ESG表现对企业风险的影响研究

The Impact of ESG Performance on Enterprise Risk

摘要: 在“双碳”目标的战略框架下，ESG责任不仅是不可或缺的组成部分，更是企业实现金融风险防控、推动绿色发展并提升效能的必由之路。基于2011~2022年中国A股上市公司样本，构建双重固定模型实证检验了ESG责任履行对企业风险的影响。研究发现：企业良好的ESG绩效能有效减轻融资压力与代理矛盾，进而显著降低企业风险。基于这一发现，应构建并优化与我国国情相契合的ESG信息披露体系，以引导企业合理承担ESG责任。在ESG转型过程中，应强调内部监管和风险管理的重要性，以确保ESG转型的稳健进行，从而为我国经济的绿色转型与持续发展提供有力支持。

Abstract: Under the strategic framework of the “dual carbon” goal, ESG responsibility is not only an indispensable component, but also the only way for enterprises to achieve financial risk prevention and control, promote green development and improve efficiency. Based on the sample of China’s A-share listed companies from 2011 to 2022, a dual fixed model is constructed to empirically test the impact of ESG responsibility fulfillment on firm risk. It is found that good ESG performance can effectively reduce the financing pressure and agency contradiction, and then significantly reduce the enterprise risk. Based on this finding, we should construct and optimize the ESG information disclosure system that fits with our national conditions, so as to guide enterprises to reasonably assume ESG responsibilities. In the process of ESG transformation, the importance of internal supervision and risk management should be emphasized to ensure the steady progress of ESG transformation, so as to provide strong support for the green transformation and sustainable development of China’s economy.