ESG因素在企业价值评估中的理论研究

Theoretical Research on ESG Factors in Enterprise Value Assessment

近年来,企业ESG表现不仅受到投资者的关注,已经上升到国家政策层面。积极探索ESG表现对资产评估行业的影响,就显得尤为重要。2022-2023年度,陕西省资产评估协会组织课题组研究了ESG因素对企业价值评估的影响。课题组首先论证了ESG因素对企业价值的影响是正向的,在遵守资产评估法及资产评估准则的前提下,从企业价值收益法和市场法两种方法,分别研究了ESG因素对企业价值评估的影响,在理论研究结果的基础上,以上市公司索菲亚为例,将其ESG表现纳入企业价值评估模型,分析了索菲亚的ESG表现对其企业价值评估是如何影响的。最后,对资产评估协会、资产评估从业人员及资产评估机构分别提出建议。

In recent years,the ESG performance of enterprises has not only attracted the attention of investors but has also risen to the level of national policy.Actively exploring the impact of ESG performance on the asset valuation industry has become particularly important.During the year 2022-2023,the Shaanxi Province Asset Appraisal Association organized a research group to study the impact of ESG factors on enterprise value assessment.The research group first demonstrated that ESG factors have a positive impact on enterprise value.Under the premise of complying with Law of the People's Republic of China on Asset Appraisal and the Asset Valuation Standards,the team explored the effects of ESG factors on enterprise value assessment from both the income approach and market approach methodologies.Based on the theoretical research findings,the listed company Sofiya was taken as a case study,its ESG performance was integrated into the enterprise value assessment model to analyze the influence of Sofiya's ESG performance on its enterprise value assessment.In conclusion,the research provided recommendations for the asset appraisal association,practitioners in the field of asset appraisal,and asset appraisal organizations alike.