ESG表现对企业价值创造的影响——基于中国沪深A股有色金属行业企业的实证分析

The Impact of ESG Performance on Enterprise Value Creation—Empirical Analysis of Non-Ferrous Metal Industry Enterprises Based on China’s Shanghai and Shenzhen A-Shares

摘要: 有色金属行业是支撑国民经济的基础行业，该行业在注重追求经济利润的同时，还要加强对环境、社会和治理层面的责任关注，以达到自身的可持续发展。本文基于有色金属行业企业ESG发展现状，通过理论论述提出研究假设：有色金属行业企业ESG表现对企业价值创造存在积极作用。本文以2013~2022年沪深A股上市的有色金属业企业ESG报告作为研究样本，通过Pearson相关系数对整个行业上市公司的市净率、托宾Q值与披露议题进行两两相关性分析，同时以华政ESG评级指标衡量有色金属行业企业ESG信息披露质量，实证检验了有色金属行业企业ESG表现与企业价值的关系。研究表明：第一，有色金属行业企业ESG表现有利于企业价值创造。第二，有色金属行业企业在ESG管理中应重视绿色办公、碳减排、科技创新、生产效率、产品质量管理、企业文化、企业管理、员工培养、社会公益等ESG表现情况。

Abstract: The non-ferrous metal industry is a fundamental industry that supports the national economy. While focusing on pursuing economic profits, the industry also needs to strengthen its responsibility for the environment, society, and governance to achieve its own sustainable development. This article is based on the current development status of ESG in non-ferrous metal industry enterprises, and proposes a research hypothesis through theoretical discussion: the ESG performance of non-ferrous metal industry enterprises has a positive effect on enterprise value creation. This article takes the ESG reports of non-ferrous metal industry companies listed on the Shanghai and Shenzhen A-shares from 2013 to 2022 as the research sample. Through Pearson correlation coefficient, a pairwise correlation analysis is conducted on the price to book ratio, Tobin’s Q value, and disclosure issues of the entire industry’s listed companies. At the same time, the Huazheng ESG rating index is used to measure the quality of ESG information disclosure of non-ferrous metal industry companies, empirically testing the relationship between ESG performance and corporate value of non-ferrous metal industry companies. Research shows that firstly, the ESG performance of non-ferrous metal industry enterprises is conducive to value creation. Secondly, enterprises in the non-ferrous metal industry should attach importance to ESG performance in green office, carbon reduction, technological innovation, production efficiency, product quality management, corporate culture, corporate management, employee training, social welfare, and other areas.