基于ESG视角下的财务绩效研究——以N公司为例

Research on Financial Performance from the ESG Perspective—A Case Study of Company N

摘要: 在国家“双碳”战略推进下，ESG理念已成为企业可持续发展的重要内容，越来越多企业将其融入经营与战略决策，并通过ESG报告披露相关实践。在此背景下，文章以N公司为案例，研究其ESG表现对财务绩效的影响。首先，界定ESG概念，依托声誉理论、利益相关者理论、信号传递理论，搭建ESG与财务绩效的理论分析框架；其次，运用案例分析法，结合N公司近五年的年报与近三年的ESG报告，对企业环境、社会、治理三维实践及财务绩效展开分析。研究发现，N公司良好的ESG表现有助于提升企业声誉与形象、增强投资者信心、优化融资条件、降低运营成本、强化风险管理，最终对财务绩效产生积极作用。这表明，企业践行ESG理念兼具社会价值与经济价值，能够有效推动财务绩效提升。

Abstract: Under the national “dual carbon” strategy, the ESG concept has become an important part of corporate sustainable development. An increasing number of enterprises integrate ESG into their operation and strategic decision-making, and disclose relevant practices through ESG reports. Against this background, this paper takes Company N as a case to study the impact of its ESG performance on financial performance. First, this paper defines the concept of ESG and constructs a theoretical analysis framework between ESG performance and corporate financial performance based on reputation theory, stakeholder theory, and signaling theory. Second, using the case analysis method, it comprehensively analyzes the three-dimensional practices of environment, society, governance, and financial performance of Company N by combining its annual reports in the recent five years and ESG reports in the recent three years. The study finds that Company N’s sound ESG performance helps improve corporate reputation and image, enhance investor confidence, optimize financing conditions, reduce operating costs, strengthen risk management, and ultimately exert a positive effect on financial performance. This indicates that practicing the ESG concept has both social and economic value for enterprises and can effectively promote the improvement of financial performance.