基于预期损失测度ESG表现对新能源汽车行业风险承担的影响
The Impact of ESG Performance on Risk-Taking in the NEV Industry: A Measurement Based on Expected Shortfall
DOI: 10.12677/pm.2024.145211, PDF,   
作者: 杨 澜：上海理工大学管理学院，上海
关键词: ESG表现；预期损失；风险承担；ESG Performance； Expected Shortfall； Risk-Taking
摘要: 新能源汽车行业蓬勃发展，风险承担成为该行业备受关注的研究话题，尤其是在ESG理念提出的背景下。本文以2018~2022年中国新能源汽车行业上市企业为研究对象，基于预期损失测度分析ESG表现对风险承担的影响。研究结果显示，提高ESG表现对降低预期损失有正向影响，其影响系数为0.197，并通过减少环境成本和股票质押风险等中介变量来降低预期损失。进一步研究发现，提高ESG表现对风险承担的影响具有异质性，相对于非国有企业、低ESG水平及高融资约束水平的企业，其对国有企业、高ESG水平和低融资约束水平企业的正向影响更加显著。本研究可为评估ESG表现对新能源汽车行业风险承担提供经验证据，也可为企业提升ESG表现和风险管理，以及为投资者制定更有效的投资策略和相关政策调整提供启示。
Abstract: The rapid development of the NEV industry has made risk-taking a key research topic, especially in the context of the ESG concept. This study examines the impact of ESG performance on risk-taking among listed companies in China’s NEV industry from 2018 to 2022, using expected shortfall as a measure. The results indicate that improved ESG performance positively affects the reduction of expected shortfall, with an impact coefficient of 0.197, primarily through intermediaries such as reduced environmental costs and stock pledge risks. Further analysis reveals heterogeneity in the impact of ESG performance on risk-taking; it is more significantly positive for state-owned enterprises, companies with high ESG levels, and those with low financing constraints. This research provides empirical evidence for assessing the influence of ESG performance on risk-taking in the NEV industry and offers insights for enterprises to enhance their ESG practices.
文章引用：杨澜. 基于预期损失测度ESG表现对新能源汽车行业风险承担的影响[J]. 理论数学, 2024, 14(5): 575-589. https://doi.org/10.12677/pm.2024.145211

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