ESG表现与电力设备企业财务绩效的实证分析——基于供应链话语权的调节作用  

Empirical Analysis of ESG Performance and Financial Performance of Electric Equipment Enterprises——Based on the Moderating Effect of Supply Chain Discourse Power

作　　者：余雯哲 李星怡 李俐璐 龚小淇 YU Wenzhe;LI Xingyi;LI Lilu;GONG Xiaoqi(School of Finance and Economics,Zhejiang University of Finance&Economics DongFang College,314408,Jiaxing,Zhejiang,China)

机构地区：[1]浙江财经大学东方学院金融与经贸学院,浙江嘉兴314408

出　　处：《特区经济》2025年第2期60-64,共5页Special Zone Economy

基　　金：2024年国家级大学生创新创业训练计划项目(202413294006)。

摘　　要：在实施“双碳”目标和政府鼓励企业绿色转型的背景下,电力设备行业作为核心力量,正在积极推进向绿色能源、绿色认证和碳排放权交易的转变。环境、社会和治理(ESG)表现逐渐成为评估该行业可持续发展能力的重要指标。研究电力设备企业ESG表现与财务绩效的关系,对于评估电力设备企业在追求ESG目标时是否能实现绿色发展和经济效益的双重提升至关重要。本研究选取2009年至2021年间A股上市的电力设备行业公司作为样本,通过双向固定效应模型进行分析。研究结果显示:电力设备行业的ESG表现对财务绩效有显著正向影响;同时,供应链影响力能够正向调节ESG表现与财务绩效之间的关系。异质性分析表明,在成熟期和非国有的电力设备企业中,ESG绩效对财务表现的正面影响更为突出。Against the background of the implementation of the"dual carbon"target and the government's en⁃couragement of green transformation of enterprises,the power equipment industry,as a core force,is ac⁃tively promoting the transformation to green energy,green certification and carbon emission trading.Envi⁃ronmental,social and governance(ESG)performance is gradually becoming an important indicator to assess the sustainability capacity of the industry.Studying the relationship between ESG performance and finan⁃cial performance of power equipment enterprises is crucial to evaluate whether power equipment enterprises can achieve the dual improvement of green development and economic benefits when pursuing ESG goals.This study selects A-share listed power equipment industry companies from 2009 to 2021 as samples for analysis through two-way fixed effect model.The results show that ESG performance in the power equipment industry has a significant positive impact on financial performance;At the same time,supply chain influence can posi⁃tively moderate the relationship between ESG performance and financial performance.The heterogeneity analysis shows that the positive impact of ESG performance on financial performance is more prominent in ma⁃ture and non-state-owned power equipment enterprises.

关 键 词：电力设备行业 ESG表现 财务绩效 供应链话语权 

分 类 号：F276.6[经济管理—企业管理]