ESG表现、高管薪酬激励与企业财务绩效

ESG Performance,Executive Compensation Incentives and Corporate Financial Performance

当前,在全球经济下行压力增大的情况下,我国企业的发展面临巨大的挑战,经济发展如何朝着高质量发展目标前进是企业面临的重要现实问题。此间,ESG发展理念为企业提供了实现可持续高质量发展的新视角与潜在路径。基于这一理念,本研究选取2013年至2022年间我国A股上市企业作为研究样本,通过运用固定效应模型进行实证分析,深入探讨了ESG表现以及高管薪酬激励对企业财务绩效的具体影响及其内在作用机制。此举旨在为企业实践ESG战略、优化高管激励机制以及提升财务绩效提供理论支持与实践指导。结果表明:1)虽然我国上市企业ESG实践仍处于初级发展阶段且整体表现中等偏下,但提升ESG表现可以有效的提升企业财务绩效。2)高管薪酬激励可以正向调节企业ESG表现影响企业财务绩效的过程。研究结论对政府建立完善ESG信息披露与评级的标准、企业加快推进ESG实践、实现绿色发展,具有一定的参考意义。

At present,under the increasing downward pressure of the global economy,the development of enterprises in China is facing great challenges,and how to move forward towards the goal of high-quality development of economic development is an important practical problem faced by enterprises.During this time,the ESG development concept provides enterprises with new perspectives and potential paths to realize sustainable high-quality development.Based on this concept,this study selects China’s A-share listed companies from 2013 to 2022 as the research sample,and through empirical analysis using fixed-effects model,it explores the specific impact of ESG performance and executive compensation incentives on corporate financial performance and its intrinsic mechanism.The purpose of this study is to provide theoretical support and practical guidance for enterprises to practice ESG strategies,optimize executive incentives and improve financial performance.The results show that:1)Although the ESG practice of listed companies in China is still in the early stage of development and the overall performance is medium-low,improving ESG performance can effectively improve corporate financial performance.2)Executive compensation incentives can positively regulate the process of corporate ESG performance affecting corporate financial performance.The findings of this study have certain reference significance for the government to establish and improve ESG disclosure and rating standards,and for enterprises to accelerate ESG practices and realize green development.