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| ESG表现对企业风险的影响——现金持有水平的调节作用模型 |
| The Impact of ESG Performance on Corporate Risk ——The Moderating Effect Model of Cash Holding Level |
| 投稿时间：2023-10-26 |
| DOI：10.16018/j.cnki.cn32-1499/c.202402008 |
| 中文关键词: ESG表现 企业风险 现金持有水平 调节效应 |
| 英文关键词: ESG performance enterprise risk cash holding level regulatory effect |
| 基金项目:江苏省高校哲学社会科学研究一般项目(2023SJYB1972)。 |
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| 中文摘要: |
| 研究ESG表现与企业风险之间的关系对于激励企业加大ESG实践投入，实现经济可持续发展具有重要意义。以2015年至2021年A股上市公司为研究样本，以企业现金持有水平为调节变量研究了ESG表现对企业风险的影响。研究结果表明ESG表现越好，企业风险越小，并且相比于非国有企业，ESG表现对国有企业的风险抑制作用更为显著。同时研究结论表明现金持有水平在企业ESG表现和企业风险之间起着调节作用。最后还结合研究结论给出了一些对策建议。 |
| 英文摘要: |
| Studying the relationship between ESG performance and corporate risk is of great significance for incentivizing enterprises to increase ESG practice investment and achieve sustainable economic development. This article takes A-share listed companies from 2015 to 2021 as the research sample, and uses corporate cash holdings as the moderating variable to study the impact of ESG performance on corporate risk. The results indicate that the better the ESG performance, the lower the enterprise risk, and compared to non-state-owned enterprises, the ESG performance has a more significant inhibitory effect on the enterprise risk of state-owned enterprises. At the same time, research conclusions indicate that cash holdings play a moderating role between corporate ESG performance and corporate risk. At the end of the article, some countermeasures and suggestions were provided based on the research conclusions. |
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