文化传媒上市公司环境、社会与治理(ESG)表现对公司价值的相关性影响分析  

An Analysis of the Correlation Between Environmental,Social,and Govermance(ESG)Performance and Corporate Value in Listed Cultural and Media Companies

作　　者：段永杰 付晓乐 DUAN Yongjie;FU Xiaole

机构地区：[1]南京财经大学新闻学院

出　　处：《传媒经济与管理研究》2024年第1期292-336,共45页Media Economics and Management Research

基　　金：国家社科基金青年项目“重大疫情防治中情感传播机理及其社会信任修复研究”(20CXW004)阶段性成果。

摘　　要：以我国沪深两市文化传媒上市公司的公开数据为研究样本,探讨我国文化传媒上市企业的ESG表现对其企业价值的影响,并探究不同的所有制和细分行业下我国文化传媒企业ESG表现对企业价值影响的差异性。结论表明:我国文化传媒企业的ESG表现与企业价值呈显著正相关关系;融资约束和品牌资产在ESG表现影响企业价值时发挥中介作用;ESG表现较好的文化传媒企业往往能够获得更多金融资源的支持;ESG表现优秀的文化传媒企业更容易塑造出积极、正面的品牌形象;文化传媒企业提升的ESG表现对两者的中介作用对企业发展产生积极影响,提升企业价值。在不同所有权性质和不同细分行业的情况下,我国文化传媒企业的ESG表现对企业价值影响具有差异。在我国的文化传媒企业中,民营企业的ESG表现对企业价值的提升作用相较于公有制企业更为显著;传统文化传媒企业因其特点和市场定位,ESG表现对企业价值的影响比数字内容与服务类企业更为显著。Using publicly available data from cultural and media companies listed on the Shanghai and Shenzhen stock exchanges,this study explores the impact of Environmental,Social,and Governance(ESG)performance on firm value.It further investigates how the influence of ESG performance on firm value varies across different ownership structures and sub-sectors within cultural and media industry.The results indicate that ESG performance has a significantly positive correlation with firm value.Both financing constraints and brand equity serve as mediating factors in this relationship,with firms demonstrating stronger ESG performance receiving greater financial support and fostering more positive brand images.These enhancements,through the mediating effects of financing and brand equity,lead to improved firm value.Additionally,the impact of ESG performance on firm value differs based on ownership types and sub-sectors.In particular,private media companies benefit more from strong ESG performance compared to state-owned firms,while traditional cultural media companies experience a greater impact on firm value from ESG performance than digital content and services firms due to their unique characteristics and market positioning.

关 键 词：ESG 企业价值 文化传媒企业 

分 类 号：F27[经济管理—企业管理]