金融集聚对企业ESG漂绿行为的影响研究

The Impact of Financial Agglomeration on Corporate ESG Greenwashing

摘要: 在可持续发展理念的宏观背景下，企业ESG漂绿行为严重加剧了市场信息不对称，阻碍了经济社会全面绿色转型。本文基于2012~2021年中国A股上市公司数据，采用双向固定效应模型，实证检验了金融集聚对企业ESG漂绿行为的影响及其内在作用机制。研究发现：第一，金融集聚能够显著抑制企业ESG漂绿行为，该结论在经过一系列稳健性检验后依然成立。第二，机制检验表明，金融集聚通过提高分析师关注度和推动产业结构升级两条路径，从信息监督与宏观环境约束层面抑制企业ESG漂绿行为。第三，异质性分析发现，金融集聚对大型企业的漂绿行为具有显著抑制作用，而对中小型企业的影响不显著。

Abstract: Against the macro backdrop of sustainable development, corporate ESG greenwashing severely exacerbates market information asymmetry and hinders the comprehensive green transformation of the economy and society. Based on data from Chinese A-share listed companies from 2012 to 2021, this paper empirically examines the impact of financial agglomeration on corporate ESG greenwashing and its underlying mechanisms using a two-way fixed effects model. The findings are as follows: Firstly, financial agglomeration significantly inhibits corporate ESG greenwashing, and this conclusion remains robust after a series of robustness tests. Secondly, mechanism tests reveal that financial agglomeration suppresses corporate ESG greenwashing through two pathways: increasing analyst attention and promoting industrial structure upgrading, thereby exerting constraints from both information supervision and macro-environmental perspectives. Thirdly, heterogeneity analysis indicates that the inhibitory effect of financial agglomeration is significant for large enterprises but not for small and medium-sized enterprises.