The Relationship Between Chinese Companies’ Esg Performance And Company Value Under Carbon Emission Reduction Policies

Under the current policy background of carbon peaking and carbon neutrality goals,carbon emission reduction has become the focus of most companies,and environmental,social and corporate governance(ESG)has gradually become an important factor in investors’ investment decisions,which in turn affects the focus of a business in the process of increasing its enterprise value.In developed economies such as Europe and the United States,ESG has been prevalent for many years.In China,although the ESG concept is still in its infancy,it is still valued by government regulators,industry associations,exchanges and other departments.In recent years,although some literatures have begun to study ESG-related issues,they are still regarded as part of corporate social responsibility(CSR)rather than being studied separately.Few literatures combine ESG with the context of carbon emission reduction.Scholars have come to different conclusions on the relationship between ESG performance and firm value in different contextsThis thesis first summarizes the domestic and foreign literatures related to ESG,then defines the concept of ESG information disclosure and rating,and expounds several theories of the correlation between ESG and corporate value.On this basis,the method of quantifying corporate value and ESG performance is selected,and the hypothesis of the relationship between ESG and corporate value under carbon emission reduction policies is put forward and empirical research is carried out.In the selection of samples,this thesis mainly studies the constituent stocks of CSI 300 and CSI 500.The time window is from June 30,2015 to June 30,2021,and the time interval is one year,with a total of 3603 one-year data,the data is unbalanced panel data,the reason for choosing unbalanced panel is that the coverage of the data is larger and wider,the number of enterprises is more,and the types of industries are also more,so it is more representative.For these sample companies,this thesis conducts descriptive statistical analysis,correlation analysis,multiple regression analysis,and tests the heterogeneity and robustness of the selected models.The results of the double fixed effects empirical regression analysis model show that: considering the time effect and industry effect,the relationship between the ESG performance of enterprises and enterprise value is significantly positive,and the positive relationship between the ESG performance of non-state-owned enterprises and enterprise value is significant,while the positive correlation between the ESG performance of enterprises and enterprise value of the state-owned ones is not significant,the positive relationship between the ESG performance of enterprises in non-key carbon emission reduction industries and enterprise value is significant,and the ESG performance of enterprises in key carbon emission reduction industries has a insignificant positive correlation with enterprise value.Before 2017,the correlation between the ESG performance of the sample companies and the enterprise value is not significant.After 2017,the positive correlation between the ESG performance of the sample companies and the enterprise value is significant.