ESG表现对企业财务绩效的影响研究

The Impact of ESG Performance on Firm Performance

ESG已成为衡量企业表现的重要指标。研究企业ESG评级对企业绩效的影响,有利于激发企业的ESG意识,使企业积极承担ESG披露责任,弥合投资者与企业的信息不对称。构建固定效应模型,以2010—2020年A股上市公司为研究样本,对企业污染程度的异质性、企业性质、区域发展程度等进行进一步测试,考察企业ESG评级与企业财务业绩的关系及信息透明的机制效应。实证表明:①良好的ESG性能对企业业绩有直接的促进作用;②企业信息透明度为其机制;③ESG表现与企业绩效的关系受企业污染程度、企业性质、区域经济发展水平的影响,低污染、非国有、东部地区及非省会城市企业ESG评级更能显著提升企业绩效。根据以上结论,本文同时提供决策可借鉴的经验。

ESG has become an important indicator of corporate performance.Research on the impact of ESG rating on corporate performance is conducive to stimulating the ESG awareness of enterprises,enabling enterprises to actively assume the responsibility of ESG disclosure,and bridging the information asymmetry between investors and enterprises.A fixed-effect model was constructed,and A-share listed companies from 2010 to 2020 were taken as research samples to further test the heterogeneity,nature and regional development degree of enterprises’pollution degree,and investigate the relationship between enterprises’ESG rating and corporate financial performance as well as the mechanism effect of information transparency.The empirical results show that good ESG performance can directly improve enterprise performance.Corporate information transparency as its mechanism.The relationship between ESG performance and enterprise performance is affected by the degree of enterprise pollution,the nature of enterprise and the level of regional economic development,and the ESG rating of enterprises with low pollution,non-state-owned enterprises,eastern regions and non-provincial capital cities can significantly improve enterprise performance.According to the above conclusions,some experience for decision-making has benn provided.