The Impact Of Enterprise ESG Performance On Enterprise Value From The Perspective Of Enterprise Life Cycle

At present,under the increasingly severe contradiction between human beings and resources and environment,how to maintain the balance between economic interests,ecological environment interests and social interests has become an important research topic of development.As a new concept of sustainable development,ESG has attracted increasing attention at home and abroad.ESG refers to the Environment,Society and Governance factors that can affect the performance of a company and its investment,and requires an enterprise to actively assume responsibilities for the Environment,Society and corporate Governance.In order to enable enterprises,investors and governments to have a deeper understanding of the economic and social value of ESG,this paper studies the correlation between ESG and enterprise value from the perspective of enterprise life cycle.This paper firstly reviews the literature on enterprise value,ESG and life cycle through literature analysis,and puts forward research hypotheses on the basis of relevant theories.Then through the empirical analysis of 472 listed companies in Shanghai and Shenzhen A-shares,the negative impact of ESG on enterprise value is verified,and the difference of ESG’s impact on enterprise value at different stages of enterprise life cycle is discussed.The main conclusions are as follows:ESG has a negative impact on enterprise value and the impact increases appropriately over time.Under different enterprise life cycle,the impact of ESG performance on enterprise value is not correlated with that of enterprises in start-up stage,turbulent stage and declining stage.In the growth and maturity stages,ESG is negatively correlated with enterprise value.From the perspective of the lag stage,the impact of ESG on enterprise value of enterprises in the growth stage is appropriately alleviated,while for enterprises in the mature stage,the long-term impact of ESG on enterprise value will be deepened.Heterogeneity will cause differences in the impact of ESG on enterprise value in different life cycles.From the perspective of scale heterogeneity,for large-scale enterprises in the growth stage,the negative impact of ESG on enterprise value will weaken over time;for large-scale enterprises from the growth stage to the mature stage,the negative impact of ESG on enterprise value will deepen,while for small-scale enterprises,it will weaken.Based on the property right structure,for state-owned enterprises in the growth stage,the negative impact of ESG on enterprise value will weaken over time,while for non-state-owned enterprises in the mature stage,the negative impact of ESG on enterprise value will deepen.From the growth stage to the mature stage of non-state-owned enterprises ESG has a significant weakening effect on enterprise value.The main contributions of this paper are as follows: first,in the context of sustainable development,based on the life cycle theory and based on the time effect,the difference of the impact of ESG performance on enterprise value of enterprises in different life cycle stages is investigated from the aspects of current period and lag period,which provides reference for solving practical problems.Second,from the perspective of enterprise heterogeneity,based on the time effect,the influence of ESG on enterprise value under different life cycles is investigated,which enriches relevant researches.