摘要
随着我国“双碳”目标的提出以及绿色建设的不断推进,ESG投资理念为企业可持续发展提供了新的思路与可能。基于此,以2009—2020年我国A股上市企业为样本,探究了在三种不同的外部压力作用之下,企业ESG表现对财务绩效的影响。研究发现:企业良好的ESG表现能够改善财务绩效,政府规制、行业竞争、舆论监督均在二者的关系中发挥了正向的调节作用;对于非国有、信息披露质量高、规模较小的企业而言,企业ESG表现对财务绩效的改善更为明显;机制检验发现,提升技术创新水平是企业ESG表现提高财务绩效的内在渠道,且政府规制的调节效应可以同时通过技术创新中介实现,随着政府规制压力的增大,ESG表现通过技术创新渠道对企业财务绩效的改善作用减弱。研究结论对企业进行ESG实践、对政府完善相关政策、推动绿色发展进程,具有一定的参考意义。
With the proposal of“carbon peaking and carbon neutrality”goal and the continuous ad⁃vancement of green construction,ESG investment concept provides a new idea and possibility for the sustainable development of enterprises.Based on this,taking Chinese A-share listed companies from 2009 to 2020 as samples,this paper explores the influence of corporate ESG performance on fi⁃nancial performance under three different external pressures.The results show that good ESG perfor⁃mance can improve financial performance,and government regulation,industry competition and pub⁃lic opinion supervision all play a positive moderating role in the relationship between the two.For non-state-owned enterprises with high information disclosure quality and small scale,the improve⁃ment of corporate ESG performance on financial performance is more obvious.The mechanism test shows that the improvement of technological innovation level is the internal channel for ESG perfor⁃mance to improve the financial performance of enterprises,and the regulatory effect of government regulation can be realized through the intermediary of technological innovation at the same time.With the increase of the pressure of government regulation,the improvement effect of ESG perfor⁃mance on the financial performance of enterprises through technological innovation channel weak⁃ens.The conclusion of the study has certain reference significance for enterprises to carry out ESG practice,the government to improve relevant policies,promote the process of green development.
出处
《金融理论与实践》
北大核心
2023年第6期69-81,共13页
Financial Theory and Practice
基金
山东省社科基金项目“新旧动能转换下山东制造业转型升级的路径和对策研究”(19CDNJ34)的阶段性成果。
关键词
企业ESG表现
财务绩效
外部压力
技术创新
enterprise ESG performance
financial performance
external pressure
technological in⁃novation
