ESG表现、高管激励和企业价值提升  

ESG Performance,Executive Incentives,and Corporate Value Enhancement

作　　者：王海侠[1] 郜鸿萱 WANG Haixia;GAO Hongxuan(Xuri School of Business Administration,Donghua University,200000,Shanghai,China)

机构地区：[1]东华大学旭日工商管理学院,上海200000

出　　处：《特区经济》2024年第10期66-71,共6页Special Zone Economy

摘　　要：ESG是衡量一个企业环境、社会和公司治理表现的非财务评价指标,为提升企业价值和实现企业的可持续发展提供了重要参考依据。本文以中国2017—2021年汽车行业A股上市公司为研究样本,从理论和实证角度研究了ESG表现对汽车行业企业价值的影响,并探究了高管激励在其中的调节作用。研究发现:企业ESG表现的提升有助于企业价值的提升,高管股权激励对ESG表现和企业价值的正向关系中存在正向调节效应。ESG对企业价值的影响存在异质性,非国有汽车企业比国有汽车企业提升ESG表现对企业价值有着更积极的影响。本文深化了双碳背景下企业ESG表现与企业价值的研究,为利用企业ESG表现推动汽车行业企业价值提升提供了理论支持和政策启示。ESG is a non-financial evaluation indicator that measures the environmental,social and corpo⁃rate governance performance of a company and provides an important reference basis for enhancing corporate value and achieving sustainable corporate development.This paper examines the impact of ESG performance on corporate value in the automotive industry from theoretical and empirical perspectives and explores the mod⁃erating role of executive incentives in it,using A-share listed companies in the automotive industry in China from 2017-2021 as a research sample.It is found that:the improvement of ESG performance helps to im⁃prove the enterprise value,and there is a positive moderating effect of executive equity incentives on the positive relationship between ESG performance and enterprise value.there is heterogeneity in the impact of ESG on enterprise value,and non-state auto companies have a more positive impact on enterprise value than state auto companies by improving ESG performance.The article deepens the study of ESG performance and en⁃terprise value in the context of double carbon,and provides theoretical support and policy insights for us⁃ing ESG performance to promote enterprise value in the automotive industry.

关 键 词：ESG表现 企业价值 汽车企业 高管激励 调节效应 

分 类 号：F832.51[经济管理—金融学] F275[环境科学与工程—环境工程] X322