ESG提升企业价值的多元路径研究——以医药行业上市公司为例

Research on the Multiple Paths of ESG to Enhance Enterprise Value——Taking Listed Companies in the Pharmaceutical Industry as an Example

推动企业可持续绿色发展是实现经济高质量发展的重要环节,ESG为企业的可持续绿色发展提供了操作框架。本文以2018-2021年我国医药行业上市公司为样本,运用模糊集定性比较分析方法,研究ESG体系下不同要素组合对企业价值的影响路径。研究发现:(1)ESG体系下单个要素均不是产生高企业价值的必要条件,但高效的资源使用、优良的排放和人权表现对提升企业价值发挥着较为普适的作用。(2)企业可以通过三条差异化的ESG策略来提升企业价值,包括环境友好下的社区服务型、环境友好下的股东驱动型,以及股东驱动与社区服务“强强联合”型,呈现出我国企业可持续绿色发展的多元路径。(3)社区表现与股东表现之间具有替代性关系,说明在我国当前环境下,企业ESG行为尚未完全从股东利益主导转向多元利益主导的情境。本文的研究结论有助于揭示企业通过差异化ESG策略提升企业价值的不同路径,为进一步探索企业可持续绿色发展之路提供启示。

Promoting sustainable green development of enterprises is an important link to achieve high-quality economic development.ESG provides an operational framework for sustainable green development of enterprises.Taking the listed companies in China’s pharmaceutical industry from 2018 to 2021 as samples,this paper uses the qualitative comparative analysis method of fuzzy sets to study the multiple path of different factor combinations on enterprise value under the ESG system.The study found that:(1)Individual elements under the ESG system are not necessary to generate high enterprise value,but efficient resource use,excellent emissions controls and human rights performance play an universal role in promoting enterprise value.(2)Enterprises can enhance their corporate value through three differentiated ESG strategies,including environment-friendly community service,environment-friendly shareholder-driven,and shareholder-driven and community service“strong alliance”,showing a diversified path for sustainable green development of Chinese enterprises.(3)There is a substitutive relationship between community performance and shareholder performance,which shows that in the current environment of China,the ESG behavior of enterprises has not yet completely changed from shareholder interests to multiple interests.The research conclusion of this paper is helpful to reveal the different ways for enterprises to enhance their value through differentiated ESG strategy,and provide inspiration for further exploring the sustainable green development path of enterprises.