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环境、社会和公司治理（ESG）评价体系作为衡量企业可持续发展能力的新标准，已成为推动经济高质量发展的主要因素。提升ESG管理水平不仅彰显企业的社会价值，还将成为企业获取绿色金融资源的竞争优势。为此，本文基于文本分析法提取绿色投资者信息，结合上市公司沪深A股2009—2024年数据，探讨企业ESG优势对绿色投资者的吸引效应及其作用机制。研究发现，企业ESG优势能够有效吸引绿色投资者进入，且在非国有企业和低市场化地区的吸引作用相对较强。机制检验表明，具有ESG优势的上市公司可通过缓解融资困境、降低信用风险及积累企业声誉三条路径吸引绿色投资。此外，绿色投资进入企业后可提高上市公司的发展水平，增强企业绿色创新水平，实现环境治理和经济效益的同步提升。本研究从微观层面探讨环境治理机制，为企业开展环境治理并实现绿色转型提供理论依据。
Abstract：Environmental, Social responsibility and Governance(ESG), as a new yardstick to measure firm's sustainability level, has become a major factor of high-quality development. Enhancing ESG management not only demonstrates an enterprise's social value but will also become a competitive advantage for enterprises to obtain green financial resources. For this purpose this paper identifies green investor information based on Python text analysis method, and explores whether there is an attraction effect of ESG performance on green investors and its mechanism by using the data of the Shenzhen A-shared listed companies from 2009 to 2024. It shows that ESG can positively attract green investors; it is stronger in non-state-owned enterprises and low market-oriented areas. The mechanism finds that listed companies with ESG advantages form the attraction effect through three paths: alleviating corporate financing difficulties, reducing credit risk and accumulating corporate reputation. In addition, green investment can improve the development level of listed companies, enhance the level of green innovation, and realize the improvement of environmental governance and economic effects. The findings provide a theoretical basis for promoting corporate environmental governance and achieving green transformation from the micro perspective of enterprise.
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(1)Wind数据库相关网址为https://www.wind.com.cn/。
(1)国泰安数据库相关网址为https://data.csmar.com/。
(1)因篇幅所限，存在绿色投资者企业和ESG评级企业数量的变化趋势以附图1展示，见《统计研究》网站所列附件。下同。
(2)《关于进一步规范地方政府举债融资行为的通知》要求“地方政府不得以借贷资金出资设立各类投资基金，严禁地方政府利用公共私营合作制（PPP）模式、政府出资的各类投资基金等方式违法违规变相举债”。
(1)因篇幅所限，内生性处理结果以附表1展示。
(2)因篇幅所限，替换被解释变量与解释变量的稳健性检验结果以附表2展示，控制时间趋势的稳健性检验结果以附表3展示。
(3)彭博机构披露的ESG仅更新到2023年，故替换被解释变量部分的样本区间仅为2009—2023年。
(1)因篇幅所限，产权性质、市场化程度的异质性检验结果分别以附表4~5展示。
(2)因篇幅所限，机制检验结果以附表6~8展示。
(1)中国研究数据服务平台数据库相关网址为https://www.cnrds.com。
基本信息:
DOI：10.19343/j.cnki.11-1302/c.2025.10.006
中图分类号:F279.2;F275;X322
引用信息:
[1]王辉,林伟芬.环境责任信号：ESG与绿色投资吸引[J].统计研究,2025,42(10):80-92.DOI:10.19343/j.cnki.11-1302/c.2025.10.006.
基金信息:
国家自然科学基金青年项目“全产业链绿色技术扩散的理论机制、效应识别与政策优化研究”（72204080）; 教育部人文社会科学研究青年项目“空气质量监测推进我国大气污染跨区域协同治理的效果评估、机制识别与政策优化”（22YJC790122）; 湖南省自然科学基金青年项目“全球供应链压力对中国制造业高质量绿色创新的影响及应对研究”（2024JJ6724）