包容性绿色发展、环境保护与财务绩效关系研究——基于ESG三要素的实证分析

Research on the Relationship among Inclusive Green Development,Environmental Protection and Financial Performance——Empirical analyses based on the three elements of ESG

构建包容性绿色低碳经济,有利于推动经济高质量发展。随着绿色经济热潮的到来,探究ESG与“碳”之间的关系、考虑ESG所带来的经济效益与价值等命题受到广泛关注。本文以我国沪深交易所上市公司为研究案例,将10个指标划入环境、社会、公司治理三大维度中,采用cs QCA(清晰集定性比较分析)方法验证ESG三因素不同组合对上市公司财务绩效的影响,结果显示:环境效益型和管理驱动型两个条件组态均能提升企业财务绩效。企业不论是趋向注重环境绩效与完善治理机制,还是偏好加强内部控制和风险管理、提高治理能力,都有助于企业获得较好的经济效益。因此,企业应积极围绕“双碳”目标践行绿色创新,促进绿色发展,将ESG理念贯穿公司战略与决策,加强内部控制和部门合作,进一步增强我国上市企业综合竞争力。

The construction of an inclusive green low-carbon economy is conducive to the promotion of high-quality economic development.With the advent of the green economy boom,the relationship between ESG and carbon,and the economic benefits and value of ESG have received considerable attention.This paper utilizes the listed companies in the Shanghai and Shenzhen stock exchanges in Chi-na as a case study.The study assigns 10 indicators to the three dimensions of environment,society and corporate governance.The csQCA(crisp-sets QCA)method is employed to validate the impact of different combinations of ESG factors on the financial status of listed companies.The results demonstrate that environmental efficiency and management-driven grouping of the two conditions can improve the fi-nancial performance of enterprises.Whether enterprises focus on environmental performance and improve governance mechanisms,or strengthen internal control and risk management and improve governance capacity,it helps them to obtain better economic benefits.There-fore,enterprises should actively practice green innovation,promote green development around the“dual-carbon”goal,integrate ESG concepts into corporate strategy and decision-making,strengthen internal control and departmental cooperation,and further enhance the com-prehensive competitiveness of listed enterprises in China.