基地研究员王亚男副教授的合作论文“Doing good in times of need: Green finance policy and strategic corporate social responsibility”在重要学术期刊Economic Analysis and Policy在线发表。

Economic Analysis and Policy是经济学期刊，聚焦经济学各领域的政策相关性研究与实践应用。

摘要：This study investigates the effect of a green finance policy on the corporate social responsibility (CSR) activities of firms in heavily polluting industries. Based on the 2017 policy of the People’s Bank of China (PBC), which incorporates green finance into its macroprudential assessment system, we employ the difference-in-differences method to show that firms in heavily polluting industries have significantly improved their CSR performance after the implementation of the PBC’s green finance policy. In response to the negative effect of the PBC’s policy on their financial position, affected firms strategically engage in CSR activities in the hope that appearing socially responsible will help them recover from their adverse position. Furthermore, firms in heavily polluting industries that enhance their CSR performance after the PBC’s policy have benefited from reduced bank credit transaction costs and have obtained more bank loans. The improvement in CSR performance is mainly concentrated in firms that are non-state-owned, small in size, highly dependent on external financing, and receiving more media attention. Overall, this study reveals a social consequence of the PBC’s green finance policy on the CSR performance.

关键词：Green finance policy; Corporate social responsibility; External financing dependence; Media attention

链接：https://doi.org/10.1016/j.eap.2024.10.008

作者简介

王亚男，中南财经政法大学金融学院副教授。复旦大学经济学院金融学博士，德国WHU-Otto Beisheim School of Management联合培养博士生。主要研究领域为公司金融、合约理论以及行为金融。目前主持国家自然科学基金青年项目一项，并参与多项国家自然科学基金和国家社会科学基金项目。研究成果发表于《经济研究》、《金融研究》等国内重要期刊，以及Journal of Corporate Finance, China Economic Review, Energy Economics, Journal of Business Finance & Accounting, Economic Modelling, Pacific-Basin Finance Journal, Finance Research Letters等SSCI期刊。