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| ESG信息披露与企业价值提升 |
| ESG Information Disclosure and Enterprise Value Enhancement |
| 投稿时间：2023-11-01 |
| DOI：10.16018/j.cnki.cn32-1499/c.202402009 |
| 中文关键词: ESG信息披露 企业价值提升 中介效应 调节效应 |
| 英文关键词: ESG information disclosure enterprise value enhancement intermediary effect regulation effect |
| 基金项目:国家自然科学基金面上项目(72271003)。 |
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| 中文摘要: |
| 在ESG理念下，企业长期价值的增加取决于其环境价值、社会价值与治理能力的全方位提升，但源于理念认知和目标取向的差异性，企业在ESG实践中仍存在较多权衡问题和发展困境。基于ESG理念发展逻辑，选取沪深A股2010—2020年所有上市公司为研究样本，实证检验ESG信息披露助力企业价值增值的作用路径。结果表明，良好的ESG信息披露显著提升企业价值；ESG信息披露能够通过提高机构投资者持股比例、提高雇员质量和增加创新投入促进企业价值提升。异质性分析发现，在高度法治化程度地区、高多元化经营行业、强外部监督环境，ESG信息披露促进企业价值提升的效果更明显。研究指出，通过“渐进式变革”提高市场与企业ESG认知水平，解构ESG发展理念，从而实现企业价值创造方式转型和可持续发展。 |
| 英文摘要: |
| Under the concept of ESG, the increase of long-term value of enterprises depends on the all-round improvement of their environmental value, social value and governance ability. However, due to the differences in concept cognition and goal orientation, enterprises still have many weighing problems and development difficulties in ESG practice. Based on the development logic of ESG concept, this paper selects all listed companies in Shanghai and Shenzhen A-shares from 2010 to 2020 as the research samples to empirically test the role path of ESG information disclosure to help the value appreciation of enterprises. The results show that good ESG information disclosure significantly enhances enterprise value; ESG information disclosure can enhance enterprise value by increasing institutional investors, employee quality and innovation investment. The heterogeneity analysis found that in areas with a high degree of law, highly diversified industries and strong external supervision environment, ESG information disclosure has a more obvious effect on promoting enterprise value. The research points out that through the "gradual change" to improve the cognitive level of the market and enterprise ESG, deconstruct the ESG development concept, so as to realize the transformation of enterprise value creation mode and sustainable development. |
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