摘要
如何基于ESG理念重塑企业价值观念与行为进而实现价值创造的最大化逐渐成为业界重点关注的议题。以2013—2021年沪深A股上市公司作为研究样本,实证检验了企业ESG责任履行对价值创造的影响,并对商业信用融资的中介作用进行了检验。研究结果表明,ESG责任履行有利于提高企业的价值创造能力,商业信用融资在其中发挥着部分中介作用;从价值创造结构来看,ESG责任履行对股东财富、政府税收、员工薪酬以及社会捐赠而言均有显著的促进作用,而ESG责任履行会在一定程度上降低债权人的利息收入。异质性分析发现,在ESG责任履行与企业价值创造的关系中,企业股权性质和行业竞争程度发挥调节作用,民营资本占比越高、行业竞争程度越强,ESG责任履行对价值创造的正向影响越强。研究结论有利于厘清ESG责任履行与企业价值创造的关系,为企业引入ESG管理理念,促进企业可持续发展提供理论依据。
How to reshape enterprise value concept and behavior based on ESG concept to maximize value creation has gradually become the focus of academic issues.This paper takes Shanghai-Shenzhen A-share listed companies from 2013 to 2021 as research samples to empirically test the impact of ESG responsibility fulfillment on value creation,and examines the intermediary role of trade credit financing.The results indicate that the fulfillment of ESG responsibility can improve the value creation ability of enterprises,and trade credit financing plays a part of intermediary role;From the perspective of value creation structure,ESG responsibility fulfillment has a significant promotion effect on shareholder wealth,tax revenue,employee compensation and social donation,while ESG responsibility fulfillment will reduce the interest income of creditors.Heterogeneity analysis shows that in the relationship between ESG responsibility fulfillment and enterprise value creation,the nature of equity and the degree of industry competition play a moderating role.The higher the proportion of private capital and the stronger the degree of industry competition,the stronger the positive impact of ESG responsibility fulfillment on value creation.The research is helpful to clarify the relationship between ESG responsibility fulfillment and enterprise value creation,and provide a theoretical basis for enterprises to introduce ESG management concept and promote enterprise sustainable development.
作者
郭子豪
张永红
GUO Zihao;ZHANG Yonghong(School of Economics and Management,Taiyuan University of Technology,Taiyuan030024,China)
出处
《技术与创新管理》
2023年第6期735-744,共10页
Technology and Innovation Management
基金
山西省哲学社会科学专项课题(2022YD048)
山西省哲学社会科学专项课题“山西推进‘两山七河一流域’生态修复治理研究”(2022YD048)
山西省研究生教育创新计划课程思政示范课程“高级财务管理理论与实务”项目(2023SZ08)。
关键词
ESG
企业价值创造
商业信用融资
股权性质
行业竞争
ESG
enterprise value creation
trade credit financing
nature of equity
industry competi-tion
