双碳目标下ESG表现对企业价值的影响研究——基于成本与风险的双重视角  

Impact of ESG Performance on Corporate Value under the Dual Carbon Target:From the Perspective of Cost and Risk

作　　者：康立[1] 纪海奋 夏滕旭 Kang Li;Ji Haifen;Xia Tengxu(Zhongnan University of Economics and Law,Wuhan Hubei 430073;Bohai Bank Co.,Ltd.Guangzhou Branch,Guangzhou Guangdong 510623;Ocean University of China,Qingdao Shandong 266100)

机构地区：[1]中南财经政法大学,湖北武汉430073 [2]渤海银行股份有限公司广州分行,广东广州510623 [3]中国海洋大学,山东青岛266100

出　　处：《对外经贸》2025年第2期108-114,共7页FOREIGN ECONOMIC RELATIONS & TRADE

摘　　要：以我国2009—2021年沪深A股上市公司为样本,基于成本和风险双重视角,考察“双碳”目标下环境、社会和公司治理(ESG)对促进企业价值的作用,检验了代理成本、破产风险和股权融资成本在ESG表现与企业价值之间的调节及中介效应。研究发现,良好的ESG表现有助于降低企业破产风险和股权融资成本,提升企业价值,但代理成本会抑制ESG表现对企业价值的促进作用。异质性分析表明,非重污染企业、市场化和数字化程度较高的企业ESG表现更好,企业价值更高。Taking Chinese A-share listed companies from 2009 to 2021 as samples,this study examines the role of environmental,social,and corporate governance(ESG) performance in promoting corporate value under the dual carbon target,and tests the moderating and mediating effects of agency costs,bankruptcy risks,and equity financing costs between ESG performance and corporate value.Research has found that good ESG performance can help reduce the risk of bankruptcy and equity financing cost,enhance corporate value,but agency costs can inhibit the promoting effect of ESG performance on corporate value.Heterogeneity analysis shows that non heavy polluting enterprises,enterprises with higher levels of marketization and digitization have better ESG performance and higher enterprise value.

关 键 词：ESG表现 企业价值 代理成本 破产风险 股权融资成本 

分 类 号：F832.3[经济管理—金融学]