企业ESG表现与价值创造——基于内部发展和外部压力的视角  

Corporate ESG Performance and Value Creation:Based on the Perspective of Internal Development and External Pressure

作　　者：俞莹 吴和成[1] 易荣华 Yu Ying;Wu Hecheng;Yi Ronghua(College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China;College of Economics and Management,China Jiliang University,Hangzhou 310000,China)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106 [2]中国计量大学经济与管理学院,浙江杭州310000

出　　处：《中国管理科学》2025年第3期107-117,共11页Chinese Journal of Management Science

基　　金：国家自然科学基金面上项目(71871205)。

摘　　要：基于2012-2021年沪深A股上市公司数据,实证研究了企业ESG表现对企业价值的影响及其作用机制。研究发现:(1)企业良好的ESG表现促进企业价值的提升。内生性和稳健性检验后,结论依然可靠。(2)机制分析表明,企业ESG表现主要通过增加企业创新投入和获得分析师的跟踪等机制促进企业价值提升。(3)拓展性分析表明,企业内部创新投入和外部分析师关注在促进企业价值提升方面发挥了协同作用。此外,ESG基金持股对企业ESG表现与企业价值之间的关系具有正向调节作用。为此,应进一步鼓励企业践行ESG理念,积极推动绿色低碳转型,不断提升企业价值创造能力,助力实现中国式现代化和可持续发展。Does good ESG performance enhance corporate value and promote sustainable development?In the context of the"dual carbon"goal,companies need to comply with policy and institutional requirements to achieve external legitimacy.It is also necessary to actively transform into green and form competitive advantages.At the same time,external pressure from stakeholders motivates and forces companies to develop,thereby enhancing corporate value.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021,the impact of corporate ESG performance on corporate value is analyzed from the perspectives of internal development and external pressure.The mechanism of internal development needs and external supervision is analyzed from the two paths of corporate innovation investment and analyst tracking,and further the synergy between the two in enhancing corporate value is examined.At the same time,the moderating effect of ESG fund holdings on corporate ESG performance and corporate value is analyzed,and the role of corporate ESG performance in enhancing corporate value is further expanded.It is found that first,good ESG performance of enterprises promotes the enhancement of corporate value.After endogeneity and robustness testing,the conclusions remain reliable.Second,mechanism analysis shows that corporate ESG performance mainly promotes enterprise value enhancement by increasing corporate innovation investment and obtaining tracking from analysts.Third,the extended analysis shows that internal innovation investment and external analyst attention play a synergistic role in promoting the improvement of corporate value.In addition,ESG fund holdings have a positive moderating effect on the relationship between ESG performance and corporate value.The research in this study shows the importance of enterprises practicing the ESG concept.To this end,enterprises should be further encouraged to practice the ESG concept,actively promote green and low-carbon transformation,continuously improve their ability to cr

关 键 词：ESG表现 创新投入 分析师跟踪 协同效应 企业价值 

分 类 号：F276[经济管理—企业管理] F830[经济管理—国民经济]