ESG表现对企业价值影响的实证研究——以汽车制造业为例

An Empirical Study on the Impact of ESG Performance on Corporate Value—A Case Study of the Automobile Manufacturing Industry

摘要: 随着全球可持续发展理念深化，ESG表现成为衡量企业长期价值的关键维度。本文以2013~2023年沪深A股173家汽车制造业上市公司为样本，基于利益相关者、信号传递及委托代理理论，探究ESG表现对企业价值的影响机制。研究采用面板多元回归模型，以总资产报酬率衡量企业价值，华证ESG评级为核心解释变量，控制资产负债率、现金流比率等变量。实证结果显示，汽车制造业企业ESG表现对其价值有显著正向促进作用；控制变量中，资产负债率与企业价值显著负相关，现金流比率和第一大股东持股比例与企业价值显著正相关，独立董事比例影响不显著。经替换被解释变量(ROE)、滞后一期处理的稳健性检验，结论仍成立。本研究聚焦汽车制造业，弥补现有ESG研究行业针对性不足的空白，可为企业制定ESG战略、投资者评估行业价值、监管部门制定政策提供参考。

Abstract: With the deepening of the global concept of sustainable development, ESG performance has become a key dimension for measuring the long-term value of enterprises. This paper takes 173 A-share listed companies in the automobile manufacturing industry on the Shanghai and Shenzhen Stock Exchanges from 2013 to 2023 as samples, and explores the impact mechanism of ESG performance on corporate value based on the stakeholder theory, signal transmission theory, and principal-agent theory. The study adopts a panel multiple regression model, using return on total assets (ROA) to measure corporate value, Huazheng ESG rating as the core explanatory variable, and controlling variables such as asset-liability ratio and cash flow ratio. The empirical results show that the ESG performance of enterprises in the automobile manufacturing industry has a significant positive promoting effect on their value. Among the control variables, the asset-liability ratio is significantly negatively correlated with corporate value, the cash flow ratio and the shareholding ratio of the largest shareholder are significantly positively correlated with corporate value, while the proportion of independent directors has no significant impact. The conclusion remains valid after robustness tests including replacing the explained variable and processing with a one-period lag. This study focuses on the automobile manufacturing industry, filling the gap of insufficient industry targeting in existing ESG research, and can provide references for enterprises to formulate ESG strategies, investors to evaluate industry value, and regulatory authorities to formulate policies.