| Global warming poses a new challenge to the human living environment.Promoting the low-carbon transformation and coordinating the sustainable development between human society and the natural environment is the unshirkable common mission of all countries in the contemporary world.Green development has become one of the breakthroughs of today’s innovation and reform,and it is the direction of high-quality and sustainable development.Meanwhile,it is also an inevitable requirement for the comprehensive implementation of the new development concept,and an unavoidable choice to achieve the goal of carbon peak and carbon neutrality,and to solve the prominent problems of resource and environmental constraints.As an important part of the national economy,enterprises should also comply with the future direction of economic and social development,and closely combine the enterprise value with the green and low-carbon development.ESG is short for environmental,social responsibility and corporate governance.Different from the traditional corporation value measurement system,the ESG system can serve as the criteria of the long-term value of enterprises,which can be used to measure the sustainable development performance of enterprises or organizations.With the characteristics of comprehensiveness,systematization and quantification,the emerging ESG evaluation is widely accepted and recognized by different industries in the world,and has gradually become an important strategy for various investment institutions to investigate investment targets.This concept,on the one hand,requires investment institutions to pay attention to the performance of corporate environment,society and corporate governance;on the other hand,it guides enterprises to implement the sustainable concept in the process of operation.Therefore,the practice of ESG concept is a powerful starting point to implement the new development concept.On the basis of Stakeholder Theory,Asymmetric Information Theory,Signalling Theory and Porter Hypothesis,this thesis is aiming at an empirical analysis using 2011-2020 China A-share listed companies as samples and Stata15.0 as tools,exploring the correlation and its internal connection between the green innovation,ESG information disclosure and listed companies value through quantile regression and ordinary least squares regression.It provides a new perspective for the research of the influencing factors of enterprise value,and an internal impetus to stimulate the listed companies to assume more social responsibilities,therefore promoting the transformation of the listed companies to the road of green and sustainable development.Through the study,we have found that:1.ESG overall information disclosure promotes the value of enterprises,and there is a significant positive relationship between the two.The influence of ESG three dimensions on enterprise value is different.Among them,the disclosure of environmental information and the disclosure of social information have a major positive impact on enterprise value,both of which are positively correlated with enterprise value.However,the impact of corporate governance disclosure on the promotion of enterprise value is not obvious and almost negligible.In some companies,corporate governance information disclosure is even negatively related to corporate value.2.Green innovation represented by green patents has a significant positive effect on promoting the value of enterprises.It shows that green development,as an important breakthrough in innovation and reform,has become the main trend of high-quality and sustainable development in the future.Accelerating the low-carbon transformation and coordinating the sustainable development of human society and the natural environment have gradually gained popularity among the people.With the enhancement of people’s awareness of environmental protection,green innovation has an obvious positive impact on the improvement of enterprise value.3.Green innovation can stimulate the positive impact of ESG information disclosure on enterprise value,which demonstrates that green innovation can not only have an impact on enterprise value alone,but also enhance the promotion effect of enterprise ESG information disclosure on enterprise value when the two coexist.4.Different property rights have different effects on enterprise value in green innovation,overall ESG information disclosure and information disclosure at E,S and G levels.Suggestions and enlightenment have: First,the government and the functional departments of the supervision and management should impose differentiated and classified measures,conduct administration according to law,strengthen supervision.It should also take the main responsibility of accelerating the improvement of laws and regulations related to enterprise green development,establishing a policy system,improving the enterprise ESG information disclosure system,and building ESG evaluation indicators in line with China’s current development needs,and elevating the quality of ESG scores,thereby providing institutional guarantee for green development,advance green transformation of enterprises,and effectively promote high-quality economic development.Second,enterprises should establish a sense of social and ecological responsibility,constantly improve the ability of green technology research and development,as well as enhance the core competitiveness of enterprises by means of attaching great importance to reducing natural resource consumption,reducing ecological and environmental damage through green innovation,and improving the efficiency of resource allocation.Meanwhile,enterprises should take more initiative in disclosing key ESG data in order to improve corporate reputation and promote the improvement of corporate value.With the aim of seeking for the maximum utility of enterprise value,it is important to appropriately increase the disclosure of environmental and social level information,and reduce the disclosure of information at the corporate governance level,Third,when making investment decisions,investors should,following the green development trend,comprehensively evaluate enterprises from multiple angles,pay more attention to the ESG information disclosure content of listed companies,and favor enterprises with excellent green innovation and ESG information disclosure performance,so as to form a good development cycle. |
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