企业ESG信息披露、媒体关注与财务绩效——基于地区数字化水平与行业环境敏感度的异质性分析

ESG disclosure,media attention and financial performance-heterogeneity analysis based on regional digitalization level and industry environmental sensitivity

基于2012至2022年中国A股上市公司的数据,采用调节效应模型、分位数回归和中介效应模型来考察ESG信息披露对财务绩效的影响。研究发现:ESG信息披露对财务绩效产生显著的正向影响,媒体关注在ESG信息披露对财务绩效的关系中发挥出显著的负向调节作用;进一步运用分位数回归发现,媒体关注只对ESG信息披露水平较高的企业发挥显著的调节作用;异质性分析表明,ESG信息披露对改善财务绩效的效果在高数字化水平地区和非环境敏感型行业的企业中更为明显,媒体关注的调节作用也存在明显差异;机制检验发现,ESG信息披露通过缓解企业的融资约束和提高企业的绿色创新改善财务绩效。本研究对深入理解ESG信息披露对财务绩效的影响提供了实证证据,为企业披露准确的ESG信息、政府部门完善ESG政策具有一定的启示。

This study explores how ESG disclosure impacts financial performance of Chinese companies from 2012 to 2022 using moderation effect model,quantile regression and mediation effect model.The benchmark regression results based on the full sample show that ESG disclosure has a significant positive impact on financial performance and media attention plays a negative moderating role in the relationship between ESG disclosure and financial performance.Further using quantile regression,this paper finds that media attention has a more significant negative moderating effect only on companies with higher levels of ESG disclosure.The heterogeneity analysis shows that,among companies in high digitalization regions and non-environmentally sensitive industries,ESG disclosure contributes more significantly to improved financial performance.Mechanism testing shows that ESG disclosure improves financial performance mainly by alleviating firms’financing constraints and enhancing firms’green innovation.