上市企业ESG表现与企业价值—基于融资约束和高管激励的中介效应

本文基于A股上市企业2011-2022年的华证ESG评级数据，研究聚焦于环境、社会和治理（ESG）因素对企业价值创造的影响，并发现企业ESG表现与企业价值存在显著的正相关关系。本文深入研究发现，上市企业在社会责任（S）和公司治理（G）层面的表现同样与企业价值具有显著的正相关关系，但在环境治理（E）层面的表现与企业价值却没有显著的相关性，甚至对于处于重污染行业的上市企业而言，其在环境治理（E）层面的表现越好，企业价值越低。本文认为主要原因是企业在环境治理方面通常需要长期可持续的投入，且短期内投入产出效果往往并不明显，因此对于上市企业尤其是重污染行业的企业而言容易造成一定的经营压力。为进一步探究企业ESG表现对企业价值的影响机制，本文还从融资约束和高管激励两个方面探究中介效应的影响。经过实证分析，本文认为企业ESG表现越优异越能有效缓解企业面临的融资约束问题，进而有助于企业价值的提升，并且该效应对于企业在社会责任和公司治理表现两个细分层面同样显著；同时ESG表现越优异的企业，会更加重视对高管的激励力度，通过加强对高管的薪酬激励和股权激励进而有助于企业价值的提升，但该效应对于企业在公司治理方面的表现显著，而对于企业在社会责任方面的表现并不显著。本文的研究不仅为理解ESG表现在现代企业中的价值提供了实证证据，能够补充相关领域的学术研究，而且为制定相关政策、企业战略规划和个人投资行为提供了科学的借鉴参考。随着社会对可持续发展的要求日益增加，ESG将继续成为企业不可或缺的一部分，而本文研究提供的见解将为所有利益相关者带来一定的启发和思考。

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