企业ESG表现影响盈余持续性的作用机理和数据检验

摘要/Abstract

摘要： ESG与中国新发展理念高度契合，但ESG表现对企业可持续发展特别是盈余持续性是否存在正向影响，尚未有确定性结论。本文通过分析融资约束、企业风险和绿色创新的中介效应，研究ESG表现对盈余持续性影响的作用机理，并以2013—2021年沪深A股上市公司作为研究样本，实证考察企业ESG表现对盈余持续性的影响效应。研究发现：企业ESG表现对盈余持续性具有显著的正向影响，企业ESG表现越好，企业的盈余持续性越强。机理分析表明，良好的ESG表现通过缓解融资约束、降低企业风险、促进绿色创新等路径助力企业盈余持续性的实现。异质性分析发现，ESG表现对盈余持续性的促进作用在非污染行业企业、国有企业以及市场化程度较高地区企业中更加显著。本文拓展了ESG表现的经济后果研究，对企业和投资者重视ESG表现、政府部门完善ESG信息披露制度具有重要启示意义。

关键词: ESG表现, 融资约束, 企业风险, 绿色创新, 盈余持续性

Abstract: ESG is highly consistent with China’s new development concept, but whether ESG performance has a positive impact on enterprises’ sustainable development, especially earnings persistence, has not reached a definite conclusion.By analyzing the mediating effect of financing constraint, enterprise risk and green innovation, this paper studies the mechanism of how ESG performance influences earnings sustainability, and empirically examines the positive impact of ESG performance on earnings sustainability by taking China’s A-share listed companies from 2013 to 2021 as research samples.The research finds that the better the ESG performance is, the stronger the earnings sustainability is. The mechanism analysis shows that good ESG performance can help enterprises achieve earnings sustainability by alleviating financing constraints, reducing enterprise risks and promoting green innovation. The heterogeneity analysis shows that the promotion effect of ESG performance on earnings persistence is more significant in enterprises in non-polluting industries, state-owned enterprises and enterprises in highly market-oriented regions.This paper expands the research on the economic consequences of ESG performance, which has significant enlightenment for enterprises and investors to attach importance to ESG performance and government departments to improve the ESG information disclosure system.

Key words: ESG performance, financing constraints, enterprise risk, green innovation, earnings sustainability

席龙胜, 赵辉. 企业ESG表现影响盈余持续性的作用机理和数据检验[J]. 管理评论, 2022, 34(9): 313-326.

Xi Longsheng, Zhao Hui. The Influence Mechanism and Data Test of Enterprise ESG Performance on Earnings Sustainability[J]. Management Review, 2022, 34(9): 313-326.

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