ESG表现对企业价值影响机制实证研究——基于政府补贴的调节作用  

Empirical Study on the ESG Performance on Corporate Value Influencing Mechanism:Based on the Moderating Role of Government Subsidies

作　　者：王一舒 王琪 张伟[1] WANG Yishu;WANG Qi;ZHANG Wei(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545006,China)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545006

出　　处：《商业观察》2025年第11期42-46,共5页BUSINESS OBSERVATION

摘　　要：随着全世界范围内对高质量发展和环境治理议题的高度重视,关于ESG价值创造效应的探讨愈演愈烈,进而为企业价值评估提出了新要求。文章选取2009—2022年我国A股上市公司为研究样本,运用统计方法实证分析ESG表现对企业价值的影响,并引入政府补助这一变量,剖析ESG表现价值创造效应的作用机理,为将ESG因素系统纳入资产评估体系提供了理论依据。实证结果表明,ESG表现对企业价值具有显著正向影响;政府补助在ESG表现提升企业价值的过程中发挥正向调节效应。With the worldwide attention to the high-quality development and environmental governance issues,the discussion on the value creation effect of ESG has intensified,which has put forward new requirements for corporate value assessment.This paper selects China's A-share listed companies from 2009 to 2022 as research samples,uses statistical methods to empirically analyze the impact of ESG performance on corporate value,and introduces the variable of government subsidies to analyze the mechanism of the value-creating effect ESG performance,which can provide a theoretical basis for incorporating ESG factor system into asset evaluation system.The empirical results show that ESG performance has a significant positive impact on corporate value.And government subsidies play a positive moderating role in the process of ESG performance improving enterprise value.

关 键 词：ESG 企业价值 政府补助 调节效应 

分 类 号：F275[经济管理—企业管理]