异质性视角下ESG表现对企业投资效率的影响研究

Research on Impact of ESG Performance on Enterprise Investment Efficiency from the Perspective of Heterogeneity

企业能否通过改善ESG表现来提升企业投资效率是中国“双碳”和“供给侧结构性改革”双重背景下的关键问题。通过选取2017-2019年中国A股上市公司为样本,采用面板数据固定效应对上市企业ESG表现评级与投资效率进行回归,发现ESG表现能有效缓解企业过度投资,但在解决投资不足的作用上并不显著,进一步地引入应计盈余管理McNicols模型从财务信息质量异质性的角度分析不同企业ESG表现对企业投资效率的影响程度差异,研究表明,对于第二产业或财务信息质量较差的企业,ESG表现促进企业投资效率的作用更为明显。

Whether enterprises can improve their investment efficiency by improving ESG performance is a key issue under the dual background of “Double Carbon” and “Supply-side Structural Reform” in China. By selecting China’s A-share listed companies from 2017 to 2019 as a sample, and using the fixed effect of panel data to regress the ESG performance rating and investment efficiency of listed enterprises, it was found that ESG performance can effectively alleviate enterprises’ over investment, but it does not play a significant role in solving insufficient investment, The McNicols model of accrued earnings management was further introduced to analyze the impact of ESG performance on enterprise investment efficiency from the perspective of heterogeneity of financial information quality.The research showed that ESG performance plays a more obvious role in promoting enterprise investment efficiency for enterprises with poor quality of financial information or secondary industry.