双碳目标背景下ESG对企业价值的影响机理与实证研究

An Empirical Study on the ESG Impact Mechanism on Enterprise Value under the Context of Carbon Peak and Neutrality Target

ESG是衡量企业环境、社会和治理表现的关键非财务评价标准,为推动企业可持续发展和实现双碳目标提供了重要着力点。文章从理论和实证角度研究了ESG对中国企业价值的影响及机制,研究发现:企业提升ESG表现促进了其价值的提高。企业提升ESG表现有助于其降低融资成本、增加创新投入和提高盈利能力,并增加机构投资者等市场主体对其投资意愿,进而对企业价值产生积极影响。ESG对企业价值的影响存在异质性,对于低耗能企业、国有企业和市场化程度较高地区的企业,提升ESG表现能够对其价值产生更加积极的影响。文章深化了双碳目标下ESG与企业价值的研究,为利用ESG推动企业可持续发展提供了理论支持和政策启示。

ESG is a non-financial indicator to measure the environment,social and governance performance of enterprises,which provides an important basis for promoting the sustainable development of enterprises and achieving carbon peak and carbon neutrality. This paper studies the mechanism of ESG and its impact on China’s enterprise value from both theoretical and empirical dimensions. It finds that the ESG impact on enterprises is heterogeneous. The improvement of ESG performance serves to promote the enterprise value,and is helpful to reduce its financing cost,increase innovation investment and improve the return on assets. At the same time,it increases the amount of shares held by institutional investors,which will have a positive influence on the enterprise value,and on the state-owned enterprises value with low energy consumption in regions with high degree of marketization as well. This paper furthers the study on ESG and enterprise value under the dual carbon goals,and provides theoretical support and policy implications for using ESG to promote the sustainable development of enterprises.