative variable measurements and excluding the sample period affected by the COVID-19 shock, supporting the reliability of the baseline results; (2) heterogeneity analyses reveal that the ESG-enhancing effect of green subsidies is more pronounced for state-owned enterprises, non-high-tech firms, and non-heavily polluting firms, indicating that the ESG governance effect of green subsidies exhibits notable selectivity and structural heterogeneity; and (3) mechanism tests indicate that green subsidies improve corporate ESG performance by promoting firms’ green innovation, validating the transmission pathway of “subsidy-green innovation-ESG improvement”. Overall, this study provides empirical evidence and policy implications for optimizing the targeted allocation of green subsidies, encouraging corporate green innovation, and strengthening firms’ sustainable governance.