ESG表现会抑制企业财务舞弊吗?——来自A股上市企业的经验证据  

Will ESG Performance Suppress Corporate Financial Fraud?——Empirical Evidence from A-share Listed Companies

作　　者：郑贵华[1] 朱兆阳 陈欧 ZHENG Guihua;ZHU Zhaoyang;CHEN Ou(Hunan University of Technology,Business School,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学商学院,湖南株洲412007

出　　处：《哈尔滨商业大学学报（社会科学版）》2024年第4期45-63,共19页Journal of Harbin University of Commerce:Social Science Edition

基　　金：2024年株洲市社会科学成果规划评审委员会课题“ESG表现对株洲企业财务避税的影响研究”(ZZSK2024159)。

摘　　要：在企业日益关注社会责任与可持续发展的大背景下,ESG(环境、社会和公司治理)表现成为评估企业综合价值的重要指标。基于2013—2022年中国A股上市企业数据,考察ESG表现对企业财务舞弊的影响。研究结果表明,ESG表现能够抑制企业财务舞弊行为,包括降低舞弊发生概率和严重程度。机制研究表明,ESG表现通过降低信息不对称程度、缓解融资约束和降低代理成本进而抑制企业财务舞弊。异质性分析表明,ESG表现抑制企业财务舞弊的作用在内部控制质量差、非国有以及法制环境程度高的样本中更加显著。经济后果检验发现,ESG表现通过抑制企业财务舞弊促进财务绩效的提升、降低企业的经营风险。In the context of increasing attention to corporate social responsibility and sustainable development,ESG(Environmental,Social,and Corporate Governance)performance has become an important indicator for evaluating the comprehensive value of enterprises.This article is based on data from Chinese A-share listed companies from 2013 to 2022,and examines the impact of ESG performance on corporate financial fraud.The research results indicate that:ESG performance can inhibit corporate financial fraud behavior,including reducing the probability and severity of fraud occurrence.This conclusion still holds after a series of robustness tests.Mechanism studies have shown that ESG performance suppresses corporate financial fraud by reducing the degree of information asymmetry,alleviating financing constraints,and reducing agency costs.Heterogeneity analysis shows that in enterprises with poor internal control quality,non-state-owned enterprises,and high levels of legal environment,ESG performance has a more significant inhibitory effect on financial fraud.Economic consequence testing has found that ESG performance promotes financial performance improvement and reduces operational risks by suppressing corporate financial fraud.The above research results provide empirical evidence for improving ESG investment strategies,promoting the formulation of ESG regulatory policies,and promoting the improvement of corporate governance levels.

关 键 词：ESG表现 财务舞弊 信息不对称 融资约束 代理成本 

分 类 号：F832.51[经济管理—金融学]