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ESG表现对企业价值的影响研究
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Abstract:
近年来，随着美丽中国和生态文明建设的大力推进，可持续发展和绿色发展理念逐渐在社会各界流行。企业在环境、社会、治理(ESG)的表现对企业各方面的影响逐渐也受到学术界的强烈关注。基于此背景下，本文以2017~2020年度沪深上市公司的业绩为基础，建立了一个双向固定效应模型，对ESG水平和公司价值的相关性进行了实证研究，并进一步分析主体异质性对这种关系的造成的差异。结果表明：ESG表现对企业价值具有显著的正向影响，经过多重稳健性检验，结果依然稳健，研究发现ESG表现对企业价值的提升作用在非国有企业、东部地区的企业和非重污染行业的企业更为明显。本文得出的结论有助于延伸企业价值影响因素的研究深度，为企业重视ESG表现提供参考和依据。
The notions of sustainable development and green development have progressively gained popu-larity in many aspects of life in recent years, thanks to the aggressive promotion of Beautiful China and the establishment of ecological civilization. The academic community has steadily focused on the impact of a firm’s environmental, social, and governance (ESG) performance on numerous areas of the company. This paper develops a two-way fixed effect model and investigates the relationship between ESG level and firm value, and further analyzes the effect of subject heterogeneity on the differences caused by this relationship, based on the performance of listed companies in Shanghai and Shenzhen from 2017 to 2020. ESG performance has a strong positive influence on enterprise value, according to the findings. The results are still steady after many robustness testing. The study discovered that state-owned firms, enterprises in the eastern region, and non-heavy polluting industries do not promote ESG performance on enterprise value. The concept of enterprise is more evident. This article’s conclusions will aid in a better understanding of the factors that determine enterprise value, as well as serve as a reference and foundation for businesses to prioritize ESG performance.
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