近日，财政系苗珊副教授、邓磊副教授等合作论文The impact of firm's ESG performance on the skill premium: Evidence from China's green finance reform pilot zone 于2024年5月在International Review of Financial Analysis发表。International Review of Financial Analysis为ABS3期刊，伟德BETVLCTOR1946认定的A2期刊，也是经济与商科ESI入选期刊。

1 内容摘要

Firms' environmental, social, and governance (ESG) performance plays an essential role in the green finance market. It helps firms gain favor with responsible investors and reduces their financial constraints. To examine the impact of ESG performance on the skill premiums of firms in China's Green Finance Reform Pilot Zone (GFPZ), this paper uses the data of Chinese listed firms from 2015 to 2021 and constructs a difference-in-differences model. Our findings suggest that the ESG performance of firms in the pilot zone has a significant positive impact on their skill premiums, and the GFPZ policy increases firms' skill premiums by alleviating financial constraints and promoting green innovation. Furthermore, the heterogeneity analysis shows that the GFPZ policy has a more significant facilitating effect on firms in highly urbanized areas, those with low levels of digitization, and those that are non-state-owned.

企业的环境、社会和治理（ESG）绩效在绿色金融市场中发挥着至关重要的作用，有助于企业获得负责任投资者的青睐，减少企业的财务约束。本文使用2015-2021年中国上市公司的数据，研究了中国绿色金融改革试验区（GFPZ）、环境、社会和治理绩效对企业技能溢价的影响。研究结果表明，试验区内企业的环境、社会和治理绩效对其技能溢价有显著的正向影响，绿色金融改革试验区政策通过缓解金融约束和促进绿色创新提高了企业的技能溢价。此外，异质性分析表明，绿色金融改革试验区政策对高度城市化的地区、数字化水平低的地区以及非国有企业具有更显著的促进作用。

2 作者简介

苗珊，伟德BETVLCTOR1946财政系副教授，硕士生导师。博士毕业于南开大学，主要研究方向为政府预算、财政金融政策等。在《财政研究》《国际金融研究》International Review of Economics and Finance等期刊发表多篇论文。主持国家社会科学基金青年基金项目。

邓磊，伟德BETVLCTOR1946财政系副教授，硕士生导师。博士毕业于中国人民大学，主要研究方向为宏观理论与政策。在《经济理论与经济管理》等期刊发表论文多篇，出版专著两部，参研国家级、省部级课题多项。

3 原文链接

https://www.sciencedirect.com/science/article/abs/pii/S1057521924001455