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182随着绿色发展成为新时代中国的鲜明主题，生态法治建设在以ESG为核心的可持续发展实践中发挥着重要的引领作用。文章以我国中级人民法院环保法庭的设立作为准自然实验，采用渐近双重差分方法，系统评估了生态法治建设对上市公司ESG表现的影响。研究发现，中级环保法庭设立后，辖区内企业的ESG表现显著提升。机制分析表明，环保法庭的设立通过震慑污染行为，倒逼企业加强可持续风险管理，增加可持续发展协同效益，激励企业改善ESG表现。进一步分析显示，环保法庭的设立对企业ESG表现的引领作用在社会绿色发展意识和地区法律环境的保障下得到强化，且对治理水平较低、融资约束程度较高的企业影响更加显著。此外，环保法庭的设立还促进了企业披露更多ESG相关信息，推动了环境（E）和治理（G）表现的综合提升。文章的研究从ESG表现的新视角，为地区环境司法建设推动经济可持续发展提供了微观层面的经验证据，也为企业从被动应对环境规制向主动进行可持续发展转型提供了重要的政策启示。
生态法治引领下的企业ESG表现——来自中国中级环保法庭设立的经验证据
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高昊宇, 王慧, 温慧愉. 生态法治引领下的企业ESG表现——来自中国中级环保法庭设立的经验证据[J]. 财经研究, 2024, 50(12): 76-91.
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