ESG表现对企业价值的影响研究

Research on the Impact of ESG Performance on Enterprise Value

摘要: 文章以我国2014~2022年A股上市公司数据为研究样本，采用多元回归方法，实证分析了ESG表现与企业价值的关系，并引入融资约束和媒体关注度作为中介变量来探讨两者之间的关系。研究表明：ESG表现对企业价值具有正向促进作用，且企业良好的ESG表现可以通过缓解融资约束和提高媒体关注度进而提高企业价值。进一步研究发现：ESG评级对企业价值有积极的影响，并且这种积极影响对于科技企业和位于经济发达地区的企业会更加明显。本文研究对企业和投资者重视ESG理念和政府完善ESG相关措施具有一定的启示意义。

Abstract: This paper selects the data of A-share listed companies in China from 2014 to 2022 to examine the impact of ESG performance on corporate value, and introduces financing constraints and media attention as intermediary variables to explore the relationship between the two. The research shows that ESG performance has a positive effect on enterprise value, and good ESG performance can improve enterprise value by alleviating financing constraints and increasing media attention. Further research finds that ESG rating has a positive impact on enterprise value, and this positive impact will be more obvious for technology enterprises and enterprises located in economically developed areas. The research in this paper has certain enlightenment significance for enterprises and investors to attach importance to the concept of ESG and the government to improve the relevant measures of ESG.