ESG表现对企业价值的影响——基于中国沪深A股体育概念上市公司的实证分析  

Influence of ESG Performance on Corporate Value:An Empirical Analysis of Chinese A-Share Listed Sports Concept Companies

作　　者：易闻昱 杨倩 张丽琳 YI Wenyu;YANG Qian;ZHANG Lilin(School of Economics and Management,Shanghai Univ.of Sport,Shanghai 200438,China)

机构地区：[1]上海体育大学经济管理学院,上海200438

出　　处：《武汉体育学院学报》2023年第10期47-54,共8页Journal of Wuhan Sports University

摘　　要：ESG的价值效应是体育企业自觉改善环境、社会责任和公司治理表现的内在驱动力,推动体育企业积极发展绿色经济和努力改善社会平等,助力体育产业低碳发展以及推动社会共同富裕。基于此,搜集2018-2022上半年中国A股上市体育概念公司的季度数据,采用双向固定效应模型分析体育企业ESG表现对企业价值的影响。研究结果表明:(1)体育企业ESG表现正向影响企业价值,企业ESG得分越高,企业价值越高;(2)机制分析表明,融资约束在企业ESG表现与企业价值的关系间发挥了部分中介效应作用,一方面企业ESG表现直接作用于企业价值,使企业价值提高;另一方面企业ESG表现降低了企业的融资约束,更低的融资约束促进企业价值提高;(3)异质性分析显示,企业政治关系会削弱企业ESG表现促进企业价值的效应,企业的政治关系强度越大,ESG表现促进企业价值的效应越弱;相对于体育服务企业,体育用品企业ESG表现促进企业价值的效应更强。The value effect of ESG is the internal driving force for the sports enterprises to consciously improve their environment,social responsibility and corporate governance performance,to promote sports enterprises to actively develop green economy and strive to improve social equality,to help the low-carbon development of sports industry and promote the common social prosperity.In this study,a two-way fixed-effect model was used to analyze the impact of ESG performance on corporate value based on the quarterly data of Chinese A-share listed sports concept companies from 2018 to 2022.The results showed that the ESG performance of sports enterprises positively affected corporate value.The higher the ESG score was,the higher the corporate value was.Mechanism analysis showed that financing constraints played a partially mediating role in the relationship between ESG performance and corporate value.On the one hand,ESG performance directly acted on the enterprise value and improves the enterprise value.On the other hand,ESG performance reduced the financing constraints of the enterprise,and lower financing constraints promoted the improvement of the enterprise value.Heterogeneity analysis showed that corporate political relations would weaken the facilitating effect of ESG performance on corporate value.The stronger the political relations were,the weaker the facilitating effect of ESG performance on corporate value.Compared with sports service enterprises,sports goods enterprises’ESG performance had a stronger facilitating effect on corporate value.

关 键 词：体育产业 体育企业 ESG表现 企业价值 融资约束 政治关系 

分 类 号：G80-05[文化科学—运动人体科学]