In recent years, China has attached great importance to green finance and green low carbon development, actively developed various green low carbon financial products, and achieved the "double carbon" goal as a solemn promise to the international community. With the continuous progress of the times,...
In recent years, China has attached great importance to green finance and green low carbon development, actively developed various green low carbon financial products, and achieved the "double carbon" goal as a solemn promise to the international community. With the continuous progress of the times, the sustainable development strategy has been increasingly recognized by the public. It has become a comprehensive development strategy, which is related to the economic, political, ecological and cultural aspects of society. Responsible investment has emerged as the times require. The three value pillars of the concept of responsible investment - environment, society and governance, that is, the concept of ESG investment has begun to rise rapidly worldwide. After the COVID-19, investors in the global capital market reexamined the traditional growth model and paid more attention to the sustainable development strategy. Global ESG investment ushered in a new round of development climax, especially in Europe and the United States. ESG evaluates the non-financial performance of enterprises, focusing on the performance of enterprises in environmental protection, social responsibility and corporate governance, as well as the value of sustainable development of enterprises. However, at present, domestic enterprises are less willing to disclose information related to ESG performance. Is it necessary to disclose such non-financial performance? Is it necessary to pursue better ESG performance? How does ESG performance affect enterprise value? How does ESG performance affect enterprise value? In order to explore the impact of ESG performance on the economy, this paper mainly studies the correlation between ESG performance and enterprise value, and further studies the relationship between them based on enterprise heterogeneity.
This paper uses the literature research method and empirical test method to conduct a theoretical analysis on the relationship between ESG performance and enterprise value, study the internal relationship between ESG performance and enterprise value, and study how ESG performance affects enterprise value, that is, study the mechanism of ESG performance affecting enterprise value. Therefore, based on the review of previous literature and corresponding academic achievements on ESG performance and enterprise value, this paper conducts a more in-depth study. This paper focuses on the impact of enterprise ESG performance on enterprise value. The research sample is China's A-share non-financial listed companies from 2011 to 2021. Download CSI ESG ratings from Wind database and relevant financial data from Guotai'an database. First, it studies the relationship between ESG performance and enterprise value; Then it analyzes the internal mechanism of the relationship between the two, and verifies the important transmission role of financing constraints and enterprise efficiency in the positive value effect of ESG performance. At the same time, for the robustness test, it uses the tool variable method and the core variable replacement method; Then it further discusses the difference in the impact of enterprise heterogeneity on the relationship between the two, mainly distinguishing between state-owned enterprises and non-state-owned enterprises, analyzing the difference in the value effect of ESG performance of enterprises with different ownership, and studying the difference in the value effect of ESG performance of heavily polluted enterprises and non-heavily polluted enterprises for enterprises with different industry characteristics. The research shows that: (1) ESG performance is always positively correlated with enterprise value, that is, the better ESG performance, the higher enterprise value. (2) This paper introduces the intermediary effect model. This paper examines the role of financing constraints and corporate efficiency as mediators in the positive value effect of ESG performance. ESG performance has a certain mitigation effect on financing constraints. ESG performance improves enterprise value by easing financing constraints, while ESG performance improves enterprise efficiency. ESG performance improves enterprise value by improving enterprise efficiency. (3) This paper also makes a further analysis of the heterogeneity of enterprises. For enterprises with different ownership properties and enterprises with different industry characteristics, the value effect difference of their ESG performance is studied. Among them, compared with non-state-owned enterprises, the positive effect of improving ESG performance of state-owned enterprises on enterprise value is smaller; compared with non-heavily polluted enterprises, the positive effect of improving ESG performance of heavily polluted enterprises on enterprise value is smaller. Finally, based on the previous research, the corresponding conclusions are drawn and some relevant policy recommendations are given.
There are two main innovations in this paper: First, the topic of this paper is relatively new, closely following the social and economic hot spots. ESG rating, as an evaluation standard for enterprises, focuses on non-financial indicators such as environment, society and corporate governance, and as a new investment concept, has attracted social attention. Based on the social background of ESG investment as a hot topic at present, this paper discusses the impact of ESG performance on enterprise value, highlighting the novelty of this topic, which can closely follow the forefront of social and economic development, fit in with the direction of economic development, and pay attention to the necessity of the times for the research of this topic. Secondly, in terms of research, ESG performance is regarded as a whole rather than a certain dimension of ESG performance, and the value effect of ESG overall performance is investigated. Two intermediary variables, namely financing constraint and enterprise efficiency, are introduced to explore the transmission mechanism of "enterprise ESG performance - financing constraint - enterprise value" and "enterprise ESG performance - enterprise efficiency - enterprise value", and further explore the internal mechanism of the impact of ESG performance on enterprise value.
