1287 
1332一致性理论指出，主体间的双向一致有助于信息交换的帕累托改进，进而影响其行为选择策略。近年来，ESG行为呈现出形式上顺应迎合而实质上复杂多样的态势。现有文献大多聚焦于单一主体视角下的ESG需求和供给问题，而鲜有文献在贷前贷后情境下理解银企ESG一致性与企业策略性ESG行为的关系。文章研究发现，贷前银企ESG一致性能够显著抑制贷后企业ESG“言行不一”的行为；与ESG“漂棕”相比，贷前银企ESG一致性更能抑制企业贷后ESG“漂绿”。机制分析表明，贷前银企ESG一致性能够发挥“资金效应”和“治理效应”，约束贷后企业的策略性ESG行为。异质性分析表明，贷前银企ESG一致性对贷后企业策略性ESG行为的抑制作用在不同的产权属性、企业对银行贷款依赖度以及银行规模下存在差异。文章还发现，与贷前银企ESG象征性一致相比，贷前银企ESG实质性一致对贷后企业策略性ESG行为的影响更大。文章的研究不仅为理解银企借贷关系框架下企业的策略性ESG行为提供了新视角，而且对于监管部门完善ESG信息披露制度、推动银企协作共助ESG发展具有重要启示。
银企ESG一致性与贷后企业策略性ESG行为
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王嘉鑫, 刘雪娜, 于鑫雨, 等. 银企ESG一致性与贷后企业策略性ESG行为[J]. 财经研究, 2024, 50(4): 109-123.
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