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论文编号：	14662
作者编号：	2120223643
上传时间：	2024/6/5 18:28:56
中文题目：	ESG表现对企业价值的抑制作用—基于权益资本成本的视角
英文题目：	The Inhibition of Corporate Value by ESG Performance: From the Perspective of Cost of Equity Capital
指导老师：	程新生
中文关键字：	ESG；企业市场表现；权益资本成本；机构投资者持股；企业异质性
英文关键字：	ESG; Market performance of enterprises; Cost of equity capital; Institutional investors holding shares; Enterprise heterogeneity
中文摘要：	近年来，随着全球变暖和接连不断出现的气候问题，使得可持续发展理念深入人心，在这样的全球背景和自身需要下，我国的经济发展模式也由原来的“高速发展”向“高质量发展”转型，企业们也更加注重其在非财务方面的表现，力求实现一种可持续的平衡发展状态。对于企业非财务绩效的衡量，目前广受认可的仍然是企业的ESG表现，这是一种涵盖内容广泛的综合性概念。 本文运用文献研究法和实证检验法，以企业ESG 表现对企业价值的影响为主线，研究样本为 2009—2021 年我国A股非金融上市公司，首先研究了ESG表现和企业价值之间的关系；然后分析了分项得分的经济效应影响；其次以企业的权益资本成本为中介变量研究了其中的作用机制，发现存在着“企业ESG表现—权益资本成本—企业市场表现”这样的传导机制。在进一步分析中，讨论了企业ESG表现的影响因素，发现机构投资者持股比例会对企业的ESG表现产生显著的促进影响，此外本文又按照产权性质，分析师跟踪度，企业盈余管理程度区分不同子样本进行分组检验。最后，为了使本文的结论具备说服力，在稳健性检验中采用解释变量滞后一期法和更换核心解释变量的方法，得到的结论依旧稳健。 最后，基于前文的研究，本文得出：（1）对于企业而言，应结合自身情况选择是否进行ESG投资，进行哪一类ESG投资。此外企业也需要优化其在ESG方面的薪酬激励制度以应对目前较为严重的代理问题。（2）对于我国现有的评级机构而言，各机构之间的相关性较低，仍需努力构建一个较为权威的评级标准。（3）对于企业的投资者而言，不必先入为主将良好的ESG表现视作利好信号，这并不一定对企业的财务表现有利。（4）从政府的角度来说，目前我国企业在初步进行ESG投资时承受的负担较重，政府仍需为企业提供一些资源上的帮助。故本文的研究拓展了企业ESG表现经济后果方面的研究，帮助企业认识到ESG表现与财务绩效在现阶段仍是不可兼得的状态，ESG领域的代理问题仍然值得企业关注。
英文摘要：	In recent years, with global warming and the continuous emergence of climate issues, the concept of sustainable development has deeply rooted in people's hearts. In this global context and our own needs, China's economic development model has also transitioned from "high-speed development" to "high-quality development". Enterprises have also paid more attention to their non-financial performance, striving to achieve a sustainable and balanced development state. The widely recognized measure of non-financial performance of enterprises is still their ESG performance, which is a comprehensive concept covering a wide range of content. This article uses literature research and empirical testing methods, focusing on the impact of corporate ESG performance on corporate value. The research sample is non-financial listed companies in China's A-share market from 2009 to 2021. Firstly, the relationship between ESG performance and corporate value is studied; Then the economic impact of sub item scores was analyzed; Secondly, the mechanism of the effect was studied using the cost of equity capital of the enterprise as a mediator variable, and it was found that there exists a transmission mechanism such as "ESG performance of the enterprise - cost of equity capital - market performance of the enterprise". In further analysis, the influencing factors of corporate ESG performance were discussed, and it was found that the shareholding ratio of institutional investors has a significant promoting effect on corporate ESG performance. In addition, this article distinguishes different sub samples according to the nature of property rights, analyst tracking, and degree of earnings management for grouping testing. Finally, in order to make the conclusion of this article convincing, the lagged one period method of explanatory variables and the replacement of core explanatory variables were used in the robustness test, and the obtained conclusion remained robust. Finally, based on the previous research, this article concludes that: (1) for enterprises, they should choose whether to invest in ESG and which type of ESG investment to make based on their own situation. In addition, companies also need to optimize their ESG compensation and incentive systems to address the current serious agency issues. (2) For the existing rating agencies in our country, the correlation between them is relatively low, and efforts are still needed to build a more authoritative rating standard. (3) For corporate investors, there is no need to assume that good ESG performance is a positive signal, as it may not necessarily be beneficial for the company's financial performance. (4) From the perspective of the government, currently, Chinese enterprises bear a heavy burden when making initial ESG investments, and the government still needs to provide some resource assistance for enterprises. Therefore, this study expands the research on the economic consequences of corporate ESG performance, helping companies recognize that ESG performance and financial performance are still in a state where they cannot coexist at the current stage, The agency issue in the ESG field still deserves attention from businesses.
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