ESG表现会提升企业财务绩效吗?——考虑所有权性质的多层次模型分析  

Does ESG Performance Improve Corporate Financial Performance?——A Multilevel Quadratic Growth Analysis in Ownership

作　　者：刘慧媛 张韶芸 LIU Huiyuan;ZHANG Shaoyun(School of Statistics and Mathematics,Shanghai Lixin University of Accounting and Finance,Shanghai 201209,China;School of Statistics and Information,Shanghai University of International Business and Economics,Shanghai 201620,China)

机构地区：[1]上海立信会计金融学院统计与数学学院,上海201209 [2]上海对外经贸大学统计与信息学院,上海201620

出　　处：《河北工业大学学报(社会科学版)》2025年第1期1-12,共12页Journal of Hebei University of Technology:Social Sciences Edition

基　　金：国家社会科学基金一般项目(21BGL 188)。

摘　　要：已有关于ESG和企业财务绩效关系的研究主要表现为忽略了其他调节变量的影响,并且更多采用的是线性模型。不同所有权性质的企业参与ESG实践的动机不同,因此在评估ESG实践时,考虑所有权性质很有必要。企业利益相关者影响能力(SIC)理论表明ESG和企业绩效的影响不是线性关系,而是U型关系。采用多层次二次增长模型研究了考虑所有权性质的调节作用下中国上市企业ESG表现与财务绩效的影响关系。结果显示,所有权性质对ESG表现与财务绩效的影响具有显著的调节作用。所有权性质与ESG表现之间的交互作用均存在极小值。在实施ESG的初始阶段,企业财务绩效均呈下降趋势;ESG实施一段时间后,企业财务绩效逐渐提高。研究将为管理者实施和改进ESG长期战略规划提供参考。The present studies on the relationship between ESG and financial performance mainly adopt linear models and ignore the influence of moderator variable.Enterprises with difference in ownership have different motivations in ESG practices,so it is necessary to consider ownership when evaluating ESG practices.On the other hand,the theory of stakeholder influence capability(SIC)shows that the relationship between ESG and financial performance is not linear,but U-shaped.Based on this,this study employs a multilevel quadratic growth model to examine the relationship between ESG performance and the financial performance of 724 Chinese listed companies for five years.The results indicate that ownership type significantly moderates the impact of ESG performance on financial performance,and minimum points exist in the interaction between ownership type and ESG performance.In the initial phase of the implementation of ESG,corporate financial performance demonstrates a declining trend;however,it gradually improves after a period of incorporation.This study serves as a valuable reference for managers in implementing and improving long-term strategic planning for ESG.

关 键 词：ESG表现 财务绩效 所有权 多层次二次增长模型 

分 类 号：F275[经济管理—企业管理] O62[经济管理—国民经济] O61[理学—有机化学]