ESG实践对企业盈利能力的影响研究

Research on the Impact of ESG Practices on Corporate Profitability

ESG实践对企业盈利能力的影响是促进还是削弱一直以来都是学术界颇具争议的话题,解决这个问题对企业实现高质量发展具有重要意义。以2012—2021年中国沪深A股非金融类上市公司为研究样本,利用多元线性回归模型,对ESG实践、审计鉴证意见与盈利能力三者之间的关系进行实证检验。研究发现,ESG实践与盈利能力显著正相关;审计鉴证意见在ESG实践与盈利能力之间发挥中介作用;ESG实践对盈利能力的作用在民营企业和高环境规制地区的企业更加明显,且不因企业所在地区市场化程度的高低有所区别。

Whether ESG practices promote or weaken corporate profitability has always been a controversial topic in the academic community,and solving this problem is of great significance for enterprises to achieve high-quality development.Based on the research sample of China's A-share non-financial listed companies on Shanghai and Shenzhen Stock Exchanges from 2012 to 2021,this paper uses multiple linear regression model to empirically test the relationship between ESG practices,audit assurance and profitability.The study found that ESG practices were significantly positively correlated with profitability;audit assurance opinions play a mediating role between ESG practices and profitability;the effect of ESG practices on profitability is more obvious in private enterprises and enterprises in regions with high environmental regulations,and does not differ due to the degree of marketization in the region where the company is located.