%0 Journal Article %T 分析师关注度视角下ESG表现对企业绩效的影响机理——以A股上市制造业企业为例
The Influence Mechanism of ESG Performance on Corporate Performance from the Perspective of Analyst Coverage—A Case Study of A-Share Listed Manufacturing Enterprises %A 曹嘉炜 %A 朱桢楠 %J Frontiers of International Accounting %P 145-156 %@ 2169-2580 %D 2025 %I Hans Publishing %R 10.12677/fia.2025.142019 %X 近年来，可持续发展以及绿色发展的理念逐渐被更多的民众所接受并且深入到人们的心中，与此同时，各个企业在环境治理、社会责任承担以及公司内部管理(ESG)方面的表现，正受到来自社会各界越来越广泛且密切的关注。本文基于2014~2023年A股上市制造业公司数据，构建了回归模型、中介效应模型，分析ESG表现对制造业企业绩效的影响和媒体关注的中介效应。研究发现：ESG披露表现对证券分析师关注度具有显著影响；证券分析师关注度对企业财务绩效产生正向影响，并作为中介变量传递企业社会责任对企业绩效的正向影响效应。本研究进一步探讨了ESG表现与企业绩效之间的关系，深化了对企业社会责任作用机制的理解，对企业管理和财务决策提供了新的视角。研究得出的结论能够为投资者、政策制定者以及监管机构提供重要的参考依据，进而有助于推动可持续投资的发展和相关政策的制定。
In recent years, the concepts of sustainable development and green development have gradually taken root in people’s hearts, and the performance of enterprises in environmental, social and corporate governance (ESG) has received extensive attention from all walks of life, and the ESG performance of enterprises and how it affects their performance is a hot question that needs to be answered urgently. Based on the data of A-share listed manufacturing companies from 2014~2023, this paper constructs a regression model and a mediation effect model to analyze the contribution of ESG to corporate performance and the mediation effect of media attention. It was found that ESG disclosure performance has a significant effect on securities analysts’ attention; securities analysts’ attention positively affects both short-term and long-term corporate performance and acts as a mediating variable to transmit the positive effect of CSR on corporate performance. The results of subgroup comparisons show significant heterogeneity characterizing both the contribution of ESG to firm performance and the mediating effect of analyst attention. This study further explores the relationship between ESG performance and corporate performance, deepens the understanding of the mechanism of the role of CSR, and provides new perspectives on corporate management and financial decision-making. The results of the study can serve as a reference for investors, policymakers, and regulators to promote sustainable investment and policy making. %K ESG， %K 分析师关注度， %K 企业绩效， %K 中介效应， %K 社会责任
ESG %K Analyst Attention %K Firm Performance %K Mediation Effect %K Social Responsibility %U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=110157