ESG对我国旅游企业财务风险的影响及其机制研究

Research on the Impact and Mechanism of ESG on Financial Risk of Tourism Enterprises in China

ESG责任对企业财务风险具有重要影响,但在中国式现代化模式下ESG与旅游企业财务风险的关系表现如何,目前研究极度匮乏。2010—2020年的中国A股上市旅游企业相关数据表明,良好的ESG表现能显著缓解旅游企业财务风险,其内在机制在于,良好的ESG表现通过激发高管、员工、游客、政府、投资者这五方利益相关者采取有利于旅游企业的行动来显著缓解财务风险。以上结论对于倒逼中国旅游企业重视ESG责任,科学应对财务风险,正确处理旅游企业与利益相关者之间的关系有着重要的参考价值。

ESG liability has an important impact on the financial risk of enterprises,but the relationship between ESG practices and the financial risk of tourism enterprises under the Chinese-style modernization model remains extremely scarce.As is revealed by the relevant data of China’s A-share listed tourism enterprises from 2010 to 2020,good ESG performance can significantly reduce the financial risk faced by tourism enterprises,and the underlying mechanism behind this phenomenon is that good ESG performance significantly mitigates financial risks by motivating stakeholders including executives,employees,tourists,government,and investors to take actions in favor of tourism enterprises.The above conclusions have important reference value for exerting a reverse compulsion on Chinese tourism enterprises,obliging them to attach importance to ESG responsibility,scientifically respond to financial risks,and correctly handle the relationship between tourism enterprises and stakeholders.