ESG表现对企业价值的影响——以山西汾酒为例

The Impact of ESG Performance on Corporate Value—Taking Shanxi Fenjiu as an Example

摘要: 随着环境污染、大流行病、气候变化等问题的日益凸显，企业在环境、社会责任与公司治理(ESG)层面的表现成为了社会关注的焦点。山西汾酒作为白酒行业内较早上市且发展态势良好的企业之一，对其在ESG领域的表现进行研究，无疑能为同行业其他企业提供有价值的参考和借鉴。本文选取山西汾酒作为研究对象，采用灰色关联度探讨其ESG表现对企业价值的影响，研究发现：山西汾酒的ESG表现与其市场价值和账面价值之间都存在显著的正向关联性。进一步分析其影响路径，发现山西汾酒在ESG的良好表现能够缓解其融资约束，降低权益资本成本，从而促进企业价值的提升。

Abstract: As environmental pollution, pandemics, climate change and other issues are becoming more and more prominent, the performance of enterprises in environmental, social responsibility and corporate governance (ESG) has become the focus of social attention. As one of the early marketed and well-developed enterprises in the liquor industry, an in-depth study of Shanxi Fenjiu’s ESG practices can undoubtedly provide valuable reference for other enterprises in the same industry. In this paper, Shanxi Fenjiu is selected as the research object, and the grey correlation is used to explore the impact of its ESG performance on enterprise value, and it is found that there is a significant positive correlation between Shanxi Fenjiu’s ESG performance and its market value and book value, and further analysis of the impact paths reveals that Shanxi Fenjiu’s good ESG performance can alleviate the financing constraints of the company, reduce the cost of capital of the company, and thereby promote the enhancement of corporate value.