企业ESG表现对投资效率的影响机制研究——基于中国A股上市公司证据

Research on the Influence Mechanism of Corporate ESG Performance on Investment Efficiency—Evidence from China’s A-Share Listed Companies

摘要: 在推动经济高质量发展的背景下，提升企业投资效率是实现资源优化配置的关键。本文基于2008~2024年中国A股上市公司数据，实证检验了企业ESG表现对投资效率的影响及机制。研究发现，良好的ESG表现能够显著提升投资效率，该效应主要通过缓解融资约束和降低代理成本两条路径实现。异质性分析表明，ESG的治理作用在非国有且审计质量较低的企业中更为突出。经过内生性和稳健性检验后，结论依然成立。本研究为ESG实践的经济价值提供了微观证据，对引导企业践行可持续发展、优化资源配置具有政策启示。

Abstract: Under the background of promoting high-quality economic development, improving corporate investment efficiency is the key to achieving optimal resource allocation. Based on data from China's A-share listed companies from 2008 to 2024, this study empirically examines the impact of corporate ESG performance on investment efficiency and its underlying mechanisms. The findings reveal that strong ESG performance significantly enhances investment efficiency, primarily through alleviating financing constraints and reducing agency costs. Heterogeneity analysis indicates that the governance effect of ESG is more pronounced in non-state-owned enterprises with lower audit quality. These conclusions remain robust after addressing endogeneity and conducting rigorous robustness tests. This research provides micro-level evidence of the economic value of ESG practices, offering policy insights for guiding enterprises to pursue sustainable development and optimize resource allocation.