暨南学报(哲学社会科学版)

作者：辛兵海

单位：河北经贸大学金融与企业创新研究中心。

关键词：ESG,商业银行,特许权价值

基金：国家社会科学基金项目“商业银行风险加权资产的风险敏感性测度、影响因素及政策研究”(23BJY114)。

环境、社会和治理(ESG)已成为商业银行实现经济效益、社会效益和生态效益有机融合目标的重要抓手,研究ESG表现对银行特许权价值的影响,对于促进银行业高质量发展、推动完善ESG政策体系具有重要意义。本文基于2009年第一季度至2022年第二季度A股42家上市银行,实证考察了ESG表现对商业银行特许权价值的影响。结果表明:(1)商业银行ESG表现越好,特许权价值越高。(2)对作用机制的分析表明,良好的ESG表现有助于提升银行效率、降低负债成本和降低银行风险,从而提升商业银行特许权价值。(3)信息透明度较高、数字金融水平较高和ESG评级分歧较小的商业银行,ESG表现对特许权价值的提升效应更为明显。(4)在构成ESG的三个维度中,公司治理和环境保护在提升商业银行特许权价值方面发挥的作用较大,而履行社会责任的效果相对有限。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金项目“商业银行风险加权资产的风险敏感性测度、影响因素及政策研究”(23BJY114)。"],"article":{"keywordList_cn":["ESG","商业银行","特许权价值"],"juan":"45","zhaiyao_cn":"环境、社会和治理(ESG)已成为商业银行实现经济效益、社会效益和生态效益有机融合目标的重要抓手,研究ESG表现对银行特许权价值的影响,对于促进银行业高质量发展、推动完善ESG政策体系具有重要意义。本文基于2009年第一季度至2022年第二季度A股42家上市银行,实证考察了ESG表现对商业银行特许权价值的影响。结果表明:(1)商业银行ESG表现越好,特许权价值越高。(2)对作用机制的分析表明,良好的ESG表现有助于提升银行效率、降低负债成本和降低银行风险,从而提升商业银行特许权价值。(3)信息透明度较高、数字金融水平较高和ESG评级分歧较小的商业银行,ESG表现对特许权价值的提升效应更为明显。(4)在构成ESG的三个维度中,公司治理和环境保护在提升商业银行特许权价值方面发挥的作用较大,而履行社会责任的效果相对有限。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6787","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6787","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20230958","qi":"9","id":6787,"nian":2023,"bianHao":"1696924649845-71169414","zuoZheEn_L":"XIN Binghai","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2023","shouCiFaBuRiQi":"2023-10-10","qiShiYe":"94","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2023/V45/I9","lanMu_cn":"高质量发展","pdfSize":"1581","zuoZhe_CN":"辛兵海","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6787","title_cn":"ESG表现与商业银行特许权价值","doi":"10.11778/j.jnxb.20230958","jieShuYe":"115","keywordList_en":["ESG","commercial bank","charter value"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6787","zhaiyao_en":"Environmental, Social and Governance (ESG) has become an important starting point for commercial banks to achieve the organic integration of economic, social and ecological benefits. Studying the impact of ESG performance on the charter value of commercial banks is of great significance for promoting high-quality development of the banking industry and improving the ESG policy system. Due to the relatively new concept of ESG as a whole, most of the research on the role and significance of ESG in commercial banks by domestic scholars is still in the qualitative exploration stage, lacking evidence from the empirical study. Especially, there is a lack of in-depth research on the economic consequences of commercial bank ESG performance from the perspective of the charter value of commercial banks. This paper is based on resource dependence theory and stakeholder theory to demonstrate the mechanism by which ESG performance affects the charter value of commercial banks. Furthermore, using the WIND and CSMAR databases, this study empirically analyzed the impact of ESG performance on the charter value of commercial banks based on 42 A-share listed banks from the first quarter of 2009 to the second quarter of 2022. The results show that: The better the ESG performance of commercial banks, the higher the charter value; The analysis of the mechanism shows that a good performance of ESG will help to improve the efficiency of banks, reduce debt costs and reduce bank risks, thereby promoting the charter value of commercial banks; for commercial banks with higher information transparency, higher digital financial level and less divergences in ESG ratings, ESG performance has more obvious effects on the promotion of charter value; among the three dimensions that constitute ESG, corporate governance and environmental protection play a significant role in promoting the charter value of commercial bank, while the effectiveness of fulfilling social responsibility is relatively limited. This paper contributes to the existing literature in three aspects: First, from the perspective of the charter value effect of ESG performance in commercial banks, it enriches the literature on the economic consequences of ESG, providing new evidence for evaluating the effectiveness of ESG investment in Chinese commercial banks. Second, after clarifying the positive value effect of ESG performance in commercial banks, this paper further reveals the mechanism by which ESG affects the charter value of commercial banks through “efficiency”, “cost”, and “risk” channels. Third, the moderating effects of factors such as information efficiency, digital finance, and ESG rating divergence on the value effect of ESG were examined, thereby clarifying the conditions for ESG to promote the charter value of commercial banks. The conclusion of this paper has important policy implications: on the one hand, it helps regulatory authorities evaluate the role and significance of ESG, clarify the impact, transmission mechanism, and conditions of ESG investment on the charter value of commercial banks, thereby improving the ESG policy system and promoting high-quality development of Chinese banking industry. On the other hand, in-depth analysis of the bank value promotion effect of ESG investment can help stimulate the internalimpetus of commercial banks in ESG governance, thereby achieving a win-win situation between social value and market value.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=6787","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20230958","zuoZheCn_L":"辛兵海","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2023","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2023/V45/I9","zuoZhe_EN":"XIN Binghai","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=6787","title_en":"Economic Consequences of Commercial Bank ESG Performance: A Perspective of the Charter Value of Commercial Banks","hasPdf":"true"},"authorNotes_cn":["辛兵海,河北经贸大学金融与企业创新研究中心。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); 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来源：2023年第9期

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