【按】這是聶輝華團隊關于ESG的第四篇已發表論文。??????

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.

中文標題：環境管制、ESG和企業價值：基于中國的證據

中文摘要：企業正面臨日益增加的環境監管風險，但文獻很少研究企業如何應對這類風險。本文以中國中央環保督察（CEPI）為外生沖擊，探討了ESG參與在緩解環境監管風險方面的作用。我們的主要發現如下。首先，CEPI使公司的市值減少了1.8%，約1530億美元。這意味著環境監管在短期內會降低企業價值。其次，ESG得分較高的企業遭受的CEPI價值下降較低，這意味著ESG起著調節作用。機制分析表明，ESG通過取悅政府而不是取悅公眾來減輕環境監管風險。本文揭示了ESG的新作用，即緩沖政府環境管制的負面沖擊。同時，我們的研究為發展中國家的政府和企業實現可持續發展提供了有益的政策啟示。

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??

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