ESG表现对企业绩效的影响与激励机制研究

Research on the Impact of ESG Performance on Firm Performance and Incentive Mechanism

“双碳”目标的提出,对我国经济高质量发展提出了更高要求,企业可持续发展能力面临更大的考验,环境、社会和治理(ESG)越来越受到企业、投资者、政府乃至社会各界的关注。本文以我国A股2012—2021年上市公司707个样本企业为研究对象,运用固定效应模型进行回归分析,将倾向得分匹配模型和双重差分模型结合起来(PSM-DID)消除样本选择性偏差与自选择偏差的问题,并且引入绿色和创新效应来检验上市公司ESG表现与企业绩效两者之间的中介作用,揭示上市公司ESG表现与企业绩效的深层次关系,得出以下结论:①上市公司良好的ESG表现对企业绩效具有正向的影响;②非国有上市公司的ESG表现对企业绩效的促进作用更明显,东部地区上市公司的ESG表现对企业绩效的促进作用更加明显;③企业的创新效应和绿色效应在其中起到部分的中介作用,ESG表现的提升能够有效提升企业的创新能力和绿色效应,进而促进企业绩效的提升。根据上述研究结论,提出了对策建议。

The proposal of the dual carbon goals of“carbon peak by 2030 and carbon neutrality by 2060”has imposed higher demands on the high-quality development of China’s economy,and the sustainable development capabilities of enterprises are confronted with greater challenges.Environmental,Social and Governance(ESG)is more and more concerned by enterprises,investors,the government and even all walks of life.This paper takes 707 sample companies of China’s A-share listed companies from 2012 to 2021 as the research object,uses the fixed effect model for regression analysis,and combines the propensity score matching model and the differential difference model(PSM-DID)to eliminate sample selection bias and self-selection bias.Furthermore,green and innovation effects are introduced to test the mediating role between listed companies’ESG performance and corporate performance,revealing the deep relationship between listed companies’ESG performance and corporate performance,and drawing the following conclusions:①Good ESG performance of listed companies has a positive impact on corporate performance;②The ESG performance of non-state-owned listed companies plays a more significant role in promoting corporate performance,and the ESG performance of listed companies in eastern region plays a more significant role in promoting corporate performance;③The innovation effect and green effect of enterprises play a partial mediating role.The improvement of ESG performance can effectively enhance the innovation ability and green effect of enterprises,and thus promote the improvement of corporate performance.According to the above research conclusions,countermeasures and suggestions are put forward.