能源投入和碳排放约束如何影响制造业企业的ESG表现?来自中国的证据

IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Sustainable Futures Pub Date : 2024-09-28 DOI:10.1016/j.sftr.2024.100318
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引用次数: 0

摘要

可持续发展是制造业实现高质量增长的关键。文章利用2011-2022年上市公司数据、碳市场排放控制企业和新能源城市政策,分析了能源投入和碳排放约束对中国制造业企业ESG绩效的影响。研究得出以下核心结论。首先,能源投入-碳排放约束能够显著改善制造业企业的整体环境、社会和公司治理绩效,而不仅仅局限于改善某一方面的绩效。经过一系列稳健性检验,基准回归结果依然稳健。其次,机理检验表明,能源投入-碳排放约束可以通过促进源头预防环节的公众绿色关注、过程控制环节的企业绿色技术创新和末端治理环节的企业绿色投资来改善制造业企业的ESG绩效。此外,企业的横向竞争和纵向合作因素对能源投入-碳排放约束的直接影响具有调节作用。作为纵向合作因素的供应链整合对边际增量有正向强化作用。作为横向竞争因素的企业竞争力产生了先弱后强的 "U "型调节作用。最后,异质性分析发现,能源投入-碳排放约束有效促进了技术密集型和成熟制造业企业的ESG绩效,对高碳行业制造业企业的ESG绩效有 "雪中送炭 "的作用。因此,能源投入-碳排放的两端协同约束能够有效促进制造业企业ESG绩效的增长,为其他国家制造业的绿色发展带来重要启示。
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How do energy input and carbon emission constraints affect the ESG performance of manufacturing enterprises? Evidence from China
Sustainable development is the key to achieving high-quality growth in the manufacturing industry. The article analyzes the impact of energy inputs and carbon emission constraints on the ESG performance of Chinese manufacturing firms using listed company data from 2011-2022, carbon market emission control firms, and new energy city policies. The study finds the following core conclusions. First, energy input-carbon emission constraints can significantly improve the overall ESG performance of manufacturing firms rather than being limited to improving one aspect of performance. The benchmark regression results remain robust after a series of robustness tests. Second, the mechanism test shows that the energy input-carbon emission constraint can improve the ESG performance of manufacturing firms by promoting public green concern in the source prevention link, corporate green technology innovation in the process control link, and corporate green investment in the end governance link. In addition, enterprises' horizontal competition and vertical cooperation factors have a moderating effect on the direct impact of energy input-carbon emission constraints. Supply chain integration as a vertical cooperation factor positively reinforces the marginal increment. Firm competitiveness as a horizontal competition factor produces a "U" shaped moderating effect that is first weak and then strong. Finally, the heterogeneity analysis finds that the energy input-carbon emission constraint effectively promotes the ESG performance of technology-intensive and mature manufacturing firms and has a "sending charcoal in the snow" effect on the ESG performance of manufacturing firms in high-carbon industries. Therefore, the two-end synergistic constraint of energy input-carbon emission can effectively promote the growth of ESG performance of manufacturing enterprises, which brings important insights to the green development of manufacturing industries in other countries.
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来源期刊
Sustainable Futures
Sustainable Futures Social Sciences-Sociology and Political Science
CiteScore
9.30
自引率
1.80%
发文量
34
审稿时长
71 days
期刊介绍: Sustainable Futures: is a journal focused on the intersection of sustainability, environment and technology from various disciplines in social sciences, and their larger implications for corporation, government, education institutions, regions and society both at present and in the future. It provides an advanced platform for studies related to sustainability and sustainable development in society, economics, environment, and culture. The scope of the journal is broad and encourages interdisciplinary research, as well as welcoming theoretical and practical research from all methodological approaches.
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