ESG表现、研发投入与企业价值

ESG Performance, R&D Investment and Corporate Value

摘要: 本研究聚焦于2018年至2023年A股制造业上市公司，通过实证分析深入探讨了ESG表现对企业价值的深远影响。第一，本文的研究结果支持了ESG表现的高水平与高企业价值存在显著正相关关系；第二，本文发现企业ESG表现可以通过提升研发投入水平，显著增强企业价值；第三，进一步分析显示，对东部地区、西部地区企业和非国有企业而言，ESG表现更能促进企业价值提升，这一结果表明地域因素和企业性质在ESG表现与企业价值关系中起着重要作用。

Abstract: This study focuses on A-share manufacturing listed companies from 2018 to 2023, and explores the profound impact of ESG performance on corporate value through empirical analysis. First, the results of this paper support a significant positive correlation between high levels of ESG performance and high corporate value. Second, this paper finds that corporate ESG performance can significantly enhance corporate value by increasing the level of R&D investment. Third, further analysis shows that for enterprises and non-state-owned enterprises in the eastern and western regions, ESG performance can promote the improvement of corporate value, which shows that geographical factors and corporate nature play an important role in the relationship between ESG performance and corporate value.