企业环境、社会和公司治理(ESG)表现对企业投资效率的影响研究

A Study of the Impact of Corporate Environmental, Social and Corporate Governance (ESG) Performance on the Efficiency of Corporate Investment

本文选取我国2009~2020年3373家A股上市公司数据为样本,实证检验了企业环境、社会和公司治理(ESG)表现对企业投资效率的影响。结果表明,ESG表现对企业投资效率的提升有显著的正向影响,对于国有企业和非污染行业的企业,ESG表现对企业投资效率的提升作用更为明显。本文为上市公司重视和提高ESG表现,进而促进经济高质量发展提供了经验证据。

This paper selects the data of 3373 A-share listed companies in China from 2009 to 2020 as samples to empirically test the impact of corporate environment, social and corporate governance (ESG) performance on corporate investment efficiency. The results show that ESG performance has a significant positive impact on the improvement of enterprise investment efficiency, and for state-owned enterprises and non-polluting enterprises, the effect of ESG performance on enterprise investment efficiency is more obvious. This paper provides empirical evidence for listed companies to attach importance to and improve the performance of ESG, so as to promote high-quality economic development.