ESG表现、审计质量与企业非效率投资  

ESG Performance,Audit Quality and Enterprise Inefficient Investment

作　　者：刘成立[1] 郭成雪 LIU Chengli;GUO Chengxue(Business School,Qingdao University of Technology,Qingdao 266525,China)

机构地区：[1]青岛理工大学商学院,山东青岛266525

出　　处：《合肥工业大学学报(社会科学版)》2025年第2期104-118,共15页Journal of Hefei University of Technology(Social Sciences)

基　　金：教育部人文社会科学研究青年基金项目(11YJC790099);山东省研究生教育质量提升计划(SDYKC21108)。

摘　　要：在实现“碳达峰、碳中和”和“可持续发展”的背景下,公司环境、社会、公司治理(ESG)三个方面的综合表现受到社会各界的广泛关注。选取2017-2022年沪深A股上市公司数据,实证检验了ESG表现与企业非效率投资之间的作用机制。研究结果表明,良好的ESG表现能显著抑制企业的非效率投资,ESG表现良好的企业具有更高的信息披露质量和透明度,有助于缓解融资约束和代理冲突。研究还发现,审计质量在ESG表现对企业非效率投资的影响中发挥了部分中介作用。异质性检验表明,在规模大、技术密集型以及中西部地区的企业,其ESG表现更能抑制企业的非效率投资。研究结论为抑制上市公司非效率投资提供了新思路,对于提升企业ESG表现和审计质量发展具有重要的理论和实践意义。In the context of achieving carbon peak and carbon neutrality and sustainable development,ESG performance has been widely concerned.This paper takes A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2017 to 2022 as a sample to empirically explore the mechanism of interactions between ESG performance and enterprise inefficient investment.The results show that good ESG performance significantly discourages enterprise inefficient investment.Enterprises with good ESG performance have higher quality and transparency in information disclosure,which can alleviate financing constraints and agency conflicts.The study also finds that audit quality partially mediates the effect of ESG performance on enterprise inefficient investment.In addition,heterogeneity analyses show that the ESG performances of large-scale,technology-intensive enterprises and those in the central and western regions are more likely to restrain inefficient investment.The conclusion provides a new way to restrain inefficient investment of listed companies,which is of great theoretical and practical significance to promoting the ESG performance and the development of audit quality.

关 键 词：ESG表现 企业非效率投资 审计质量 融资约束 代理冲突 

分 类 号：F239.4[经济管理—会计学] F270.3[经济管理—国民经济]