In recent years, China has attached great importance to green finance and green low carbon development, actively developed various green low carbon financial products, and achieved the "double carbon" goal as a solemn promise to the international community. With the continuous progress of the times, the sustainable development strategy has been increasingly recognized by the public. It has become a comprehensive development strategy, which is related to the economic, political, ecological and cultural aspects of society. Responsible investment has emerged as the times require. The three value pillars of the concept of responsible investment - environment, society and governance, that is, the concept of ESG investment has begun to rise rapidly worldwide. After the COVID-19, investors in the global capital market reexamined the traditional growth model and paid more attention to the sustainable development strategy. Global ESG investment ushered in a new round of development climax, especially in Europe and the United States. ESG evaluates the non-financial performance of enterprises, focusing on the performance of enterprises in environmental protection, social responsibility and corporate governance, as well as the value of sustainable development of enterprises. However, at present, domestic enterprises are less willing to disclose information related to ESG performance. Is it necessary to disclose such non-financial performance? Is it necessary to pursue better ESG performance? How does ESG performance affect enterprise value? How does ESG performance affect enterprise value? In order to explore the impact of ESG performance on the economy, this paper mainly studies the correlation between ESG performance and enterprise value, and further studies the relationship between them based on enterprise heterogeneity.
This paper uses the literature research method and empirical test method to conduct a theoretical analysis on the relationship between ESG performance and enterprise value, study the internal relationship between ESG performance and enterprise value, and study how ESG performance affects enterprise value, that is, study the mechanism of ESG performance affecting enterprise value. Therefore, based on the review of previous literature and corresponding academic achievements on ESG performance and enterprise value, this paper conducts a more in-depth study. This paper focuses on the impact of enterprise ESG performance on enterprise value. The research sample is China's A-share non-financial listed companies from 2011 to 2021. Download CSI ESG ratings from Wind database and relevant financial data from Guotai'an database. First, it studies the relationship between ESG performance and enterprise value; Then it analyzes the internal mechanism of the relationship between the two, and verifies the important transmission role of financing constraints and enterprise efficiency in the positive value effect of ESG performance. At the same time, for the robustness test, it uses the tool variable method and the core variable replacement method; Then it further discusses the difference in the impact of enterprise heterogeneity on the relationship between the two, mainly distinguishing between state-owned enterprises and non-state-owned enterprises, analyzing the difference in the value effect of ESG performance of enterprises with different ownership, and studying the difference in the value effect of ESG performance of heavily polluted enterprises and non-heavily polluted enterprises for enterprises with different industry characteristics. The research shows that: (1) ESG performance is always positively correlated with enterprise value, that is, the better ESG performance, the higher enterprise value. (2) This paper introduces the intermediary effect model. This paper examines the role of financing constraints and corporate efficiency as mediators in the positive value effect of ESG performance. ESG performance has a certain mitigation effect on financing constraints. ESG performance improves enterprise value by easing financing constraints, while ESG performance improves enterprise efficiency. ESG performance improves enterprise value by improving enterprise efficiency. (3) This paper also makes a further analysis of the heterogeneity of enterprises. For enterprises with different ownership properties and enterprises with different industry characteristics, the value effect difference of their ESG performance is studied. Among them, compared with non-state-owned enterprises, the positive effect of improving ESG performance of state-owned enterprises on enterprise value is smaller; compared with non-heavily polluted enterprises, the positive effect of improving ESG performance of heavily polluted enterprises on enterprise value is smaller. Finally, based on the previous research, the corresponding conclusions are drawn and some relevant policy recommendations are given.
There are two main innovations in this paper: First, the topic of this paper is relatively new, closely following the social and economic hot spots. ESG rating, as an evaluation standard for enterprises, focuses on non-financial indicators such as environment, society and corporate governance, and as a new investment concept, has attracted social attention. Based on the social background of ESG investment as a hot topic at present, this paper discusses the impact of ESG performance on enterprise value, highlighting the novelty of this topic, which can closely follow the forefront of social and economic development, fit in with the direction of economic development, and pay attention to the necessity of the times for the research of this topic. Secondly, in terms of research, ESG performance is regarded as a whole rather than a certain dimension of ESG performance, and the value effect of ESG overall performance is investigated. Two intermediary variables, namely financing constraint and enterprise efficiency, are introduced to explore the transmission mechanism of "enterprise ESG performance - financing constraint - enterprise value" and "enterprise ESG performance - enterprise efficiency - enterprise value", and further explore the internal mechanism of the impact of ESG performance on enterprise value.
Keyword
#ESG Business performance Financing constraints Enterprise efficiency Enterprise heterogeneity
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