企业ESG表现与价值创造

doi:10.16381/j.cnki.issn1003-207x.2023.1764

Abstract

Abstract:

Does good ESG performance enhance corporate value and promote sustainable development？ In the context of the "dual carbon" goal， companies need to comply with policy and institutional requirements to achieve external legitimacy. It is also necessary to actively transform into green and form competitive advantages. At the same time， external pressure from stakeholders motivates and forces companies to develop， thereby enhancing corporate value. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021， the impact of corporate ESG performance on corporate value is analyzed from the perspectives of internal development and external pressure. The mechanism of internal development needs and external supervision is analyzed from the two paths of corporate innovation investment and analyst tracking， and further the synergy between the two in enhancing corporate value is examined. At the same time， the moderating effect of ESG fund holdings on corporate ESG performance and corporate value is analyzed， and the role of corporate ESG performance in enhancing corporate value is further expanded.It is found that　first， good ESG performance of enterprises promotes the enhancement of corporate value. After endogeneity and robustness testing， the conclusions remain reliable. Second， mechanism analysis shows that corporate ESG performance mainly promotes enterprise value enhancement by increasing corporate innovation investment and obtaining tracking from analysts. Third， the extended analysis shows that internal innovation investment and external analyst attention play a synergistic role in promoting the improvement of corporate value. In addition， ESG fund holdings have a positive moderating effect on the relationship between ESG performance and corporate value. The research in this study shows the importance of enterprises practicing the ESG concept. To this end， enterprises should be further encouraged to practice the ESG concept， actively promote green and low-carbon transformation， continuously improve their ability to create value， and help achieve China’s modernization and sustainable development.

Key words: ESG performance, innovation investment, analyst tracking, synergies effect, enterprise value

CLC Number:

F276

Ying Yu, Hecheng Wu, Ronghua Yi. Corporate ESG Performance and Value Creation: Based on the Perspective of Internal Development and External Pressure[J]. Chinese Journal of Management Science, 2025, 33(3): 107-117.

Figures/Tables 11

References 29

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变量名称	符号	变量定义
公司价值	REV	营业收入的自然对数
	ROA	净利润/总资产×100%
	Tobin_Q	（流通股×每股价格+非流通股×每股净资产+净债务市值）/期末企业总资产
企业ESG表现	ESG	根据华证ESG评级由低到高赋值1~9
中介变量	Rd	研发投入（亿元）的自然对数
中介变量	Analyst	分析师跟踪人数的自然对数
公司规模	SIZE	公司期末总资产的自然对数
公司年龄	AGE	研究当年与公司成立年度之差的自然对数
财务杠杆	LEV	公司期末总负债与期末总资产的比率
公司产权	SOE	公司为国有控股，则取值为1，否则为0
股权集中度	TOP1	公司第一大股东持股比例
独立董事比例	IDR	公司独立董事人数与实际董事人数之比
年份	YEAR	年份
行业	INDUSTRY	根据证监会2012年行业划分标准

变量	均值	标准差	最小值	中位数	最大值
REV	22.3477	1.5574	16.1935	22.2097	28.7183
ROA	3.8602	4.5384	-9.4320	3.1246	20.1046
Tobin_Q	1.7353	1.1303	0.8103	1.3581	7.7203
ESG	4.2937	1.1127	1.0000	4.0000	8.0000
SIZE	23.0584	1.3758	20.2916	22.9300	27.0508
AGE	2.8529	0.3903	0.6931	2.9444	3.4657
LEV	0.4955	0.1885	0.0827	0.5049	0.8760
SOE	0.6714	0.4697	0.0000	1.0000	1.0000
TOP1	0.3685	0.1540	0.0845	0.3524	0.7667
IDR	0.3727	0.0573	0.1818	0.3333	0.8000
Rd	3.1220	9.2790	0.0000	0.4352	69.7210
Analyst	1.4316	1.2132	0.0000	1.3863	4.3307

变量	REV	ROA	Tobin_Q	ESG	SIZE	AGE	LEV	SOE	TOP1	IDR	Rd	Analyst
REV	1.0000
ROA	0.0971^***	1.0000
Tobin_Q	-0.3440^***	0.2827^***
ESG	0.2955^***	0.1455^***	-0.1168^***	1.0000
SIZE	0.8581^***	0.0263^**	-0.4314^***	0.3319^***	1.0000
AGE	-0.0808^***	-0.0467^***	0.0378^***	-0.0767^***	-0.0367^***	1.0000
LEV	0.4326^***	-0.3615^***	-0.3462^***	0.0422^***	0.4576^***	0.0342^***	1.0000
SOE	0.1302^***	-0.0951^***	-0.1386^***	0.1409^***	0.1394^***	0.0806^***	0.0922^***	1.0000
TOP1	0.2299^***	0.1031^***	-0.0999^***	0.1025^***	0.2355^***	-0.1532^***	0.0605^***	0.2882^***	1.0000
IDR	0.0938^***	-0.0191^*	-0.0009	0.1373^***	0.1181^***	-0.0225^**	0.0398^***	0.0359^***	0.0609^***	1.0000
Rd	0.5163^***	0.0289^***	-0.0942^***	0.1737^***	0.4823^***	-0.0622^***	0.1550^***	0.0419^***	0.1060^***	0.1522^***	1.0000
Analyst	0.5204^***	0.3966^***	0.0666^***	0.2679^***	0.4835^***	-0.1908^***	0.0375^***	-0.0243^**	0.1163^***	0.0432^***	0.2984^***	1.0000

