环境不确定性与企业ESG表现

Environmental uncertainty and enterprise ESG performance

理解环境不确定性与企业ESG表现的关系,对于优化企业的绿色投资决策,进而推动经济高质量发展具有现实意义.实证发现,环境不确定性的上升会降低企业的ESG表现.融资约束越小,现金持有越充足,行业竞争越激烈,市场地位越低的公司,在环境不确定性增加时企业ESG评分的降幅也越大.这些结果表明,环境不确定性会增加企业延迟可持续投资的实物期权价值,从而企业在权衡高风险溢价折现后的长期收益和短期直接投入成本之后会倾向于减少ESG投资;企业的投资机会集越大则实物期权的价值就越大,而企业的生存压力越大则管理层的风险厌恶就越高,最终都会导致企业更多地减少ESG投资.

Understanding the relationship between environmental uncertainty and enterprise ESG performance is crucial for optimizing corporate green investment and promoting highquality economic growth.Empirical findings reveal that increased environmental uncertainty leads to a decline in the ESG performance of enterprises.Stricter financial constraints,sufficient cash reserves,intense industry competition,or lower market position exacerbate the reduction in ESG scores when faced with heightened environmental uncertainty.These results suggest that environmental uncertainty enhances the real option value of delayed sustainable investments,prompting enterprises to reduce ESG investment after considering long-term returns discounted by high risk premiums and short-term input costs.The larger the investment opportunity set of the enterprise,the greater the value of real options,and higher survival pressures faced by enterprises result in the management’s higher risk aversion,both contributing to a greater reduction in ESG investment.