ESG表现对企业财务绩效影响的研究  

Research on the Impact of ESG Performance on Corporate Financial Performance

作　　者：程满亚 Manya Cheng(Department of Planning and Finance,Shandong Aeronautical University,Binzhou 256600,China)

机构地区：[1]山东航空学院计划财务处,山东滨州256600

出　　处：《财务与金融》2024年第3期51-57,共7页Accounting and Finance

摘　　要：近年来,随着可持续发展意识的增强,企业的ESG表现逐渐受到社会的广泛关注,并对企业的经营活动产生了持续的影响。在新的发展理念下,ESG表现能否促进企业财务绩效提升值得深入研究。以2012-2022年A股上市企业数据作为样本展开研究,采用实证分析法探究企业ESG表现与财务绩效之间的关系。研究结果表明:短期内,企业ESG表现的改善带来的成本负担远超过收益,但如果企业持续不断地开展ESG实践,将会产生长期的积极效应,良好的ESG表现可能给企业带来超额利润。异质性分析发现,相比于高污染企业,非高污染企业的ESG表现对财务绩效的提升作用更加显著。因此,企业应采取长期投资策略,制定ESG综合管理计划,确保ESG投入能够逐步实现长期效益;非高污染企业应加大环保投入,通过技术创新和资源利用率提升,逐步减少对环境的不利影响,提升企业可持续发展能力,充分发挥ESG表现对财务绩效提升的促进作用。In recent years,with the growing awareness of sustainable development,the ESG performance of companies has gradually received widespread attention from society and has had a sustained impact on business operations.Under the new development paradigm,it is worth exploring whether ESG performance can promote the improvement of corporate financial performance.This study uses data from A-share listed companies from 2012 to 2022 as a sample and employs empirical analysis to investigate the relationship between corporate ESG performance and financial performance.The research results indicate that in the short term,the costs associated with improving ESG performance exceed the benefits.However,continuous ESG practices can yield long-term positive effects,and strong ESG performance may bring excess profits to enterprises.Heterogeneity analysis reveals that,compared to highly polluting companies,non-highly polluting companies see a more pronounced positive impact of ESG performance on financial performance.Therefore,companies should adopt long-term investment strategies and develop comprehensive ESG management plans to ensure that ESG investments can gradually achieve long-term benefits.Non-highly polluting companies should increase environmental investments,gradually reduce the environmental impact through technological innovation and improvement of resource utilization rate,thereby boosting their sustainability and maximizing the positive impact of ESG performance on financial performance.

关 键 词：企业ESG表现 财务绩效 可持续发展 技术创新 

分 类 号：F230[经济管理—会计学]