ESG表现对企业投资效率的影响研究——基于企业内部管理的视角
Research on the Impact of ESG Performance on Enterprise Investment Efficiency—From the Perspective of Internal Enterprise Management
摘要: 本文选取2011~2023年A股上市企业，实证分析ESG表现对企业投资效率的影响。结果表明：良好的ESG表现缓解企业非效率投资，分为缓解过度投资和缓解投资不足；国有、非污染或东、中部地区的企业，其ESG表现与非效率投资的负相关关系更显著。从企业内部管理的视角进行机制检验，结果表明：管理层权力抑制非效率投资，间接效应不及ESG表现对非效率投资的直接效应，且在大型企业中的表现更为显著。
Abstract: This paper selects A-share listed enterprises from 2011 to 2023 and empirically analyzes the impact of ESG performance on the investment efficiency of enterprises. The results show that good ESG performance alleviates inefficient investment by enterprises, which can be divided into alleviating excessive investment and alleviating insufficient investment. For state-owned, non-polluting or enterprises in the eastern and central regions, the negative correlation between their ESG performance and inefficient investment is more significant. The mechanism test was conducted from the perspective of internal enterprise management. The results show that the indirect effect of management power in suppressing inefficient investment is less than the direct effect of ESG performance on inefficient investment, and the performance is more significant in large enterprises.
文章引用：李湘雲. ESG表现对企业投资效率的影响研究——基于企业内部管理的视角[J]. 金融, 2025, 15(4): 660-671. https://doi.org/10.12677/fin.2025.154070

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