ESG表现对企业价值影响研究—基于 A股上市公司的实证分析
摘
要
近年来，我国高度重视绿色金融和绿色低碳发展，积极开发各种绿色低碳金融产品，
实现“双碳”目标是我国对国际社会作出的庄严应诺。随着时代的不断进步，可持续发
展战略越来越得到社会大众的认可，现已成为一个全面性发展战略，关乎社会的经济、
政治、生态和文化等各个方面，责任投资应运而生。责任投资理念的三大价值支柱—环
境（Environment）、社会（Social）和公司治理（Governance），即 ESG投资概念开始
在全球范围内迅速兴起。经历了新冠疫情后，全球资本市场投资者重新审视传统增长模
式，更加重视可持续发展战略，全球 ESG投资迎来了新一轮发展高潮，特别是欧洲和
美国。ESG是对企业的非财务绩效进行评价，关注的是企业在保护环境、承担社会责任
以及公司治理绩效方面的作为，同时也是一种涉及企业如何可持续发展的价值观。而当
前国内企业对 ESG表现的相关信息披露的自愿性较低，是否有必要披露这种非财务绩
效？是否有必要追逐较好的 ESG表现？ESG表现对企业价值有何影响？ESG表现又是
如何影响企业价值？为探讨 ESG表现对经济产生的影响，本文主要研究 ESG表现与企
业价值二者的相关性，同时基于企业异质性对二者关系做进一步研究。
本文运用文献研究法和实证检验法，对 ESG表现与企业价值的关系进行了相关理
论分析，研究 ESG表现与企业价值之间的内在关系，同时研究了 ESG表现是如何影响
企业价值的，即研究了 ESG表现对企业价值的影响机制。为此，本文在回顾前人关于
ESG表现和企业价值的有关文献和相应学术成果的基础上，进行了更深入的研究。本文
以企业 ESG表现对企业价值的影响为主线，研究样本为 2011—2019年我国 A股非金融
类上市公司，在万得数据库下载华证 ESG评级和在国泰安数据库下载相关财务数据，
首先研究了 ESG表现和企业价值之间的关系；然后分析了二者关系的内在机制，验证
了融资约束与企业效率在 ESG表现的正向价值效应中的重要传导作用；同时，对于稳
健性检验则采用工具变量法和更换核心变量法；接着进一步探讨了企业异质性对二者关
系的影响差异，主要区分国有企业与非国有企业，分析所有权性质不同的企业 ESG表
现的价值效应差异，同时针对不同欧亿·体育（中国）有限公司特征的企业，研究重污染企业和非重污染企业的
ESG表现的价值效应差异。研究表明：（1）ESG表现始终与企业价值呈正相关关系，
即 ESG表现越好，企业价值越高。（2）本文引入了中介效应模型。考察了融资约束和
企业效率在 ESG表现的正向价值效应中发挥的部分中介作用。ESG表现对融资约束具
有一定的缓释效应，ESG表现通过缓解融资约束进而提高企业价值，同时 ESG表现对
企业效率具有提升效应，ESG表现通过提升企业效率进而提高企业价值。（3）本文还
对企业异质性做了进一步分析。针对所有权性质不同的企业以及欧亿·体育（中国）有限公司特征不同的企业，
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摘要
研究其 ESG表现的价值效应差异。其中，相比于非国有企业，国有企业改善 ESG表现
对企业价值的正向效应更小；相比于非重污染企业，重污染企业改善 ESG表现对企业
价值的正向效应更小。最后，基于前文的研究，得出了相应的结论，并给出了一些相关
的政策建议。
本文主要的创新有两点：第一，本文选题较新颖，紧扣社会经济热点。ESG评级作
为企业的一种评价标准，关注环境、社会和公司治理等非财务指标，作为新的一种投资
理念备受社会关注。本文基于 ESG投资作为目前热点话题的社会背景，探讨 ESG表现
对企业价值的影响，突显出本文选题的新颖性，能紧扣社会经济发展前沿，贴合经济发
展方向，注重论文课题研究的时代必要性。第二，在研究角度方面，将 ESG表现作为
一个整体而非 ESG表现的某个维度，考察 ESG整体表现的价值效应，引入融资约束、
企业效率两个中介变量，探索了“企业 ESG表现—融资约束—企业价值”“企业 ESG
表现—企业效率—企业价值”的传导机制，更深入地探讨 ESG表现对企业价值影响的
内在机理。
关键词：ESG；企业价值；融资约束；企业效率；企业异质性
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ESG表现对企业价值影响研究—基于 A股上市公司的实证分析
Abstract
In recent years, our country has attached great importance to green finance and green and
low-carbon development, actively developed various green and low-carbon financial products,
and achieved the "dual carbon" goal is a solemn promise made by my country to the
international community. With the continuous progress of the times, the sustainable
development strategy has been recognized by the public more and more, and it has now
become a comprehensive development strategy, which is related to all aspects of society, such
as economy, politics, ecology and culture, and responsible investment has emerged as the
times require. The three value pillars of the responsible investment concept—Environment,
Social and Corporate Governance, that is, the concept of ESG investment have begun to
emerge rapidly around the world. After the COVID-19 pandemic, investors in the global
capital market have re-examined the traditional growth model and paid more attention to
sustainable development strategies. Global ESG investment has ushered in a new round of
development, especially in Europe and the United States. ESG is an evaluation of a company's
non-financial performance, focusing on the company's actions in protecting the environment,
undertaking social responsibilities, and corporate governance performance. It is also a value
that involves how a company can develop sustainably. At present, domestic companies are
less willing to disclose information related to ESG performance. Is it necessary to disclose
such non-financial performance? Is it necessary to chase better ESG performance? How does
ESG performance affect corporate value? How does ESG performance affect corporate value?
In order to explore the impact of ESG performance on the economy, this thesis mainly studies
the correlation between ESG performance and corporate value, and further studies the
relationship between the two based on corporate heterogeneity.
This thesis uses the literature research method and empirical test method to conduct a
theoretical analysis on the relationship between ESG performance and corporate value, study
the internal relationship between ESG performance and corporate value, and study how ESG
performance affects corporate value. This thesis analyzes the impact mechanism of ESG
performance on enterprise value. To this end, this thesis conducts a more in-depth study on
the basis of reviewing previous literature and corresponding academic achievements on ESG
performance and corporate value. Taking the impact of corporate ESG performance on
corporate value as the main line, the research sample is A-share listed companies in our
country from 2011 to 2019. Download Huazheng ESG ratings from the Wind database and
download relevant financial data from the CSMAR database, and first study ESG
performance. and enterprise value; then analyzed the internal mechanism of the relationship
between the two, and verified the important transmission role of financing constraints and
enterprise efficiency in the positive value effect of ESG performance; at the same time, for the
robustness test, the instrumental variable method was used. and replacing the core variable
method; then further explores the difference in the impact of enterprise heterogeneity on the
relationship between the two, mainly distinguishing state-owned enterprises and
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