ESG表现与企业风险承担——基于A股的实证研究

ESG Performance and Corporate Risk-taking:An Empirical Study Based on A-shares

本文以2012-2022年沪深A股公司为样本,实证研究ESG表现与企业风险承担的关系。研究发现,良好的ESG表现提升了企业的风险承担水平,且分项的检验结果表明,E(环境)、S(社会)与G(治理)因素均对风险承担水平的提升具有促进作用。进一步研究发现,ESG提升企业风险承担水平的效应主要在资源获取较为困难的企业主体中更为显著,具体表现为当企业处于弱竞争地位、高竞争强度的市场中,且受融资约束的水平较高,产权性质为非国有时,ESG表现的积极反馈提升了其风险承担水平。本文研究结论对监管机构进一步完善ESG披露框架、规范披露要求、通过政策引导充分激发企业履行ESG责任的积极性与主动性提供了一定的启示。

Based on a sample of Shanghai and Shenzhen A-share companies from 2012 to 2022,this paper empirically studies the relationship between ESG performance and corporate risk-taking.We find that good ESG performance increases corporate risk-taking levels.Moreover,the sub-item test results show that E(environmental),S(social)and G(governance)factors all have a promoting effect on improving the level of risk-taking.Further research shows that the effect of ESG on improving corporate risk-taking levels is mainly more significant among corporate entities with relatively scarce resources.Specifically,for companies with weak competitive positions and operate in a highly competitive market,the positive feedback on EsG performance increases their risk-taking level.Moreover,enterprises subject to higher financing constraints and are non-state-owned,their risk-taking levels also increase.Our conclusions not only provide inspiration for regulatory agencies to further improve the ESG disclosure framework and standardize disclosure requirements,but also provide certain ideas for them to fully stimulate the enthusiasm and initiative of enterprises to fulfill ESG responsibilities through policy guidance.