【按】这是聂辉华团队关于ESG的第四篇已发表论文。
Environmental Regulation, ESG, and Firm Value: Evidence from China
Mingyue Fang, Jieying Hong, Huihua Nie, Xinyi Shen
Abstract: Companies are facing increasing environmental regulatory risk, but the literature has rarely studied how firms respond to this type of risk. This paper uses China’s Central Environmental Protection Inspection (CEPI) as an exogenous shock and explores the role of ESG engagement in mitigating the environmental regulatory risk. Our main findings are as follows. First, the CEPI reduces the market value of companies by 1.8%, or about $153,000 million. This implies that environmental regulation reduces firm value in the short run. Second, those with higher ESG scores suffer lower value degradation from the CEPI, implying that ESG plays the moderating role. Mechanism analyses suggest that ESG mitigates environmental regulatory risk by placating the government, but not by placating the public. This paper reveals a new role for ESG, i.e., buffering negative shocks from government environmental regulations. Meanwhile, our research provides helpful policy implications for governments and firms in developing countries to achieve sustainable development.
中文标题：环境管制、ESG和企业价值：基于中国的证据
中文摘要：企业正面临日益增加的环境监管风险，但文献很少研究企业如何应对这类风险。本文以中国中央环保督察（CEPI）为外生冲击，探讨了ESG参与在缓解环境监管风险方面的作用。我们的主要发现如下。首先，CEPI使公司的市值减少了1.8%，约1530亿美元。这意味着环境监管在短期内会降低企业价值。其次，ESG得分较高的企业遭受的CEPI价值下降较低，这意味着ESG起着调节作用。机制分析表明，ESG通过取悦政府而不是取悦公众来减轻环境监管风险。本文揭示了ESG的新作用，即缓冲政府环境管制的负面冲击。同时，我们的研究为发展中国家的政府和企业实现可持续发展提供了有益的政策启示。
索引：Fang, Mingyue, Jieying Hong, Huihua Nie, Xinyi Shen, 2024, “Environmental Regulation, ESG, and Firm Value: Evidence from China”, Applied Economics, forthcoming.
https://www.tandfonline.com/doi/full/10.1080/00036846.2024.2425117
理解基层，才能更好地理解中国。如果大家想深入了解中国基层政府的治理逻辑，欢迎大家关注我在B站更新完成的新课“”。本课程曾在B站所有课程中位列第一名！在这里，理解一个真实的基层中国！
热门跟贴