ESG表现、创新投资决策与企业价值  

ESG Performance,Innovation Investment Decision,and Firm Value

作　　者：王妮 潘海英[1] 吴雨濛 李蕊 WANG Ni;PAN Hai-ying;WU Yu-meng;LI Rui(School of Business,Hohai University,Nanjing 211100,China)

机构地区：[1]河海大学商学院,南京211100

出　　处：《研究与发展管理》2024年第4期88-100,共13页R&D Management

基　　金：江苏省研究生科研创新计划项目“企业ESG表现的动因组态及其价值创造效应研究”(KYCX23_0655)。

摘　　要：基于可持续发展理念的背景下,企业积极履行ESG责任是否以及如何影响企业价值的问题备受各界的广泛关注与讨论。选取2009—2021年中国沪深交易所A股上市公司,实证检验了ESG表现对企业账面价值和市场价值的影响效应,同时立足于企业创新投资决策的视角,分别探讨了企业创新投资水平和创新投资结构在上述过程中发挥的中介效应。研究结果表明:ESG表现对企业账面价值和企业市场价值的影响存在明显差异,良好的ESG表现有利于企业账面价值的提升,但对企业市场价值存在显著的负向影响;ESG表现通过提高企业创新投资水平对企业账面价值和市场价值产生了积极影响,但尚未通过调整企业创新投资结构这一传导渠道影响企业的账面价值和市场价值。研究结论不仅丰富了企业ESG表现对企业价值影响效应及作用机制的研究成果,而且为激发企业ESG履责内在动力、以创新投资决策赋能企业价值提升提供了可行的实践启示。Based on the concept of sustainable development,whether and how the positive performance of ESG responsibilities affecting the value of firms has been widely concerned and discussed.It empirically examined the impact of ESG performance on the book value and market value of firms by using A-share companies listed on the Shanghai and Shenzhen Stock Exchanges in China from 2009 to 2021 as the sample group.At the same time,based on the perspective of firms’innovation investment decision-making,it discussed the mediating effects of firms’innovation investment level and innovation investment structure in the above process.The results show that there is a significant difference in the impact of ESG performance on the book value and the market value of firms.Good ESG performance is conducive to increasing the book value of firms,but has a significant negative impact on the market value of firms.ESG performance has a positive impact on the book value and market value of firms by increasing the level of innovation investment,but has not had an impact on the book value and market value of firms through the channel of adjusting the structure of innovation investment.The conclusions not only enrich the research results of the impact of ESG performance on firm value and its mechanism,but also provide feasible practical implications for stimulating the internal motivation of firm to fulfill its ESG responsibility and enabling firm value improvement through innovation investment decisions.

关 键 词：ESG表现 企业账面价值 企业市场价值 创新投资水平 创新投资结构 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济] X322[环境科学与工程—环境工程]