Research On The Impact Of ESG Performance On Firm Value

At present,some enterprises unilaterally pursue economic benefits in the process of development,ignoring social and environmental benefits,resulting in environmental degradation,lack of resources,damage to consumer rights and other social problems,and it is difficult to achieve high-quality economic and social development and sustainable development.In 1992,the Environment Agency（UNEP）required financial institutions to incorporate the consideration of environmental,social responsibility and corporate governance（hereinafter referred to as "ESG"）elements into their loan approval decision-making process.With the development of the capital market,ESG concepts and information disclosure norms have been recognized by more and more national exchanges.In 2006,Shenzhen Stock Exchange began to require listed companies to disclose CSR reports on a voluntary basis.By 2019,the Hong Kong Stock Exchange forced companies to disclose ESG information,and the requirements for disclosure have been continuously strengthened.In 2020,China proposed a "dual carbon" goal（"carbon peak","carbon neutrality"）,at the same time,the State Council issued a series of supporting measures to help achieve the "carbon neutrality" goal,such as: vigorously Promote the development of green finance and promote the high-quality development of listed companies.Against this backdrop,companies’ ESG performance has received higher attention.According to the research of the existing literature,most scholars start from a single dimension（environment,social responsibility,corporate governance）,and discuss their impact on firm value.However,some scholars have begun to try to integrate the three single dimensions into a whole.To explore the impact path of the overall ESG performance of the company on the value of the company.Scholars have come to different conclusions.So,will good ESG performance lead to higher firm value? How does ESG performance ultimately affect firm value through corporate reputation? Exploring the relationship between ESG performance and firm value will help to promote companies,investors and other entities to have a deeper understanding and understanding of ESG.On the basis of sorting out and summarizing domestic and foreign literature,based on the perspective of stakeholder theory and other perspectives,the research problem is deeply analyzed,and the research hypothesis of this paper is deduced.Taking 285 A-share listed companies from 2015 to 2020 as a research sample,a fixed-effect model is constructed for regression,and the impact mechanism of ESG performance on firm value is verified,that is,there is a positive correlation between ESG performance and firm value.In further analysis,it is clear that corporate reputation has a partial mediating role in the process of ESG performance affecting firm value.When an enterprise is a non-state-owned enterprise or an enterprise in a heavily polluting industry,the enterprise value will be higher when the enterprise ESG performance is better.Afterwards,the robustness test is carried out by using the price-to-book ratio（PB）to measure the value of the enterprise and the ESG rating data of Huazheng to measure the enterprise’s ESG performance,which proves that the research results obtained in this paper are reliable.This paper theoretically analyzes the relationship between ESG performance and firm value,and clarifies the impact mechanism of ESG performance on firm value.And further incorporate corporate reputation into the analysis framework,clarify the role path of "ESG performance-corporate reputation-firm value",and clarify the mediating effect of corporate reputation between ESG performance and firm value.At the same time,it explores its moderating effect on the two from the perspectives of the nature of the industry and the nature of corporate ownership,clarifies the differential impact of ESG performance on firm value,and expands and enriches the research on how ESG performance affects firm value.