| The Sixth Plenary Session of the 19th CPC Central Committee attached great importance to the CPC Central Committee to comprehensively promote green development.Recently,green finance has been promoted all over the world.Peak carbon dioxide emissions and carbon neutrality are also included in the overall layout of ecological civilization construction.Environmental pollution,resource shortage,ecological degradation and other practical problems brought about by all-out economic development in the past are also increasingly apparent.Against this background,ESG focusing on environment,social responsibility and corporate governance responsible investment will develop better.As the main part of the real economy,industry is the main pillar industry of the national economy and it plays an important role in promoting the high-quality development of economy and society.Only by paying full attention to ESG and taking improving the production environment,fulfilling social responsibilities and optimizing the governance structure as long-term strategic objectives can enterprises achieve long-term healthy and sustainable development.Starting from the cost-benefit effect and the social acceptance effect,and on the basis of the sustainable development theory and other related theories,we make a preliminary theoretical analysis on ESG’s influence on the value of industrial enterprises.464 listed industrial enterprises from 2011 to 2021 are selected as samples to empirically test the impact of ESG on the value of industrial enterprises after analyzing the status quo of ESG and the value of industrial enterprises.Through the construction of two-way fixed effect model for benchmark regression analysis and robustness test,preliminary empirical conclusions are drawn.On this basis,further analysis is made to analyze the threshold effect of enterprise size on ESG’s impact on industrial enterprise value and the heterogeneity of ESG’s impact on industrial enterprise value due to the nature of enterprise ownership.According to the empirical results,the research conclusion is drawn:Firstly,the overall performance of ESG of China’s listed industrial enterprises is fair.Secondly,ESG,a listed industrial enterprise,has an impact on corporate value,and this impact has a time lag.That is,upgrading ESG in the short term will reduce enterprise value and significantly increase enterprise value in the long term.Third,when the size of listed industrial enterprises is small,ESG can be improved by enhancing its corporate value;When the enterprise size of listed industrial enterprises exceeds a certain threshold,upgrading ESG will reduce its enterprise value.Fourth,compared with non-state-owned listed industrial enterprises,ESG of state-owned listed industrial enterprises has a greater negative effect on enterprise value;Compared with the state-owned listed industrial enterprises,ESG’s long-term corporate value enhancement is greater among the non-state-owned listed industrial enterprises.Finally,targeted suggestions are put forward for the ESG practice of industrial enterprises in China:improve the ESG management system and strengthen internal control;build an ESG information database and strengthen the management of standards;promote the standardization of ESG audit specifications and carry out third-party audit pilots. |
PDF Full Text Request