ESG表现对财务风险影响效应研究

Study on the Impact of ESG Performance on Financial Risk

摘要: 全球经济可持续发展进程加快与金融市场日益复杂的当下，深入研究企业ESG表现与财务风险间的关联具有至关重要的意义。本文基于2014~2023年A股上市公司数据，实证检验ESG表现与财务风险的关系。研究表明：企业ESG表现越优，其财务风险越低，此结论在进行稳健性检验后仍成立，同时，高管薪酬激励在其中发挥了正向调节作用，此外，异质性分析发现ESG表现对非国有企业的财务风险抑制作用更明显。并提出企业应将ESG理念全面纳入日常经营决策流程及长期战略制定中，政府则应当通过制度建设和政策支持ESG实践活动的建议。

Abstract: Against the backdrop of accelerating global economic sustainable development and increasingly complex financial markets, in-depth research on the relationship between corporate ESG (Environmental, Social, and Governance) performance and financial risk is of crucial significance. Based on the data of A-share listed companies from 2014 to 2023, this paper empirically examines the relationship between ESG performance and financial risk. The results show that: the better a company’s ESG performance, the lower its financial risk—and this conclusion remains valid after robustness tests. Meanwhile, executive compensation incentives play a positive moderating role in this relationship. Furthermore, heterogeneity analysis reveals that the inhibitory effect of ESG performance on financial risk is more significant in non-state-owned enterprises. Finally, the paper puts forward suggestions: enterprises should fully integrate the ESG concept into their daily operational decision-making processes and long-term strategy formulation; the government should support ESG practice activities through institutional construction and policy measures.