|
|
企业环境、社会和公司治理(ESG)表现对企业投资效率的影响研究
|
Abstract:
本文选取我国2009~2020年3373家A股上市公司数据为样本，实证检验了企业环境、社会和公司治理(ESG)表现对企业投资效率的影响。结果表明，ESG表现对企业投资效率的提升有显著的正向影响，对于国有企业和非污染行业的企业，ESG表现对企业投资效率的提升作用更为明显。本文为上市公司重视和提高ESG表现，进而促进经济高质量发展提供了经验证据。
This paper selects the data of 3373 A-share listed companies in China from 2009 to 2020 as samples to empirically test the impact of corporate environment, social and corporate governance (ESG) performance on corporate investment efficiency. The results show that ESG performance has a significant positive impact on the improvement of enterprise investment efficiency, and for state-owned enterprises and non-polluting enterprises, the effect of ESG performance on enterprise investment efficiency is more obvious. This paper provides empirical evidence for listed companies to attach importance to and improve the performance of ESG, so as to promote high-quality economic development.
| [1] | Manne, H.G. and Wallich, H.C. (1972) The Modern Corporation and Social Responsibility. American Enterprise Institute for Public Policy Research, Washington DC. |
| [2] | Biddle, G.C., Hilary, G. and Verdi, R.S. (2009) How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48, 112-131. https://doi.org/10.1016/j.jacceco.2009.09.001 |
| [3] | 张琳, 赵海涛. 企业环境、社会和公司治理(ESG)表现影响企业价值吗?——基于A股上市公司的实证研究[J]. 武汉金融, 2019(10): 36-43. |
| [4] | Myers, S.C. (1984) Finance Theory and Financial Strategy. Interfaces, 14, 126-137.
https://doi.org/10.1287/inte.14.1.126 |
| [5] | Jensen, M.C. and Meckling, W.H. (2019) Theory of the Firm: Manageri-al Behavior, Agency Costs and Ownership Structure. In: Tricker, R.I., Ed., Corporate Governance, Gower, London, 77-132. |
| [6] | 支晓强, 童盼. 管理层业绩报酬敏感度、内部现金流与企业投资行为——对自由现金流和信息不对称理论的一个检验[J]. 会计研究, 2007(10): 73-81+96. |
| [7] | 李青原. 会计信息质量、审计监督与公司投资效率——来自我国上市公司的经验证据[J]. 审计研究, 2009(4): 65-73+51. |
| [8] | Lev, B. and Petrovits, C. (2006) Is Do-ing Good Good for You? Yes, Charitable Contributions Enhance Revenue Growth. |
| [9] | Krüger, F. (2015) Corporate Storytelling: Theorie und Empirie narrativer Public Relations in der Unternehmenskommunikation. Springer-Verlag, Ber-lin. https://doi.org/10.1007/978-3-658-09673-1 |
| [10] | 王建琼, 侯婷婷. 社会责任对企业可持续发展影响的实证分析[J]. 科技进步与对策, 2009, 26(18): 94-96. |
| [11] | 刘健, 刘然. 企业社会责任对可持续发展的影响——基于钢铁类上市公司的实证研究[J]. 软科学, 2012, 26(10): 104-106. |
| [12] | 王海兵, 韩彬. 社会责任、内部控制与企业可持续发展——基于A股主板上市公司的经验分析[J]. 北京工商大学学报(社会科学版), 2016, 31(1): 75-84. https://doi.org/10.16299/j.1009-6116.2016.01.009 |
| [13] | 杨汉明, 邓启稳. 国有企业社会责任与业绩研究——基于可持续增长视角[J]. 中南财经政法大学学报, 2011(1): 120-127+144. |
| [14] | 王茂林, 何玉润, 林慧婷. 管理层权力、现金股利与企业投资效率[J]. 南开管理评论, 2014, 17(2): 13-22. |
| [15] | 张建勇, 葛少静, 赵经纬. 媒体报道与投资效率[J]. 会计研究, 2014(10): 59-65+97. |
| [16] | 李倩, 吴昊. 媒体情绪对公司投资效率的影响[J]. 统计与决策, 2021(23): 179-184. |
| [17] | Chen, S., Sun, Z., Tang, S., et al. (2011) Government Intervention and Investment Effi-ciency: Evidence from China. Journal of Corporate Finance, 17, 259-271. https://doi.org/10.1016/j.jcorpfin.2010.08.004 |
| [18] | Richardson, S. (2006) Over-Investment of Free Cash Flow. Re-view of Accounting Studies, 11, 159-189.
https://doi.org/10.1007/s11142-006-9012-1 |
| [19] | 钟马, 徐光华. 强制型社会责任披露与公司投资效率——基于准自然实验方法的研究[J]. 经济管理, 2015, 37(9): 146-154. https://doi.org/10.19616/j.cnki.bmj.2015.09.017 |
| [20] | Benlemlih, M. and Bitar, M. (2018) Corporate Social Re-sponsibility and Investment Efficiency. Journal of Business Ethics, 148, 647-671. https://doi.org/10.1007/s10551-016-3020-2 |