变量	REV	ROA	Tobin_Q
ESG	0.0151^** (0.0062)	0.1406^** (0.0588)	0.0236^** (0.0117)
SIZE	0.8976^*** (0.0443)	0.9213^*** (0.1899)	-0.3813^*** (0.0486)
AGE	0.1076^** (0.0540)	1.0001^* (0.6242)	0.4794^*** (0.1522)
LEV	0.0013 (0.0010)	-0.1163^*** (0.0073)	-0.0014 (0.0015)
SOE	-0.0706 (0.0808)	-0.1823 (0.5192)	-0.0257 (0.1040)
TOP1	0.0021 (0.0015)	0.0249^** (0.0108)	-0.0033 (0.0020)
IDR	-0.0296 (0.1364)	-1.9297^* (1.1518)	-0.1407 (0.2917)
Constant	0.6523 (1.0152)	-14.1943^*** (5.0391)	8.9733^*** (1.2834)
YEAR	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes
Obs.	9080	9080	8932
Adj.R²	0.7884	0.1462	0.2582

变量	ESG	REV	ROA	Tobin_Q
变量	(1)	(2)	(3)	(4)
ESG_Ind	0.9646^*** (0.0428)
ESG		0.0971^*** (0.0269)	0.8478^*** (0.1962)	0.1686^*** (0.0572)
Controls	Yes	Yes	Yes	Yes
YEAR	Yes	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes	Yes
Cragg-Donald Wald F统计量	540.573
Sargan统计量	0.0000
Obs.	9079	9079	9079	8931

Corporate ESG Performance and Value Creation: Based on the Perspective of Internal Development and External Pressure

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变量	REV	ROA	Tobin_Q
变量	(1)	(2)	(3)
ESG	0.0334^* (0.0197)	0.4371^*** (0.1133)	-0.0152 (0.0525)
Controls	Yes	Yes	Yes
YEAR	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes
Obs.	8172	8172	8172
Adj.R²	0.8584	0.3378	0.3972

变量	第一阶段	第二阶段
	Dum_ESG	REV	ROA	Tobin_Q
	(1)	(2)	(3)	(4)
L.ESG_Ind	0.5302^*** (0.2031)
ESG		0.0141^** (0.0064)	0.1498^** (0.0614)	0.0228* (0.0126)
IMR		-0.0733 (0.0834)	-0.1620 (0.6932)	0.3763* (0.2228)
Controls	Yes	Yes	Yes	Yes
YEAR	Yes	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes	Yes
Obs.	7999	7999	7999	7860
Adj.R²	0.1688	0.7993	0.1161	0.2789

变量	REV	ROA	Tobin_Q	REV	ROA	Tobin_Q
变量	(1)	(2)	(3)	(4)	(5)	(6)
Rd	0.0034^** (0.0017)	-0.0192^* (0.0113)	0.0075^*** (0.0023)
Analyst	0.0629^*** (0.0092)	1.0480^*** (0.0849)	0.2431^*** (0.0192)
Dum_Rd				0.0803^** (0.0417)	-0.2353 (0.2652)	-0.0975^* (0.0517)
Dum_Analyst				0.0507^* (0.0312)	0.3964^** (0.1964)	0.1363^*** (0.0352)
Dum_Rd× Dum_Analyst				0.0274 (0.0332)	0.6992^*** (0.2384)	0.1087^** (0.0429)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
YEAR	Yes	Yes	Yes	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes	Yes	Yes	Yes
Obs.	9080	9080	8932	9080	9080	8932
Adj.R²	0.8015	0.1995	0.3408	0.7944	0.1376	0.2625

变量	REV	ROA	Tobin_Q
ESG	0.0129^** (0.0062)	0.1290^** (0.0584)	0.0072 (0.0114)
ESG×Fund_num	0.0013^*** (0.0004)	0.0070^* (0.0043)	0.0096^*** (0.0016)
Controls	Yes	Yes	Yes
YEAR	Yes	Yes	Yes
INDUSTRY	Yes	Yes	Yes
Obs.	9080	9080	8932
Adj.R²	0.7920	0.1442	0.2917

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