环境、社会和治理评级与企业成功:分析环境治理对中国企业绩效的影响

IF 2.6 4区 工程技术 Q3 ENERGY & FUELS Frontiers in Energy Research Pub Date : 2024-08-26 DOI:10.3389/fenrg.2024.1371616
Sidi Chen, Min Fan
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引用次数: 0

摘要

本研究探讨了环境、社会和公司治理评级对企业绩效的影响,重点是在全球经济高质量增长的背景下,通过创新实现可持续发展和企业可持续性。近年来,环境、社会和公司治理评级在金融领域备受关注,对企业战略和绩效管理产生了影响。有人认为,环境、社会和公司治理活动可能会削弱企业的盈利能力,但也有人强调,环境、社会和公司治理表现优异的企业可以获得低成本资本,从而提高整体业绩。本研究以 2009 年至 2021 年中国 A 股上市公司为样本,考察了环境、社会和公司治理评级对企业绩效的影响和机制。研究结果表明,环境、社会和公司治理评级与企业绩效之间存在明显的正相关关系,且经过严格检验后仍保持稳健。中介分析表明,ESG 评级通过缓解融资约束和提高企业声誉来提高企业绩效。此外,ESG 评级对内部控制健全的企业和私营企业的绩效提升作用更为明显。这项研究为支持加强 ESG 投资和完善 ESG 评级体系提供了经验证据。
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ESG ratings and corporate success: analyzing the environmental governance impact on Chinese companies’ performance
This study explores the impact of ESG ratings on corporate performance, focusing on achieving sustainable development and corporate sustainability through innovation within the context of high-quality global economic growth. In recent years, ESG ratings have garnered significant attention in the financial sector, influencing corporate strategy and performance management. While some argue that ESG activities might detract from profitability, others highlight that firms with strong ESG performance can access low-cost capital, thereby enhancing overall performance. Using a sample of China’s A-share listed companies from 2009 to 2021, this research examines the influence and mechanisms of ESG ratings on corporate performance. The findings indicate a significant positive relationship between ESG ratings and corporate performance, which remains robust after rigorous testing. Mediation analysis reveals that ESG ratings improve corporate performance by alleviating financing constraints and enhancing corporate reputation. Furthermore, the performance-enhancing effects of ESG ratings are more pronounced in firms with robust internal controls and private enterprises. This research provides empirical evidence to support stronger ESG investment and the refinement of the ESG rating system.
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来源期刊
Frontiers in Energy Research
Frontiers in Energy Research Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
3.90
自引率
11.80%
发文量
1727
审稿时长
12 weeks
期刊介绍: Frontiers in Energy Research makes use of the unique Frontiers platform for open-access publishing and research networking for scientists, which provides an equal opportunity to seek, share and create knowledge. The mission of Frontiers is to place publishing back in the hands of working scientists and to promote an interactive, fair, and efficient review process. Articles are peer-reviewed according to the Frontiers review guidelines, which evaluate manuscripts on objective editorial criteria
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