【摘要】 本文将低碳城市试点政策视为准自然实验，选取2011—2019年沪深A股上市公司数据，构建多期双重差分模型，研究了低碳城市试点政策对企业ESG表现的影响及其作用机制。结果表明，低碳城市试点政策显著提升了企业ESG表现，在经过一系列稳健性检验后，这一结论依然成立。异质性分析结果表明，低碳城市试点政策只对东部地区和南方地区的企业ESG表现起提升作用；并且相较于低碳城市企业、非国有企业和成熟期企业，低碳城市试点政策能提升高碳城市企业、国有企业和衰退期企业的ESG表现，抑制成长期企业的ESG表现。机制检验结果表明，低碳城市试点政策通过促进企业进行绿色创新、增强企业社会责任感和加强企业内部控制，从而提升企业ESG表现。更多还原

【Abstract】 This article considers the pilot policy of low-carbon cities as a quasi-natural experiment, selects data of A-share listed companies from 2011 to 2019, constructs a multi-period DID model, and studies the impact and mechanism of the low-carbon city pilot policy on the ESG performance of enterprises. The results show that the low-carbon city pilot policy significantly improves the ESG performance of enterprises; this conclusion still holds after a series of robustness tests. The heterogeneity analysis shows that the low-carbon city pilot policy only has a promotion effect on the ESG performance of enterprises in the eastern and southern regions. Compared with low-carbon city enterprises, non-state-owned enterprises, and mature enterprises, the low-carbon city pilot policy can improve the ESG performance of high-carbon city enterprises,state-owned enterprises and declining enterprises, and suppress the ESG performance of growing enterprises.The mechanism test results show that the low-carbon city pilot policy promotes green innovation, enhances corporate social responsibility, and strengthens internal control, thereby improving corporate ESG performance.更多还原