摘要
在当前国内致力于实现低碳绿色发展转型的背景下,企业能否通过自身履行ESG实践获得企业绩效的提升,对于推动实现高质量发展具有重大现实意义。选取2010—2020年中国A股上市公司的面板数据,实证分析ESG表现对于企业绩效的影响,并根据区域市场化程度和企业产权性质的差异进行讨论。研究结果表明,整体上ESG表现对于企业自身的财务绩效具有促进作用。相较于西部地区,市场化程度较高的东部、中部地区企业的ESG表现能更有效促进企业绩效提升。相较于国有企业,ESG表现对于非国有企业绩效有着更为明显的促进作用。最后,高于ESG评级中位数的企业,对于社会责任和公司治理有着更高的关注度,其财务绩效也因此获得了显著提升。
Under the background of the current domestic commitment to realize low-carbon and green development transformation,whether enterprises can improve enterprise performance through their own performance of ESG is of great practical significance to promote the realization of high-quality development.To select panel data of China’s A-share listed companies from 2010 to 2020 to empirically analyze the impact of ESG performance on enterprise performance,and discusse it according to the degree of regional marketization and the differences in the nature of enterprise property rights.The results show that ESG performance on the whole promotes the financial performance of enterprises.Afterwards,the data are divided into eastern,central and western regions according to geographical regionalization and degree of marketization.Compared with the western regions,the eastern and central regions with a higher degree of marketization have better ESG performance,which can effectively promote the improvement of enterprise performance.The analysis results according to the differences in the property rights of enterprises show that ESG performance has a more obvious promoting effect on the performance of non-state-owned enterprises compared with state-owned enterprises.Finally,companies above the median ESG rating pay more attention to social responsibility and corporate governance,and their financial performance is significantly improved as a result.In contrast,companies below the median rating show a lack of emphasis on ESG and weak corporate performance,which is significantly lower than those with high ESG performance.
出处
《当代经理人》
2022年第3期39-54,共16页
Contemporary Manager
基金
国家社会科学基金一般项目“平台企业无序扩张中数字排斥行为的监管与治理研究”(21BJY207)
关键词
ESG表现
企业绩效
企业产权性质
区域市场化
ESG performance
enterprise performance
the nature of the property right of the enterprise
regional marketization
