ESG表现、企业生命周期与财务绩效  

ESG Performance,Corporate Life Cycle,and Financial Performance

作　　者：庞世明 杨梅亭 田雪姣 Pang Shiming;Yang Meiting;Tian Xuejiao(College of Applied Science and Technology,Beijing Union University,Beijing 100101,China;Beijing Yangyuan Investment Management Co.,Ltd.,Beijing 100043,China)

机构地区：[1]北京联合大学应用科技学院,北京100101 [2]北京养元投资管理有限公司,北京100043

出　　处：《创新科技》2025年第2期42-61,共20页Innovation science and technology

基　　金：北京市社会科学基金青年项目“北京市经济高质量发展的科技创新驱动效应评估”(21GLC054);北京联合大学科研项目“新发展格局下我国上市公司并购效率提升机制研究”(SK20202305);北京联合大学教育教学研究与改革项目“课程思政背景下企业并购重组案例挖掘与教学应用研究”(JJ2022Y048)。

摘　　要：企业的ESG表现因其与长期可持续发展密切关联,而受到全球范围内的广泛关注。以2011—2022年A股上市公司为研究样本,通过回归模型分析ESG表现与企业财务绩效的关系。研究发现:①提升ESG表现能显著促进企业财务绩效的提升,且这一结论在经过一系列稳健性检验和内生性处理后依然成立。②在对环境、社会、治理等3个维度的深入分析中,环境表现对企业财务绩效的影响并不显著,而社会表现和公司治理对企业财务绩效具有更为明显的促进作用。③企业处于成长期时,提升ESG表现会降低企业财务绩效,且在公司治理方面尤为明显,但社会表现的提升在企业生命周期各阶段对财务绩效的影响则无显著差异。④无论是国有企业还是非国有企业,提升ESG表现均能促进企业财务绩效的提升。异质性研究显示,非国有企业提升ESG表现对财务绩效的影响更大。具体来说,非国有企业提升社会表现和完善公司治理机制对财务绩效的促进作用强于国有企业。研究结论为政府制定ESG相关政策及企业通过提升ESG表现进而提升财务绩效提供了实证依据。Corporate ESG(Environmental,Social,and Governance)performance has gained increasing attention worldwide, as it is considered closely related to companies' long-term sustainable development and performance. This study focuses on A-share listed companies from 2011-2022, constructs regression models to empirically analyze the relationship between ESG performance and corporate financial performance, and explores the moderating effect of the corporate life cycle. The research finds that improving corporate ESG performance has a significant positive effect on corporate performance. This positive effect remains valid after a series of endogeneity treatments and robustness tests, indicating that improvements in ESG performance can indeed lead to better corporate performance. Through an in-depth analysis of the three ESG dimensions, we find significant differences in their impacts: environmental performance shows no significant effect on financial performance, possibly due to the challenges in realizing short-term cost-benefit returns from environmental investments;meanwhile, social performance and corporate governance have more evident positive effects on corporate performance, suggesting that effective fulfillment of social responsibility and a strong governance structure can directly enhance performance results. Regarding the moderating effect of the corporate life cycle, the research reveals an important finding: when companies are in the growth stage, improvements in ESG performance can actually hinder corporate performance, particularly in the realm of corporate governance. This finding suggests that companies in the growth stage should be more cautious about enhancing their ESG performance, as they may need to prioritize their limited resources on core business development during this period. Notably, the impact of improvements in social performance does not show significant differences across various stages of the corporate life cycle, indicating that the importance of fulfilling social responsibilities remains re

关 键 词：ESG表现 企业生命周期 财务绩效 公司治理 成长期 

分 类 号：F273[经济管理—企业管理]