ESG表现对企业投资偏好的影响研究——基于未来现金流量的中介效应

Research on the Impact of ESG Performance on Enterprises Investment Preferences-Intermediary Effect Based on Future Cash Flows

党的“二十大”报告指出,要加快发展方式绿色转型,实现人与自然和谐共生的现代化。企业是推动绿色发展和高质量发展的关键力量,探讨ESG表现对企业投资偏好的影响有重要意义。基于我国沪深A股上市公司2011-2021年的数据,运用逐步回归分析方法实证检验了企业ESG表现对投资偏好的影响及作用路径。结果表明:良好的ESG表现可以显著影响企业投资偏好,在促进企业绿色技术创新的同时,抑制企业过度金融化;未来现金流量起到部分中介作用。不仅拓展了企业ESG表现的影响研究,也为完善企业投资偏好提供了新的思路,有助于引导企业重视ESG理念并积极进行研发创新,引导“脱虚返实”,助力企业高质量发展。

The report of the 20th National Congress of the Communist Party of China emphasizes accelerating the green transformation of development mode and achieving modernization of harmonious coexistence between humans and nature.Enterprises are a key force in promoting green and high-quality development,and exploring the impact of ESG performance on corporate investment preferences is of great significance.Based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,this paper uses stepwise regression analysis to empirically test the impact and pathway of corporate ESG performance on investment preferences.The results indicate that good ESG performance can significantly affect a company's investment preferences,promoting green technology innovation while curbing excessive financialization.Future cash flows play a partial mediating role in the future.This paper not only expands the research on the impact of ESG performance of companies,but also provides new ideas for improving corporate investment preferences,helping to guide companies to attach importance to ESG concepts and actively engage in research and development innovation,guiding them to"break away from the virtual and return to the real",and assisting companies in high-quality development.