中国人口·资源与环境2026，Vol.36Issue(4)：160-175,16.DOI:10.12062/cpre.20250910
绿色金融发展能够改善企业ESG绩效吗
Can the development of green finance improve corporate ESG performance:an analysis from the perspective of evolutionary game
摘要
Abstract
Corporate implementation of ESG principles serves as a critical driver of comprehensive green and low-carbon transforma-tion.Clarifying the micro-mechanisms through which green finance development impacts corporate ESG performance is of significant importance for China to improve its green finance system,guide enterprises to enhance ESG performance,and achieve green and low-carbon development.This study constructed a tripartite evolutionary game model involving financial institutions,low environmental risk enterprises,and high environmental risk enterprises.It theoretically examined scenarios where enterprises adopt green technological in-novation or engage in greenwashing strategies and conducted numerical simulation analysis.Based on theoretical analysis,this study empirically tested the differentiated impacts of green finance development on corporate ESG performance and its underlying mecha-nisms using unbalanced panel data of Chinaʹs Shanghai and Shenzhen A-share listed companies from 2010 to 2022.Key findings in-clude:① Green finance development overall had a promoting effect on improving corporate ESG performance.This result remained ro-bust after a series of rigorous robustness tests,including instrumental variable(IV)methods,the system GMM(SYS-GMM)method re-placing the baseline model,and the difference-in-differences(DID)method to assess exogenous policy shocks.The promoting effect was more pronounced among high financing-constrained enterprises and low-reputation enterprises.② For low environmental risk enterpris-es,green finance development drove green technological innovation,thereby enhancing their ESG performance.③ For high environ-mental risk enterprises,green finance development incentivized greenwashing,leading to artificial inflation of their ESG performance.④ Government subsidies amplified the promoting effect of green finance development on ESG performance for low environmental risk enterprises,whereas environmental regulations weakened the promoting effect of green finance development on ESG performance for high environmental risk enterprises.This study demonstrated that green finance development facilitated green technological innovation and ESG performance improvements among low environmental risk enterprises but tended to induce greenwashing among high environ-mental risk enterprises,necessitating enhanced detection and suppression of greenwashing activities among such firms.The findings deepen understanding of the differentiated effects of green finance on corporate ESG performance and their micro-mechanisms,offering theoretical support and policy implications for refining green finance systems to promote green technological innovation,curb green-washing,and advance comprehensive economic and social green and low-carbon transformation.关键词
绿色金融/ESG绩效/环境信息披露/绿色技术创新/漂绿/演化博弈Key words
green finance/corporate ESG performance/environmental information disclosure/green technological innovation/green-washing/evolutionary game分类
管理科学引用本文复制引用
马兆良,费正东..绿色金融发展能够改善企业ESG绩效吗[J].中国人口·资源与环境,2026,36(4):160-175,16.基金项目
国家社会科学基金项目"'双循环'新格局下制造业高质量发展的驱动机制、效果测度及提升研究"(批准号:21CJY050) （批准号:21CJY050）
安徽省社会科学创新发展研究课题攻关项目"数字赋能安徽制造业绿色转型的机制与路径优化研究"(批准号:2023CX029). （批准号:2023CX029）
