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<p>Can China's photovoltaic (PV) industry policies enhance the ESG performance of PV companies? What are the specific mechanisms, and through which channels are they transmitted? Addressing these questions is crucial to understanding the effectiveness of policies in promoting the green development of enterprises, as well as optimizing policy design and implementation to improve sustainability. This study comprehensively quantifies 2,194 national-level PV industry policies and examines their impact on 535 listed PV companies from 2014 to 2023, using the PMC index model and spatial econometric analysis. The results indicate that, first, PV industry policy support significantly enhances corporate ESG performance, with each 1% increase in policy support leading to a 2.74% to 4.12% improvement in ESG levels. Second, internal corporate characteristics, particularly capital structure and equity structure, significantly moderate ESG performance. Third, SSDI SMEs and non-state-owned enterprises are more responsive to PV industry policies, while the influence of senior management's educational background on policy outcomes is relatively minor. Finally, PV industry policies have effectively improved the sustainable development capabilities of enterprises through mechanisms such as technological innovation, green investment, and internal control. These findings provide a scientific basis for policymakers to refine policy design and promote the green transition of enterprises.</p>

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The impact of PV industry policies on corporate ESG performance: evidence from Chinese PV listed companies

  • 期刊论文

  • 发表日期：

    2025年6月18日

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  • Chenchen Song,
  • Yuge Feng,
  • Zhengguang Liu

摘要

Can China's photovoltaic (PV) industry policies enhance the ESG performance of PV companies? What are the specific mechanisms, and through which channels are they transmitted? Addressing these questions is crucial to understanding the effectiveness of policies in promoting the green development of enterprises, as well as optimizing policy design and implementation to improve sustainability. This study comprehensively quantifies 2,194 national-level PV industry policies and examines their impact on 535 listed PV companies from 2014 to 2023, using the PMC index model and spatial econometric analysis. The results indicate that, first, PV industry policy support significantly enhances corporate ESG performance, with each 1% increase in policy support leading to a 2.74% to 4.12% improvement in ESG levels. Second, internal corporate characteristics, particularly capital structure and equity structure, significantly moderate ESG performance. Third, SSDI SMEs and non-state-owned enterprises are more responsive to PV industry policies, while the influence of senior management's educational background on policy outcomes is relatively minor. Finally, PV industry policies have effectively improved the sustainable development capabilities of enterprises through mechanisms such as technological innovation, green investment, and internal control. These findings provide a scientific basis for policymakers to refine policy design and promote the green transition of enterprises.