ESG的实施抑制了企业成长吗?

Does the Implementation of ESG Inhibited Enterprise Growth?

以A股上市公司的ESG评级及相关财务指标构成的面板数据为基础,引入企业生命周期理论,就ESG的实施对企业成长的影响进行研究。结果发现:整体上看,中国现有ESG的实施并不有利于企业成长,且当区分强制型和自愿型后,发现被强制实施ESG的企业在成长能力上所受的负面影响大于自愿实施的企业;在划分企业生命周期后,ESG对成长期企业的成长能力负向影响最大,而对于成熟期和稳定期企业的负向影响则显著下降;ESG主要通过增加企业成本,降低利润的方式削弱其成长能力,即指明了现阶段ESG的“成本效应”较为明显。在丰富了ESG研究文献的同时,为中国现有ESG的实施效果给出了初步检验,为政府引导企业在ESG方面的贯彻和实施提供了更为细化的经验证据。

Based on the panel data of ESG rating and related financial indicators of A-share listed companies,this paper study the impact of ESG implementation on enterprise growth by introducing the theory of enterprise life cycle.The results show that: the implementation of the existing ESG in China is not conducive to the growth of enterprises,and when enterprises are divided into compulsory and voluntary types,it is found that the negative impact on the growth ability of enterprises that are forced to implement ESG is greater than that of enterprises that are voluntarily implemented.After dividing the life cycle of enterprises,ESG has the greatest negative impact on the growth ability of growing enterprises,while the negative impact on the growth ability of mature enterprise and stable enterprise significantly declines.ESG mainly reduces growth ability of enterprises by increasing cost and reducing profit,which indicates that the‘cost effect’of ESG is obvious at the present stage.This paper not only enrich the research literature on ESG,but also gives a preliminary test for the implementation effect of the existing ESG in China,as well as provides more detailed empirical evidence for the government to guide enterprises to implement ESG.