企业ESG表现与财务绩效

Corporate ESG Performance and Financial Performance

摘要: 本文以2011~2023年A股上市公司财务数据为样本，探究ESG表现与企业财务绩效的关系。研究发现：首先，良好的ESG表现能显著提升企业财务绩效；其次，数字普惠金融可强化二者关系，其借助数字技术助力企业披露ESG信息，引导资金流向ESG表现良好的企业。再次，良好的ESG表现会降低融资约束，进而提升财务绩效，融资约束在二者关系中起中介作用。最后，异质性分析表明，在东部地区、非重污染企业和高科技行业，ESG表现对企业财务绩效的正向影响更显著。基于研究结论，本文提出完善ESG相关政策法规与监管体系、强化数字普惠金融对ESG发展的支持、推动不同地区、行业企业的ESG实践的建议，为企业、投资者及政策制定者提供了参考。

Abstract: This article takes the financial data of A-share listed companies from 2011 to 2023 as a sample to explore the relationship between ESG performance and corporate financial performance. Research has found that: firstly, good ESG performance can significantly improve a company’s financial performance; secondly, digital inclusive finance can strengthen the relationship between the two by leveraging digital technology to assist companies in disclosing ESG information and guiding funds towards companies with good ESG performance. Again, good ESG performance can reduce financing constraints, thereby improving financial performance, and financing constraints play a mediating role in the relationship between the two. Finally, heterogeneity analysis indicates that in the eastern region, non heavily polluting enterprises, and high-tech industries, ESG performance has a more significant positive impact on corporate financial performance. Based on the research findings, this article proposes suggestions to improve ESG related policies, regulations, and regulatory systems, strengthen the support of digital inclusive finance for ESG development, and promote ESG practices among enterprises in different regions and industries, providing references for enterprises, investors, and policy makers.