ESG表现、政府补助与企业价值的关系研究——以制造业为例

A Study on the Relationship between ESG Performance,Government Subsidies, and Enterprise Value—— Taking the Manufacturing Industry as an Example

对于企业而言,ESG水平不仅能够体现企业在社会责任和公司治理方面的表现,还能体现企业在环境方面的投入,顺应了当今绿色发展的时代背景。以2016-2020年制造业A股上市公司为样本,研究ESG表现与企业价值的关系,并加入政府补助作为调节变量研究政府补助对ESG表现与企业价值的影响。研究结果表明:ESG表现可以显著提升企业价值,政府补助在ESG表现对企业价值的影响中发挥正向调节作用,且对企业不同生命周期进行异质性分析,发现政府补助对成熟期企业的调节作用最强。企业可以通过提升ESG水平来提升自己的价值,并在市场上提升自己的竞争力,政府部门可以通过政府补助来激励企业注重在环境、社会责任和公司治理上对企业价值的提升,引导更多的企业提升ESG水平。

For enterprises,ESG level not only reflects their performance in social responsibility and corporate governance,but also reflects their investment in the environment,which conforms to the current era of green development.Using A-share listed companies in the manufacturing industry from 2016 to 2020 as samples,this study investigates the relationship between ESG performance and corporate value,and incorporates government subsidies as moderating variables to study the impact of government subsidies on ESG performance and corporate value.The research results indicate that ESG performance can significantly enhance corporate value,and government sub-sidies play a positive moderating role in the impact of ESG performance on corporate value.Heterogeneity analysis of different life cycles of enterprises reveals that government subsidies have the strongest moderating effect on mature enterprises.Enterprises can enhance their value and competitiveness in the market by improving their ESG level.Government departments can incentivize enterprises to focus on improving their value in environmental,social responsibility,and corporate governance through government subsidies,guiding more enterprises to improve their ESG level.