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2544企业ESG表现是真心实意为了可持续发展还是助推自利行为的“漂绿”工具?文章以2009—2020年A股上市公司为样本，研究企业ESG表现对金融资产配置的影响。研究表明：当企业ESG表现越好时，金融资产配置程度越高，即企业ESG表现对金融资产配置产生了刺激效应；动机识别检验发现，投机套利是企业“漂绿”ESG以配置金融资产的主要动机；基于“压力—机会—借口”的治理视角研究发现，在业绩表现好、环境规制弱（即“压力”小），内部控制质量高、信息不对称程度低（即“机会”寡），以及管理层过度自信程度低、国有产权（即“借口”少）的情形下，企业ESG表现对金融资产配置的刺激效应会受到抑制。研究结论有助于深入理解企业ESG表现影响金融资产配置的内在逻辑，对完善企业ESG评价体系、抑制企业“漂绿”现象，从而引导金融回归实体经济有所启示。
企业ESG表现与金融资产配置：刺激还是抑制？
摘要
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引用本文
上官泽明, 张媛媛. 企业ESG表现与金融资产配置：刺激还是抑制？[J]. 上海财经大学学报, 2023, 25(6): 44-58.
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