摘要
随着我国“双碳”目标的确立和相关支持政策相继落地,企业迫切需要尽快建立以ESG为导向的发展战略,而私募股权投资恰好可成为企业ESG理念的催化剂和助推器。基于创业板和科创板上市公司的数据,重点研究了ESG背景下私募股权投资对中小企业价值的影响。实证结果表明,私募股权投资和ESG实施均对中小企业的价值提升产生了积极的作用。当前我国ESG实践仍处于探索阶段,私募股权具有的融资融智专业优势能够有效帮助中小企业找准切入点,精准推进ESG可持续发展战略,进而提升企业价值。进一步研究发现,私募股权在中小企业的高比例持股为企业ESG赋能表现得更为突出,私募股权投资和中小企业的深度融合有利于创造互利共赢和良性循环的良好局面。
With the establishment of China’s“dual carbon”goals and the implementation of relevant support policies,enterprises urgently need to establish an ESG oriented development strategy as soon as possible,and pri-vate equity investment can become a catalyst and booster for the ESG concept of enterprises.Based on data from listed companies on the ChiNext and Science and Technology Innovation Board,this study focuses on the impact of Private equity investment on the value of small and medium-sized enterprises in the context of ESG.The empirical results indicate that both private equity investment and ESG implementation have had a positive impact on the val-ue enhancement of small and medium-sized enterprises.At present,China’s ESG practice is still in the explorato-ry stage,and the professional advantages of financing and intelligence that private equity has can better help enter-prises identify entry points,accurately promote ESG sustainable development strategies,and thereby enhance en-terprise value.Further research has found that the high proportion of private equity holdings in small and medium-sized enterprises has a more prominent function in empowering ESG.The deep integration of private equity invest-ment and small and medium-sized enterprises is conducive to creating a mutually beneficial and virtuous cycle.
作者
赵琼
ZHAO Qiong(School of Public Finance and Taxation,Capital University of Economics and Business,Beijing 100070,China)
出处
《经济问题》
北大核心
2023年第11期40-47,共8页
On Economic Problems
基金
北京市教委项目“私募股权投资视角下的初创期科创企业估值方法优化研究”(SM202010038008)。
