ESG评级对上市公司财务绩效影响研究  

Study on the Influence of ESG Rating on the Financial Performance of Listed Companies

作　　者：严伟祥[1] 赵誉 孟德锋[1] YAN Weixiang;ZHAO Yu;MENG Defeng(School of Finance,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《南京审计大学学报》2023年第6期71-80,共10页Journal of Nanjing Audit University

基　　金：教育部人文社会科学规划基金项目(22YJA790043);江苏高校哲学社会科学研究一般项目(2023SJYB0355);江苏省金融工程重点实验室招标课题(NSK2021-10);江苏省研究生实践创新计划(SJCX-0975,SJCX23-0971)。

摘　　要：以2011—2021年我国A股上市公司为研究样本,实证分析了ESG评级对上市公司财务绩效的影响。研究发现:企业ESG表现对上市公司财务绩效具有显著正向促进作用;ESG表现不仅减缓融资约束,而且提升企业效率,对上市公司盈利能力均产生积极贡献;ESG表现对国有企业和非国有企业、大型企业和中小型企业、制造业与非制造业企业的财务绩效影响存在显著异质性,其中非国有企业、中小企业和制造型企业具有更强的正向促进效果。This paper selected A-share listed companies from 2011 to 2021 as the research sample,empirically analyzed the impact of ESG rating performance on the financial performance of listed companies,explored the mediating effect of financing constraints and enterprise efficiency in its influence process.The results show that:corporate ESG performance has a positive promoting effect on the financial performance of listed companies.ESG ratings not only alleviate financing constraints,but also improve enterprise efficiency and make positive contributions to the profitability of listed companies.The impact of ESG performance on the financial performance of state-owned enterprises and non-state-owned enterprises,large enterprises and small and medium-sized enterprises,and enterprises in eastern and central China is significantly heterogeneous,Among them,non-state-owned enterprises,small and medium-sized enterprises and manufacturing enterprises have stronger positive promotion effects.

关 键 词：ESG评级 财务绩效 融资约束 信息不对称 企业效率 企业创新 

分 类 号：F832.5[经济管理—金融学] F276.6