生态文明视角下企业ESG表现对企业价值的影响研究——以京津冀制造业上市公司为例

Research on the Influence of ESG Performance on Enterprise value from the Perspective of Ecological Civilization—Taking Beijing-Tianjin-Hebei Listed Manufacturing Companies as an Example

关注我国上市企业的ESG表现,有助于认识其可持续发展能力的不足之处,从而推动企业提升ESG各方面表现,进一步提升企业价值。京津冀地区的制造业企业是推动中国经济发展的重要引擎之一,在我国经济社会发展中发挥着举足轻重的作用。本文在生态文明建设背景下,基于可持续发展理论和利益相关者理论,利用面板数据实证研究了企业ESG各组成因素对企业价值的影响。研究结果发现:企业环境违规表现对企业价值的提升有负面影响,但是影响不显著;企业承担更多的社会责任和公司治理表现的提高均会促进提高其企业价值;环境违规问题在企业ESG表现对企业价值的提升中有一定的负面影响。

Paying attention to the ESG performance of listed companies in China will help to understand the shortcomings of their sustainable development capabilities, so as to drive enterprises to enhance ESG performance in all aspects and further enterprise value. Manufacturing enterprises in the Beijing-Tianjin-Hebei region are one of the vital engines to promote China′s economic development, counting in China′s economic and social progress. In this paper, under the background of ecological civilization construction, based on sustainable development theory and stakeholder theory, the influence of various ESG components on enterprise value was empirically investigated with panel data. The results show that:(1) The performance of enterprises′ environmental violations has a negative impact on the promotion of enterprise value, but the impact is insignificant;(2) Enterprises taking more social responsibilities and improving corporate governance performance will improve their enterprise value;(3) Environmental violations have a certain negative impact on the promotion of enterprise value by ESG performance.