ESG表现对企业财务绩效的影响研究——以非国有企业为例

Study on the Influence of ESG on Corporate Financial Performance—Taking Non-State-Owned Enterprises as Examples

文章基于632家非国有企业2012~2022年的数据,运用多元线性回归模型,对ESG与财务绩效之间的关系进行研究,并检验融资约束的中介效应和分析师关注度对两者所发挥的调节作用。研究发现:企业履行ESG可以提升企业的财务绩效,良好的ESG表现通过缓解融资约束提升企业财务绩效,分析师关注度反向调节ESG对于企业财务绩效的影响。进一步分析表明,ESG对财务绩效的影响在制造业企业中尤为显著。Based on the data of 632 non-state-owned enterprises from 2012 to 2022, this paper studies the relationship between ESG and financial performance by using multiple linear regression models, and examines the moderating effect of financing constraints and the mediating effect of analyst attention. The results show that the implementation of ESG can improve the financial performance of enterprises, good ESG performance improves corporate financial performance by easing financing constraints, and the impact of ESG on corporate financial performance is inversely adjusted by analyst attention. Further analysis shows that the impact of ESG on financial performance is particularly significant in manufacturing enterprises.