摘要
环境、社会及公司治理(ESG)数据有助于认识我国企业的环保行为,同时也有助于深化对近年来企业经济行为的理解。本文立足于坚持绿色发展的现实背景,实证研究了财务状况、系统性风险对我国电力上市公司ESG表现的影响。研究发现:由于投资者与企业管理者对社会责任的忽视,电力企业系统性风险无法影响其ESG表现。研究还发现,较好的偿债能力、盈利能力和合理的资本结构可以促进公司ESG表现,但良好的营运能力会使公司忽视可持续发展的重要性。本文将系统性风险与电力行业ESG研究相结合,为未来的扩展研究提供了新的角度,并就加强信息披露监督、继续深化绿色市场发展提出了建议。
Environment,social and governance(ESG) helps investors understand the green and economic behavior of Chinese companies. Because sustainable development becomes increasingly important,this paper empirically studies the impact of financial performance and systemic risk on ESG performance of China’s power listed companies. The study finds that due to the neglect of social responsibility by investors and business managers,systemic risk of power companies cannot affect ESG performance. The analysis also finds that better solvency,profitability and a reasonable capital structure can promote the company’s ESG performance. But good operational capability makes the company ignore the importance of sustainable development. This paper combines systemic risk with ESG research of power industry,and provides a new perspective for future expansion research. It also provides suggestions for strengthening information disclosure supervision and continuing to deepen the development of green markets.
作者
孙冬
杨硕
赵雨萱
袁家海
SUN Dong;YANG Shuo;ZHAO Yuxuan;YUAN Jiahai(Beijing Key Laboratory of New Energy and Low-Carbon Development, School of Economic and Management, North China Electric Power University, Beijing 102206, China;Business School, Beijing Normal University, Beijing 100875, China)
出处
《中国环境管理》
CSSCI
2019年第2期37-43,共7页
Chinese Journal of Environmental Management
基金
国家自然科学基金面上项目"低碳电力转型目标决策
路径优化与政策机制协同设计"(71673085)