ESG因素对企业价值影响的实证研究  

An Empirical Study on the Impact of ESG on Business Value

作　　者：崔劲 殷霞 Cui Jin;Yin Xia(Pan-China Appraisal Co.,Ltd.,Beijing.100045)

机构地区：[1]北京天健兴业资产评估有限公司,北京100045

出　　处：《中国资产评估》2024年第11期35-44,共10页Appraisal Journal of China

摘　　要：在我国发展绿色金融、推动双碳目标实现的大背景下,企业的ESG表现已经成为一项重要的非财务评价因素,其对企业价值的影响也备受关注。本文以我国A股上市公司2016-2023年的数据为样本,通过实证分析发现良好的ESG表现会促进企业价值提升,但该提升作用的程度会受到企业产权属性和业绩水平的影响,并且融资约束因素在ESG的价值提升效应中起到部分中介作用。本文在归纳研究结论的基础上,对企业价值评估提出了相关执业建议。Under the background of developing green finance and promoting the achievement of dual carbon goals in China,ESG performance has become an important non-financial evaluation factor,and its impact on business value has also received much attention.This paper takes the data of A-share listed companies in China from 2016 to 2023 as a sample.The result of empirical analysis shows that good ESG performance can increase business value,but the degree of this enhancement effect will be affected by the property rights and performance level.In addition,it is proved that financing constraints play a partial mediation role in the value enhancement effect of ESG.According to these conclusions,the paper puts forward some professional suggestions for business valuation.

关 键 词：ESG 企业价值 利益相关者理论 融资约束 

分 类 号：F273[经济管理—企业管理]