ESG Performance,Capital Market Concerns And High Quality Enterprise Development

The report of the 20 th National Congress of the Communist Party of China pointed out that high-quality development is the primary task of building a modern socialist country in an all-round way,and the high-quality development of the macroeconomy essentially needs to focus on the micro-subject of the market,and the high-quality development of enterprises is undoubtedly an important cornerstone and basic momentum to promote the high-quality development of the market economy.The report also emphasizes that greening and low-carbon are the key to high-quality economic and social development,which is highly consistent with the emerging ESG concepts at home and abroad in recent years,improving the ESG performance of various economic entities and providing important methods and paths to achieve sustainable development of enterprises.In the current context of fierce competition in the external environment and the efficiency of enterprise resource allocation to be improved,will ESG performance promote the high-quality development of enterprises?What is the influence mechanism and how does ESG performance affect the highquality development of enterprises in different contexts? This is a matter of greater concern to both the academic and practical circles.Based on this,this paper reviews the relevant literature at home and abroad,and uses the theories of signal transmission,stakeholder theory and sustainable development theory to demonstrate in detail the relationship between ESG performance and the high-quality development of enterprises.Secondly,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as a research sample,constructs a two-way fixed-effect model,and uses principal component analysis to construct a comprehensive index of high-quality development of enterprises from the two dimensions of value creation and value management ability.Through deductive analysis,multiple statistical regression,PSM propensity score matching method,and inter group coefficient significance test methods,this article explores the impact and path of ESG performance on the high-quality development of enterprises.Empirical testing shows that ESG performance can significantly promote the high-quality development of enterprises.Examining the mechanism of the relationship between the two,it is found that capital market attention,namely institutional investors’ shareholding preference and securities analysts’ attention,plays an intermediary role in the enhancement effect of ESG performance on the high-quality development of enterprises.Finally,based on the analysis framework of "macro external environmentmicro characteristics of enterprises",this paper studies the difference in the improvement effect of ESG performance on the high-quality development of enterprises under different scenarios.In terms of macro external environment,this paper examines the regulatory effect of cross-sectional differences in marketization degree on ESG performance and high-quality development of enterprises.In terms of micro characteristics of enterprises,this paper also examines the regulatory role of industry environmental sensitivity and property rights as important boundary conditions.The analysis and testing of different situational factors shows that the impact of ESG performance on the high-quality development of enterprises is more significant in regions with high degree of marketization,environment-sensitive enterprises and non-state-owned enterprises.The one-factor test of ESG performance shows that environment(E),social responsibility(S),and corporate governance(G)can all promote the high-quality development of enterprises,but the impact of corporate governance(G)is more obvious.The possible contributions and innovations of this paper are: First,unlike previous studies that simply discuss the impact of environmental factors on the high-quality development of enterprises,this paper organically links the ESG performance of listed companies with the connotation of high-quality development,discusses the enhancement effect of ESG performance on the high-quality development of enterprises,and expands the research perspective of high-quality development of enterprises.Second,it fully considers the basic characteristics of ESG as an important concept and practical tool of the capital market,explores the mechanism of ESG performance on the high-quality development of enterprises,and constructs the transmission mechanism of "ESG performance-institutional investors’ shareholding preference-high-quality development of enterprises" and "ESG performance-securities analysts’ attention-high-quality development of enterprises",which reveals why ESG performance affects the high-quality development of enterprises from the perspective of capital market attention.Third,based on the analysis framework of "macro external environment-micro characteristics of enterprises",the differences in ESG performance on the improvement effect of high-quality development of enterprises in different scenarios are studied,which provides an important reference for revealing the internal and external incentives or constraints that affect the ESG performance of listed companies in China and promote high-quality development.