ESG表现与企业价值关系研究——基于经济政策不确定性视角  

Research on the Relationship between ESG Performance and Enterprise Value—From the Perspective of Economic Policy Uncertainty

作　　者：黄玉红 杨毅[1] HUANG Yu-hong;YANG Yi(Guangxi University of Science and Technology,Liuzhou 545006)

机构地区：[1]广西科技大学,广西柳州545006

出　　处：《财务与金融》2023年第5期68-75,共8页Accounting and Finance

摘　　要：高质量增长和“双碳”战略使社会对环境保护以及可持续发展愈加重视,ESG表现作为一种可持续发展观,在企业发展中的地位不断提高,对企业价值提升有重要的促进作用。基于此背景,以2015-2022年沪深A股上市企业财务数据为样本,实证考察ESG表现对企业价值的影响,以及宏观经济政策不确定因素在其中的调节作用。研究发现:良好的ESG表现能提升企业价值,经济政策的不确定性会降低企业价值;同时,良好的ESG表现能够缓解经济政策不确定性对企业价值的抑制作用;异质性分析发现,良好的ESG表现对非国有和高碳行业企业价值的提升效应更大。因此,企业应提升ESG表现以促进企业市场价值的有效提升;政府应加强ESG领域的制度规范和法治建设,防范风险;投资者应重视企业的ESG表现,关注企业良性发展。High-quality growth and"double carbon"strategy make the society pay more attention to environmental protec-tion and sustainable development.As a kind of sustainable development concept,ESG plays an important role in the devel-opment of enterprises and plays an important role in promoting the value of enterprises.Based on this background,using the financial data of Shanghai and Shenzhen A-share listed enterprises from 2015 to 2022 as samples,this paper empirically ex-amines the impact of ESG performance on enterprise value and the moderating role of macroeconomic policy uncertainties.The results show that good ESG performance can improve enterprise value,while economic policy uncertainty can reduce en-terprise value.At the same time,good ESG performance can remit the inhibitory effect of economic policy uncertainty on en-terprise value.Heterogeneity analysis shows that good ESG performance has a greater effect on enterprise value enhancement in non-state-owned and high-carbon industries.Therefore,enterprises should improve their ESG performance to promote their market value,government should strengthen the institutional norms and rule of law construction in the ESG field to prevent risks;investors should pay attention to the ESG performance of enterprises and pay attention to the healthy development of enterprises.

关 键 词：ESG表现 企业价值 经济政策不确定性 

分 类 号：F830[经济管理—金融学]