企业ESG表现对林业碳汇资源储备的驱动效应OACHSSCD

⑴ Background——Forestry carbon sinks have become a natural solution that combines ecological protec-tion and economic benefits,and heir resource reserves have also become the material foundation for enterprises to participate in carbon sinks trading and achieve green transformation.The corporate ESG performance is a core in-dicator measuring sustainable development capacity.However,the ESG performance of the listed forestry enterpri-ses in China remains at an initial stage,with insufficient carbon sinks development in general.In-depth research on how corporate ESG performance promotes the accumulation of forest carbon sinks resources is still lacking. ⑵ Methods——Based on the resource-based view,the signaling theory and the pecking order theory,this paper first constructed a theoretical analysis framework and proposed the research hypotheses.Then,using the non-equilibrium panel data of 13 listed forestry companies in China's A-share market from 2013 to 2024,it estab-lished the forestry carbon sinks resource reserves index by employing the entropy method.Furthermore,the two-way fixed effects model and mediation effects model were adopted to empirically examine the driving effect and the underlying mechanisms of corporate ESG performance on forestry carbon sinks resource reserves. ⑶ Results——First,corporate ESG performance exerts a significant positive driving effect on forestry car-bon sinks resource reserves.The benchmark regression results show that each one-level improvement in corporate ESG performance raises the forestry carbon sinks resource reserves index by an average of 0.064 units.This con-clusion remains valid after a series of endogeneity treatments and robustness tests.Second,the accessibility to green financing serves as a vital mediating path for corporate ESG performance to drive forestry carbon sinks re-source reserves.The mediation effects test verifies that corporate ESG performance indirectly promotes forestry carbon sinks resource reserves by increasing the proportion of green credit.Third,the driving effect of corporate ESG performance presents a"stepwise decreasing"trend along the industrial chain.The heterogeneity analysis reveals that the industrial chain position has a significant moderating effect on the driving effect of corporate ESG performance,and the corporates'carbon sinks reserve behaviors are closely associated with their resource endow-ments and strategic positioning in the industrial chain. ⑷ Conclusions and Discussions——First,improve the linkage incentive mechanism between corporate ESG performance and forestry carbon sinks reserves.Regulatory authorities shall incorporate forestry carbon sinks resource reserves into the corporate ESG rating system,add the core indicators such as self-owned forestland area and FSC certification ratio to the environmental dimension,and assign high weights to these indicators.Second,strengthen the supporting role of green financing in forestry carbon sinks reserves and develop carbon sinks-linked financial products.Financial institutions should take forestry carbon sinks resource reserves into green credit as-sessment system,and grant higher credit lines,preferential loan interest rates and more flexible repayment terms to corporates with outstanding ESG performance and substantial carbon sinks reserves.Meanwhile,innovate ex-clusive financial instruments such as carbon sinks reserves pledge loans and ESG-linked green bonds.Third,im-plement differentiated industrial chain incentive policies to enhance the precision of the policies.