ESG绩效与企业价值创造效率：来自中国的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-11 DOI:10.1016/j.frl.2025.107397

Qunli Qiang , Sijia Li , Lingmei Meng , Yuan Lei

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引用次数: 0

摘要

我们研究了ESG绩效对企业价值创造效率的影响。通过对2011 - 2023年中国a股上市公司的大样本分析，我们发现环境、社会和治理（ESG）绩效的提升有助于提高企业价值创造效率。我们还发现，这种改善主要是通过降低企业风险来实现的。从企业生命周期的动态角度来看，ESG绩效对企业价值创造效率的正向影响在成熟企业中尤为显著。然而，在经历经济衰退的组织中，这种有益的影响往往会减弱。

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ESG performance and corporate value creation efficiency: Evidence from China

We investigate the impact of ESG performance on corporate value creation efficiency. Using a large sample of Chinese A-share listed firms from 2011 to 2023, our findings indicate that enhanced performance in Environmental, Social, and Governance (ESG) contributes to improving efficiency in corporate value creation. We also find that the improvement is primarily achieved through the mitigation of corporate risks. From the dynamic perspective of corporate life cycle, the positive impact of ESG performance on corporate value creation efficiency is particularly significant in mature enterprises. However, this beneficial effect tends to diminish in organizations that are experiencing a recession.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance