A股上市公司ESG披露对企业价值的影响——基于PSM的实证分析

The Impact of ESG Disclosure of A-share Listed Companies on Firm Value:A PSM-based Empirical Analysis

“双碳”目标背景下,中国在环境、社会和公司治理(ESG)等方面政策不断完善,实践力度提升,关于ESG信息披露行为的影响效应受到广泛关注。基于2022年4345家A股上市公司数据,运用倾向得分匹配(PSM)研究ESG披露行为对企业价值的影响,探究该影响中市场关注、企业风险和融资成本的中介效应,分析ESG披露行为在不同所有权、不同规模、不同行业和不同地区情况下对企业价值的异质性影响,结果表明:ESG披露行为能显著提升企业价值,并且对价值高的企业提升作用更大。ESG披露行为主要通过增强市场关注和降低企业风险来提升企业价值。ESG披露行为对于非国有企业、大企业和东部企业的价值提升更为明显,对不同行业的企业价值提升无显著差异。研究ESG披露行为影响效应的新视角,为ESG披露行为对企业价值的影响、机制和异质性提供了经验证据。从政府、企业和投资者角度分别提出了披露奖励制度化,披露政策差异化;关注信披企业,优化资产组合;践行社会责任,规划顶层设计的政策建议。

In the context of“dual carbon”goal,China has continuously improved its policies and practices in environmental,social,and corporate governance(ESG),and the impact of ESG information disclosure has attracted wide attention.Based on the data of 4345 A-share listed companies in 2022,this paper uses the propensity score matching(PSM)to study the impact of ESG disclosure behavior on firm value,and explores the mediating effects of market attention,enterprise risk,and financing cost in this impact;it also analyzes the heterogenous effect of ESG disclosure behavior on the enterprise value of different ownership,different scales,different industries,and different regions.The findings reveal that ESG disclosure behavior can significantly enhance enterprise value,and has a greater effect on enterprises with high values.ESG disclosure behavior mainly enhances enterprise value by increasing market attention and reducing enterprise risk.ESG disclosure behavior can more obvious improve the values of non-state-owned enterprises,large enterprises,and enterprises in eastern China,and there is no significant difference in improving the values of enterprises in different industries.The new perspective on the impact of ESG disclosure behavior provides empirical evidence for the impact,mechanism,and heterogeneity of ESG disclosure behavior on firm value.The following policy suggestions are put forward respectively:the government should institutionalize disclosure incentive and differentiate disclosure policies;the enterprise should pay attention to ESG disclosure and optimize asset portfolio;and the investor should fulfill social responsibility and have top-level planning.