企业ESG表现与投资效率关系研究

Research on the Relationship Between Enterprise ESG Performance and Investment Efficiency

以2009-2021年具有ESG评级数据的中国A股上市公司数据为样本,从投资不足和过度投资角度,探讨了ESG(环境、社会以及公司治理)表现对于企业投资效率的影响。结果发现:企业良好的ESG表现与投资效率之间存在显著的正向关系。然而,这种关系在投资不足和过度投资方面的影响方式是不同的。企业ESG表现的改善可以减少企业投资不足现象的出现,企业投资效率得以提升。而对于过度投资现象,企业ESG表现改善产生的影响虽然是积极的,但并不显著。因此对于存在投资不足现象的公司,可以通过减少生产排放污染、提高员工福利和多样性以及加强公司治理机制来缓解投资不足。该研究对更好地指导投资者投资决策行为,帮助企业管理者进行资源配置优化,提高生产效率和经营效益具有启示意义。

This paper explores the impact of ESG(environmental,social and corporate governance)performance on corporate investment efficiency from the perspective of under-investment and over-investment.The results show that good ESG performance can significantly improve investment efficiency,but it has different effects on under-investment and over-investment.The improvement of enterprise ESG performance can reduce the phenomenon of under-investment and improve the efficiency of enterprise investment.For the phenomenon of over-investment,the impact of the improvement of ESG performance is positive,but not significant.Therefore,for companies with underinvestment,it can be mitigated by reducing production emissions,improving employee welfare and diversity,and strengthening corporate governance mechanisms.This study has implications for guiding investors'investment decision-making behavior better,helping enterprise managers to optimize resource allocation,and improving production efficiency and operating efficiency.