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ESG表现可以提升企业投资效率吗？
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Abstract:
近年来，在双碳和绿色发展的背景之下，文章以我国2015~2022年所有A股上市公司数据作为研究样本，通过实证探讨了ESG表现对企业投资效率是否有提升作用。结果揭示：良好的ESG表现能够有效提升企业的投资效率，具体表现为减少企业的过度投资行为和缓解投资不足的问题；通过机制分析表明：ESG表现通过缓解企业融资约束，增强企业声誉和减少企业面临的环境不确定性来提升企业的投资效率。异质性表明：对于非高污染行业而言，ESG表现的投资效率提升效应更加明显。
In recent years, under the background of dual-carbon and green development, this paper takes the data of all A-share listed companies in China from 2015 to 2022 as research samples, and empirically discusses whether ESG performance can improve the investment efficiency of enterprises. The results show that good ESG performance can effectively improve the investment efficiency of enterprises, which is manifested in reducing the excessive investment behavior of enterprises and alleviating the problem of under-investment. Mechanism analysis shows that ESG performance improves investment efficiency by easing financing constraints, enhancing corporate reputation and reducing environmental uncertainties faced by enterprises. Heterogeneity indicates that for non-polluting industries, the investment efficiency improvement effect of ESG performance is more obvious.
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