ESG表现如何影响企业声誉——信号传递视角

How ESG Performance Affects Corporate Reputation

“双碳”目标下,企业在环境、社会和公司治理(ESG)方面的表现对企业声誉的影响日渐显著。本文从信息传递视角出发,运用2011—2021年我国4177家上市公司的面板数据,实证研究了ESG表现如何影响企业声誉。研究发现:ESG表现的改善能够向不同利益相关者传递积极的信号,在消费者和投资者中产生社会宣传效应,在政府部门中产生政府支持效应,在其他企业中产生治理示范效应,进而提升企业在各类市场主体中的形象和地位,并且这种作用在民营企业和成熟期企业更为明显。因此,企业应提升ESG治理水平,主动披露ESG指标,并根据自身特点制定差异化ESG战略;政府部门要加强企业践行ESG理念的监管;投资者和消费者应主动关注企业ESG指标,实现行政监督和社会监督的高度融合。

Under the"dual carbon"goal,the impact of environmental,social and corporate governance(ESG)performance on corporate reputation is increasingly significant.From the perspective of information transmission,this paper empirically studies how ESG performance affects corporate reputation by using panel data of 4177 listed companies in China from 2011 to 2021.It is found that the improvement of ESG performance can convey positive signals to different stakeholders,generate social publicity effect among consumers and investors,produce government support effect in government departments,and create governance demonstration effect in other enterprises,thus enhancing the image and status of enterprises in various market entities,and this effect is more obvious in private enterprises and mature enterprises.Therefore,it is necessary for enterprises to improve the level of ESG governance,proactively disclose ESG indicators,and formulate differentiated ESG strategies according to their own characteristics;government departments should strengthen the supervision of enterprises to practice ESG concept;investors and consumers should take the initiative to pay attention to enterprise ESG indicators to achieve a high degree of integration of administrative and social supervision.