ESG表现、股权融资成本与企业价值——来自科技型上市公司的经验证据

ESG Performance,Cost of Equity Capital and Enterprise Value——Empirical Evidence from Science and Technology Listed Companies

以2016—2020年A股科技型上市公司的数据为研究样本,采用非平衡面板数据和中介效应检验流程实证研究ESG表现、股权融资成本与企业价值的关系。研究结果表明,ESG表现显著正向影响企业价值,并且股权融资成本在这一驱动过程中发挥部分中介效应。通过替换指标的度量方法,中介效应的稳健性检验和内生性检验后结论依然成立。进一步分析发现,当企业处于市场化程度较高、法制建设较完善地区以及内部控制水平和管理层持股比例较高时,ESG表现对企业价值的提升效应更加显著。研究不仅为ESG实践的价值提升效应提供新的微观证据,而且对科技型企业实现高质量发展具有重要的现实意义。

Based on unbalanced panel data and mediation effect testing process,the date of science and technology listed companies from 2016 to 2020 was selected as the research object to empirically study the relationship between ESG performance,cost of equity capital and enterprise value.The results show that ESG has a significant positive impact on enterprise value,and cost of equity capital plays a partial mediating role in this driving process.The conclusion is still valid after substitution index measurement method,robustness test and endogeneity test of mediating effect.Further analysis shows that when companies in areas with higher degree of marketization,better legal system construction,higher level of internal control and higher proportion of management ownership,the ESG performance has a more significant improvement effect on enterprise value.The research not only provides new micro evidence for the value promotion effect of ESG practice,but also has important practical significance for high quality development of science and technology companies.