政府环境关注度与企业ESG表现的研究_.pdfVIP

paperprovideapracticalbasisforguidinglistedcompaniestostrengthenthe

constructionofESGsystem,aswellasapolicyreferenceforthegovernmentto

achievethegoalofdual-carboninrealisingsustainableeconomicdevelopment.

Accordingly,thispaperputsforwardpolicyrecommendations:ontheonehand,

improvethegovernmentsenvironmentalconcernandtheoveralllevelof

environmentalgovernance,playtheleadingroleofthegovernmentintheconstruction

oftheenterpriseESGsystem,strengthentheenvironmentalprotectionperformance

appraisalmechanism,andputanendtothephenomenonofcollusionbetween

governmentandenterprises.Ontheotherhand,enterprisesshouldchangetheidea

thatESGinvestmentincreasesthecostofenterprises,abandonthepastbehaviourof

pursuingshort-termprofitsattheexpenseoftheecologicalenvironment;disclose

ESG-relatedinformationaccordingtotherequirements,andpublishhigh-qualityESG

reportsonaregularbasis.

Keywords：governmentenvironmentalconcern；corporateESGperformance；officials

environmentalassessmentpressureenvironmentalpenaltiescapitalmarketconcern

；；

III

3.2.4政府环境关注度、环保处罚与企业ESG表现19

第4章研究设计与模型设定21

4.1样本选取和数据来源21

4.2变量定义与变量选取21

4.2.1核心解释变量21

4.2.2被解释变量22

4.2.3中介变量23

4.2.4控制变量23

4.3模型设定24

4.4描述性统计25

第5章实证分析26

5.1基准回归结果26

5.2稳健性检验27

5.2.1更换核心变量27

5.2.2更换模型28

5.2.3增加年份-行业固定效应28

5.3内生性问题29

5.4异质性分析30

5.4.1行业异质性30

5.4.2媒体环境关注度异质性31

第6章机制分析33

6.1机制检验模型建立33

6.2机制检验结果分析33

6.2.1官员环境考核机制33

6.2.2资本市场关注机制33

6.2.3环保处罚力度机制34

第7章研究结论和政策建议35

7.1研究结论35

7.2政策建议36

参考文献37

为社会各界倡导的方向（邱牡远和殷红，2019）。随着企业履行ESG责任意识

提升，越来越多研究者开展对企业ESG表现的研究，但相关研究更多关注企业

ESGYu20