ESG表现提升了企业价值吗?——基于A股上市公司的经验证据  

Does ESG Performance Increase Corporate Value?:Empirical Evidence Based on A-share Listed Companies

作　　者：杨金键[1] 陈蕾 张攀[1] 杨蕊[1] Yang Jinjian;Chen Lei;Zhang Pan;Yang Rui

机构地区：[1]武汉纺织大学

出　　处：《管理会计研究》2025年第1期71-81,共11页MANAGEMENT ACCOUNTING STUDIES

基　　金：绿色金融对高碳产业绿色创新“漂绿”行为的影响研究——基于异质性环境规制视角,教育部人文社会科学项目(2YJCZH121)。

摘　　要：随着全球环境保护议题及可持续发展目标的持续升温,建立ESG表现与企业价值的关联机制,有利于推动企业转型和绿色发展。本文选取了2018年至2022年我国A股上市公司的数据作为研究样本,通过构建实证回归分析模型,发现ESG表现与企业价值之间存在显著的正向关联性,通过稳健性检验该结论依然可靠。通过异质性检验不同类型企业的ESG表现对企业价值影响效应差异化,结果显示非国有企业及非污染性企业在提升企业价值方面展现出了更为显著的成效。本文的研究结论,对企业履行ESG责任并提升自身价值、推动企业实现绿色转型具有借鉴意义。With the continuous rise of global environmental protection issues and sustainable development goals,the establishment of a correlation mechanism between ESG performance and corporate value is conducive to promoting its transformation and green development.This paper selects the data of China's A-share listed companies from 2018 to 2022 as the research sample,and constructs an empirical regression analysis model to reveal a significant positive correlation between ESG performance and corporate value.Through heterogeneity to test the difference in the impact of ESG performance on enterprise value of different types of enterprises,non-state-owned enterprises and nonpolluting enterprises have shown more significant results in enhancing corporate value.The research results provide reference significance for companies to fulfill their ESG responsibilities and enhance their value green transformation.

关 键 词：ESG 企业价值 所有权性质 行业特征 

分 类 号：F275[经济管理—企业管理]