上市公司ESG表现对企业价值影响的实证研究——以A股上市公司为例

An Empirical Study on the Impact of ESG Performance of Listed Companies on Enterprise Value

在"碳达峰"、"碳中和"、大力发展绿色金融以及进一步提升上市公司质量的背景下,上市公司在环境保护、社会责任及公司治理(ESG)方面的表现成为影响其可持续发展的重要因素。本文选取我国2018-2020年3402家A股上市公司数据作为样本,运用固定效应模型实证研究上市公司ESG表现与企业价值之间的关系,同时考察了上市公司所有权性质对ESG与企业价值关系的调节效应。研究结果表明:相对于ESG表现差的上市公司,ESG表现好的上市公司拥有更高的企业价值,即ESG表现对企业价值具有显著的正向影响;相对于国有企业,非国有企业ESG表现对企业价值的提升作用更加明显。本文的研究有助于提升资产评估专业人员企业估值的科学性,引导投资者理性投资,同时对上市公司重视和优化ESG表现、监管部门加强ESG体系构建和监督具有一定的参考价值。

Under the background of“carbon peak”,“carbon neutral”,vigorously developing green finance and further improving the quality of listed companies,the performance of Listed Companies in environmental protection,social responsibility and corporate governance(ESG)has become an important factor affecting their sustainable development.Based on the data of 3402 A-share listed companies in China from 2018 to 2020,this paper empirically studies the relationship between ESG performance and enterprise value of listed companies by using fixed effect model,and investigates the moderating effect of ownership nature of listed companies on the relationship between ESG and enterprise value.The results show that,compared with the listed companies with poor ESG performance,the listed companies with good ESG performance have higher enterprise value,that is,ESG performance has a significant positive impact on enterprise value;Compared with the state-owned enterprises,the ESG performance of non-state-owned enterprises has a more obvious effect on the promotion of enterprise value.The research of this paper is helpful to improve the scientificity of enterprise valuation of asset appraisal professionals,guide investors to invest rationally,and has certain reference value for listed companies to attach importance to and optimize ESG performance,and regulatory departments to strengthen the construction and supervision of ESG system.