基于引入ESG因素的EVA对食品饮料企业的价值研究——以贵州茅台为例
Valuing Food and Beverage Enterprises through ESG-Integrated Economic Value Added: A Case Study of Kweichow Moutai

在全球可持续发展背景下，ESG因素对企业价值评估的影响日益显著。本研究以贵州茅台为案例，构建了整合ESG因素的改进型EVA估值模型，旨在探索非财务因素对企业价值的动态作用机制。通过将ESG得分作为动态修正系数嵌入传统EVA框架，结合财务数据与行业对标分析，量化分析ESG对税后净营业利润(NOPAT)、资本成本(WACC)及资本投入(TC)的影响路径。实证结果表明：ESG修正后的估值结果较传统模型偏差率显著优化(从？10.89%提升至+7.82%)，验证了ESG通过环境成本节约、资本成本折价及可持续投资增效三大路径提升估值准确性的有效性。此外，研究揭示了食品饮料行业ESG实践的独特性，如水资源管理、品牌声誉强化与治理效率优化对长期价值的差异化驱动效应。基于二阶段EVA模型与政策周期分析，进一步提出企业需量化ESG目标并强化披露，投资者应构建ESG估值工具包，政策层面需完善行业标准与激励机制，以推动ESG从理论到实践的转化。
Under the global sustainable development paradigm, ESG factors increasingly demonstrate significant impacts on enterprise valuation. This study develops an enhanced EVA valuation model incorporating ESG elements through a case analysis of Kweichow Moutai (SH:600519), aiming to investigate the dynamic mechanisms through which non-financial factors influence corporate value. By embedding ESG scores as dynamic adjustment coefficients within the traditional EVA framework, combined with financial data analysis and industry benchmarking, we quantitatively examine ESG’s transmission effects on three core parameters: Net Operating Profit After Tax (NOPAT), Weighted Average Cost of Capital (WACC), and Total Capital (TC). Empirical findings reveal that the ESG-modified valuation model achieves substantial accuracy improvement, reducing valuation deviation from ？10.89% to +7.82%, thereby validating three primary enhancement pathways: environmental cost savings, capital cost discounts, and sustainable investment efficiency improvements. The research further uncovers industry-specific ESG value drivers in the food and beverage sector, particularly highlighting the differential value-creation effects of water resource management, brand equity enhancement, and governance efficiency optimization. Through two-stage EVA modeling and policy cycle analysis, we propose a tripartite implementation framework: enterprises should quantify ESG objectives and enhance disclosure quality, investors need to develop ESG-embedded valuation toolkits, and policymakers ought to refine industry-specific standards and incentive mechanisms, collectively facilitating the operationalization of ESG principles in corporate valuation practices.