成本—收益视角下ESG信息披露与企业价值关系研究

Research on the Relationship between ESG Information Disclosure and Enterprise Value from the Perspective of Cost-benefit

本文基于成本—收益视角,选取2012~2020年我国A股上市公司面板数据,旨在解释ESG信息披露对企业价值的影响及其作用机制。结果表明:(1)ESG信息披露与企业价值呈“U”型关系,从短期来看,ESG信息披露会降低企业价值;而从长期来看,ESG信息披露对企业价值提升具有积极作用,实证发现6.358是其分界点。(2)ESG信息披露通过不同作用渠道影响企业价值。一方面,ESG信息披露增强企业信息透明度,降低企业与债权人之间信息不对称现象,进而降低企业融资成本,提升企业价值;另一方面,ESG信息披露更好企业会获得更高关注度,有利于吸引优秀员工,从而提升企业价值。因此,企业应将ESG信息披露视为“价值投资”,而非仅仅关注成本—收益,并且应更关注ESG信息披露长期价值作用,将其纳入企业战略规划,自上而下贯彻ESG理念、履行ESG实践。投资者作为企业关键利益相关者,应加强ESG投资理念,在投资组合中落实ESG策略。同时,由于ESG理念在我国发展时间较短,相关政府部门应完善有关上市企业ESG信息披露制度的规定。

Based on the cost-benefit perspective,this paper selects the panel data of China’s A-share listed companies from 2012 to 2020 to explain the impact of ESG information disclosure on corporate value and its mechanism.The results show that:(1) ESG information disclosure and enterprise value show a "U" shaped relationship,and in the short term,ESG information disclosure will reduce enterprise value:In the long run,ESG information disclosure has a positive effect on the improvement of enterprise value,and empirical evidence found that 6.358 is its dividing point.(2) ESG information disclosure affects corporate value through different channels.On the one hand,ESG information disclosure enhances the transparency of enterprise information,reduces the information asymmetry between enterprises and creditors,and then reduces the financing cost of enterprises and enhances the value of enterprises.On the other hand,companies with better ESG information disclosure will receive higher attention,which is conducive to attracting excellent employees and thus enhancing corporate value.Therefore,enterprises should regard ESG information disclosure as "value investment",not only focusing on cost-benefit,but also paying attention to the long-term value role of ESG information disclosure,incorporating it into corporate strategic planning,and implementing the ESG concept and implementing ESG practices from top to bottom.As a key stakeholder of the enterprise,investors should strengthen their ESG investment philosophy and implement ESG strategies in their portfolios.At the same time,due to the short development time of the ESG concept in China,relevant government departments should improve the ESG information disclo sure system for listed enterprises.