化险为夷还是弄巧成拙:ESG表现能降低企业经营风险吗?  

Head off a Danger or Overreach Itself:Can ESG Performance Reduce Business Risk?

作　　者：董小红 孙政汉 DONG Xiao-hong;SUN Zheng-han

机构地区：[1]安徽财经大学会计学院

出　　处：《中央财经大学学报》2023年第7期57-67,共11页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金一般项目“新退市制度驱动企业高质量发展的作用机理和效应研究”(项目编号:21BJY260);上海市教育委员会“曙光计划”资助项目“基于大数据的会计行为与决策研究”(项目编号:17SG34)。

摘　　要：十九大以来,党和政府高度重视ESG体系建设,推进ESG体系深度发展亦成为“十四五”期间重点规划之一,2022年中央经济工作会议指出我国经济环境依旧复杂多变。在此背景下,企业能否通过改善ESG表现降低经营风险成为值得研究的重要问题之一。本文以2011—2021年我国A股上市公司为研究对象,实证检验ESG表现对企业经营风险的影响。研究结果表明,ESG表现与企业经营风险显著负相关。机制检验表明,ESG表现通过缓解信息不对称和增加分析师关注来降低企业经营风险。异质性检验发现,产权性质、经济政策不确定性和企业数字化水平会影响ESG表现对企业经营风险的抑制作用。本文研究为更好地理解ESG表现对企业经营风险的影响提供了经验证据和理论依据。The Party and the administration have given the development of the ESG system a high priority ever since the 19th National Congress of CPC,and the 14th Five-Year Plan's main objective is to further its development.In this environment,one of the crucial questions that merits research is whether businesses may lower business risks by enhancing ESG performance.This study uses China's A-share listed firms from 2011 to 2021 as its research subject to empirically analyze the relationship between ESG performance and business risk for enterprises.The study's findings indicate that corporate business risk and ESG performance are strongly and adversely associated.According to the mechanism test,ESG performance lessens business operating risk by reducing information asymmetry and attracting analyst attention.According to heterogeneity tests,the kind of property rights,the degree of uncertainty in economic policy,and the extent of corporate digitalization all have an impact on how much ESG performance inhibits corporate business risk.This paper offers both empirical data and a theoretical framework for understanding how ESG performance affects business risk for firms.

关 键 词：ESG表现 企业经营风险 信息不对称 分析师关注 

分 类 号：F275[经济管理—企业管理]