上市能源企业ESG评价与财务绩效关系实证研究

An Empirical Study on ESG Evaluation and Financial Performance of Chinese Listed Energy Companies

ESG是基于价值的重要评估因素,披露涵盖了涉及环境、社会和公司治理三个维度的信息,可以用来评估公司的管理能力和可持续发展水平,并支持风险管理。能源行业作为环境敏感行业,拥有高环境风险和更严苛的监督环境,ESG评价对能源行业的影响更深。我国进行ESG评价的时间较晚,现有对ESG和上市企业财务影响相关性的研究较少。基于我国能源行业发展现状,构建理论框架,进行面板数据回归分析和稳健性检验,研究了ESG评价和我国A股上市能源企业财务状况的相关性。研究结果表明:良好的ESG评价可以促进企业的财务绩效。建议企业应重视ESG评价,投资者应将ESG评价纳入投资决策,监管部门应完善ESG相应政策,媒体应加强监督。

ESG is an important value-based assessment factor that covers disclosure of information across three dimensions of environment, society and corporate governance. It can be used to assess the company’s management capacity and sustainable development level, and support risk management. As an environmentally sensitive industry, the energy industry has high environmental risks and a more stringent supervision environment. ESG evaluation has a deeper impact on the energy industry. The timing of ESG evaluation in China is relatively late. There are few studies on the correlation between ESG and listed companies ’ financial impact. Based on the Development Status of energy industry in China, this paper studied the ESG correlation and financial performance of listed energy enterprises in A-share from aspects of theoretical analysis and panel regression. The results show that good ESG evaluation can promote enterprise’s financial performance. Enterprises should pay attention to ESG evaluation, investors should incorporate ESG evaluation into investment decisions, regulatory authorities should improve ESG policies, and the media should strengthen supervision.