ESG表现对企业价值的影响研究

Research on the Impact of ESG Performance on Corporate Value

摘要: 基于2020~2024年中国A股上市公司数据，分析了ESG表现对企业价值的影响，并重点关注了行业异质性的调节作用。结果表明，尽管ESG的总体平均效应并不显著，但其影响在不同行业间存在显著差异：在制造业中，ESG对企业价值有积极影响，而对信息服务业则呈现负向影响。机制分析证实，ESG主要通过提升市场预期(以TobinQ衡量)创造价值，而非直接影响短期财务绩效(如ROE)。研究显示，ESG的价值效应高度依赖行业属性，其积极作用需结合行业特征才能有效发挥。最后，从监管政策、评级体系和投资者教育三个方面提出差异化建议，为推进ESG实践提供理论依据与政策参考。

Abstract: This study employs data from Chinese A-share listed companies between 2020 and 2024 to analyze how ESG performance influences enterprise value, with particular attention to the role of industry heterogeneity. Results show that while the overall average effect of ESG is not significant, its impact varies considerably across industries: ESG positively affects firm value in manufacturing but exhibits a negative relationship in the information services sector. Further mechanism analysis reveals that ESG enhances value primarily by elevating market expectations (as captured by Tobin’s Q), rather than through short-term financial performance (e.g., ROE). These findings underscore that the value effect of ESG is highly dependent on industry attributes, and its positive role can only be effectively realized when combined with industry-specific characteristics. The study concludes by offering tailored recommendations in three areas: regulatory policy, rating systems, and investor education, providing theoretical and practical guidance for implementing ESG practices in China.