摘要
近年来,建设美丽中国、弘扬生态文明的理念不断深化,绿色、可持续成为引导企业发展的重要指向,企业在环境、社会和公司治理(ESG)方面的表现受到社会各界的广泛关注。本文以2011—2020年A股上市公司为研究样本进行实证研究,结果表明,良好的ESG表现有利于提升企业价值。作用机制分析表明,良好的ESG表现有利于吸引市场关注度、缓解信息不对称性,从而提升企业价值。通过异质性检验发现,对非国有企业、非污染企业和处于低碳试点地区的企业而言,ESG表现对价值的提升效应更加明显。本文为ESG表现的正面经济效应提供了经验证据,对企业加大ESG投入、相关部门制订完善ESG披露准则、投资者重视ESG表现具有一定的启示。
In recent years,the concepts of building a beautiful China and promoting ecological civilization have been deepening.Green and sustainable development have become an important guidance for corporate development.Corporate environmental,social and governance(ESG)performance has attracted widespread attention from all sectors of society.Based on the sample of A-share listed companies from 2011 to 2020,this paper conducts an empirical study.The results show that good ESG performance helps improve corporate value.The analysis of the mechanism shows that good ESG performance helps attract market attention,alleviate information asymmetry and thereby enhance corporate value.Heterogeneity tests show that for non-state-owned enterprises,non-polluting enterprises and enterprises in low-carbon pilot areas,the value-added effect of ESG performance is more significant.This paper provides empirical evidence for the positive economic effects of ESG performance,and provides guidance for companies to increase ESG investment,relevant departments to formulate sound ESG disclosure guidelines,and investors to focus on ESG performance.
作者
陈小珍
陈丽霖
Chen Xiaozhen;Chen Lilin(Southwest Minzu University)
出处
《金融经济》
2023年第5期54-64,共11页
Finance Economy
基金
国家自然科学基金面上项目(71672119)
成都市2021年度哲学社会科学规划项目(YY2320210660)
国家留学基金委项目(留金项〔2019〕44号)
西南民族大学研究生创新型重点科研项目(ZD2022354)。
关键词
ESG表现
市场关注度
信息不对称
企业价值
ESG performance
Market attention
Information asymmetry
Corporate value
作者简介
陈小珍,硕士研究生,西南民族大学商学院,研究方向为财务会计理论与实务;陈丽霖,副教授,硕士生导师,西南民族大学,研究方向为财务管理。
