上市公司ESG责任履行的经济效应研究——基于长期和动态视角  

Research on the Economic Effects of ESG Responsibility Fulfillment of Listed Companies:Based on Long Term and Dynamic Perspectives

作　　者：谢萌 王翌秋 徐杨 XIE Meng;WANG Yiqiu;XU Yang(College of Economics and Management,Henan Agricultural University,Zhengzhou 450046;College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]河南农业大学经济与管理学院,河南郑州450046 [2]南京农业大学金融学院,江苏南京210095

出　　处：《广东财经大学学报》2024年第6期54-72,共19页Journal of Guangdong University of Finance & Economics

基　　金：贵州省哲学社会科学规划重大课题(22GZZB07);南京农业大学中央高校基本科研业务费人文社会科学研究基金(SKCX2023013)。

摘　　要：ESG是基于长期主义的价值导向,践行ESG理念如何影响企业长期价值是当前需要研究的重要课题。基于2015—2022年中国上市公司数据,从短期和长期、静态和动态的视角考察企业履行ESG责任对企业绩效的影响。研究发现,上市公司履行ESG责任在短期内不能提高企业财务绩效,但能提高长期绩效,企业在进行ESG实践的第三年左右能实现财务绩效的提升。企业履行ESG责任对企业绩效的影响具有时滞性和延续性,促进企业创新和优化企业管理是企业履行ESG责任提高长期绩效的两条路径。异质性分析表明,企业履行ESG责任对非国有企业、高管持股比例高和媒体关注度高的企业影响更大。本研究对深化洞察ESG价值创造机理具有重要意义。ESG is based on a long-term value orientation,and how the implementation of ESG concepts affects the long-term value of enterprises is an important topic that needs to be studied at present.Based on the data of Chinese listed companies from 2015 to 2022,this study examines the impact of ESG performance on corporate performance from short-term and long-term,static and dynamic perspectives.Research has found that fulfilling ESG responsibilities by listed companies cannot improve corporate financial performance in the short term,but can improve long-term performance that represents the company's sustainable development ability.Companies can achieve financial performance improvement around the third year of ESG practice.The impact of fulflling ESG responsibilities on corporate performance has a time lag and continuity.Enterprises fulflling their ESG responsibilities mainly improve their long-term performance through two channels:promoting enterprise innovation and optimizing enterprise management.Heterogeneity analysis shows that compared to state-owned enterprises,enterprises with low executive shareholding and high media attention,fulfilling ESG responsibilities has a greater impact on non-state-owned enterprises,enterprises with high executive shareholding and high media attention.This article is of great significance for deepening insights into the ESG value creation mechanism.

关 键 词：ESG 短期绩效 长期绩效 动态效应 事件研究法 

分 类 号：F275[经济管理—企业管理] X322[经济管理—国民经济]