我国企业ESG表现对其经济效益的影响研究——基于沪深上市企业  

Research on The Impact of ESG Performance of Chinese Enterprises on Their Economic Benefits—Based on Listed Companies in the Shanghai-Shenzhen Stock Markets

作　　者：刘轶芳[1] 李霞 郑依依 刘新波[3] LIU Yifang;LI Xia;ZHENG Yiyi;LIU Xinbo(School of Economics,Central University of Finance and Economics,Beijing 102206,China;School of Mathematical Sciences,Peking University,Beijing 100080,China;Institute of Economics,Chinese Academy of Social Science,Beijing 100836,China)

机构地区：[1]中央财经大学经济学院,北京102206 [2]北京大学数学科学学院,北京100080 [3]中国社会科学院经济研究所,北京100836

出　　处：《中国环境管理》2024年第1期34-41,26,共9页Chinese Journal of Environmental Management

基　　金：教育部人文社科规划基金项目“气候变化背景下京津冀区域宜居风险与适应性管理研究”(18YJA790056);国家社会科学基金重大项目“加快推进生态环境治理体系和治理能力现代化研究”(20&ZD092)。

摘　　要：随着“碳达峰、碳中和”战略目标的提出,ESG投资概念成为资本市场关注的重点。在ESG信息披露成为企业刚需的时代背景下,企业环境表现与环境信息披露之间的因果关系变得更为复杂,ESG信息披露行为对企业经济效益的影响也有待讨论。为此,本文根据数据可得性筛选得到2008—2020年我国沪深板块上市的3685家企业上市公司作为研究样本,利用wind数据库、CSMAR上市公司环境研究等数据库,从企业ESG信息披露完整性及实际风险两个维度出发构建ESG发展指数,用于全面测度中国企业的ESG发展现状;同时尝试从债权人和股东投资信心等层面探讨企业ESG表现对其经济效益的传导机理。结果表明:企业ESG表现对于其经济效益呈现正向显著影响,且这种影响效应对于不同ESG表现水平和不同产权性质的企业具有异质性。影响路径分析结果显示,企业ESG表现能够提升投资者信心,进而显著改善了企业经济效益。With the introduction of the“carbon peak and carbon neutrality”strategic goals,the concept of ESG(Environmental,Social,and Governance)investment has become a focal point in the capital markets.Against the backdrop of the era where ESG information disclosure has become a corporate imperative,the causal relationship between corporate environmental performance and environmental information disclosure has become more complex.The impact of ESG information disclosure on corporate economic performance also requires further discussion.To address this,this study selects a sample of 3685 listed companies on the Shanghai and Shenzhen stock markets from 2008 to 2020,based on data availability.Utilizing databases such as Wind,CSMAR,and others,the study constructs an“ESG Development Index”from two dimensions:“Information Disclosure Completeness”and“Actual Risks”,aiming to comprehensively measure the current status of ESG development in Chinese enterprises.Simultaneously,the study explores the transmission mechanism of the impact of corporate ESG performance on economic benefits from the perspectives of creditors and shareholders’investment confidence.The results indicate a significantly positive impact of corporate ESG performance on economic benefits.Moreover,this impact varies across different levels of ESG performance and ownership structures.Path analysis demonstrates that enhanced investor confidence,driven by superior ESG performance,significantly improves corporate economic performance.In conclusion,the study provides empirical evidence supporting the positive influence of corporate ESG performance on economic benefits,shedding light on the heterogeneity of this impact across different ESG performance levels and ownership structures.The findings suggest that the improvement in economic performance is mediated by the enhancement of investor confidence through effective ESG performance.

关 键 词：ESG发展指数 经济效益 信息披露完整性 实际环境风险 

分 类 号：X22[环境科学与工程—环境科学] X50[经济管理—世界经济] F13F17