内部控制质量与企业ESG表现
Internal Control Quality and Corporate ESG Performance

在全球化背景下，可持续发展理念逐渐成为社会共识，其核心价值在于平衡经济增长与环境保护、社会责任之间的关系。ESG表现作为衡量企业综合表现的关键指标，直接关联到企业的长期竞争力和市场声誉，对企业的市场地位和未来发展具有决定性影响。本文旨在深入探讨内部控制质量对企业环境、社会和治理(ESG)表现的影响。通过对2010至2022年中国A股上市公司的实证分析，本文发现内部控制质量的提升能够显著增强企业的ESG表现。具体而言，高质量的内部控制通过缓解融资约束、提高信息披露质量和降低代理成本三个机制发挥作用。研究结果对于理解内部控制与ESG表现的关系、指导企业提升ESG表现具有理论和实践意义。本文的研究不仅丰富了内部控制与ESG关系的理论基础，也为实践界提供了如何通过优化内部控制来提升ESG表现的策略建议，对于推动企业可持续发展具有重要的参考价值。
In the context of globalization, the concept of sustainable development has gradually become a social consensus, and its core value lies in balancing the relationship between economic growth, environmental protection, and social responsibility. ESG performance, as a key indicator for measuring a company’s overall performance, is directly related to the company’s long-term competitiveness and market reputation, and has a decisive impact on the company’s market position and future development. This article aims to explore in depth the impact of internal control quality on corporate environmental, social, and governance (ESG) performance. Through empirical analysis of Chinese A-share listed companies from 2010 to 2022, this article finds that improving the quality of internal control can significantly enhance a company’s ESG performance. Specifically, high-quality internal control plays a role through three mechanisms: alleviating financing constraints, improving information disclosure quality, and reducing agency costs. The research results have theoretical and practical significance for understanding the relationship between internal control and ESG performance, and guiding companies to improve their ESG performance. This study not only enriches the theoretical basis of the relationship between internal control and ESG, but also provides strategic recommendations for the practical community on how to improve ESG performance by optimizing internal control, which has important reference value for promoting sustainable development of enterprises.