Research On The Impact Of ESG Information Disclosure Quality On The Financial Performance Of Listed Energy Companies

The energy industry is an environmentally sensitive industry that is an important strategic resource of the national economy.Since the goals of "carbon peaking" and "carbon neutrality"were proposed and the plan of the 20th CPC National Congress further promotes the clear deployment of a green energy revolution,it is urgent to achieve sustainable development of energy industry.Energy enterprises should not only focus on the growth of financial performance,but also pay attention to the impact of business activities on the environment and society.ESG is a com prehensive evaluation standard that considers enterprise investment and value based on the three non-financial information dimensions of "Environmental,Social and Governance".Its application to energy enterprises has far-reaching significance.However,there is a lack of research on the application of ESG information disclosure quality evaluation in energy enterprises in China.Based on this,this article explores the impact of ESG information disclosure quality on financial performance of energy listed companies,which has theoretical value and practical significance.This paper starts from the impact of the quality of ESG information disclosure on the financial performance of listed energy companies.First,it combs the existing literature,not only exploring the impact mechanism of the quality of ESG information disclosure on corporate financial performance under the overall effect,but also exploring the impact mechanism of the quality of ESG information disclosure on its financial performance under the Mesomeric effect of fi nancing costs,technological innovation and inefficient investment,The transmission mechanism of "ESG information disclosure quality-financing cost,technological innovation,inefficient investment-financial performance" is proposed,and hypotheses are proposed.Secondly,the entropy weight coefficient method was used to construct an ESG information disclosure quality evaluation system and financial performance indicator evaluation system that conforms to the characteristics of the energy industry,using relevant data from 136 energy listed companies from 2015 to 2021.Then,empirical Analysis of the Impact of ESG Information Disclosure Quality on the Financial Performance of Energy Listed Companies under the Mesomeric effect.Finally,summarize the conclusion and propose countermeasures and suggestions.Through theoretical and empirical analysis,the main conclusions are as follows:(1)From the perspective of influence mechanism,hypothesis H1 is proposed in terms of total effect:the quality of ESG information disclosure has a positive impact on the financial performance of listed energy companies;The hypothesis H2-H7 is put forward on the mediation effect,that is,the quality of ESG information disclosure can inhibit the financing cost and inefficient investment of energy listed companies,and promote the technological innovation.Financing cost,technological innovation and inefficient investment have mediating effect on the influence of ESG information disclosure quality on the financial performance of energy listed companies.(2)From the evaluation results of ESG information disclosure quality,more than half of energy listed companies have ESG information disclosure quality lower than the average level and significant differences between samples.From the perspective of sub indicators,there is the greatest difference in the quality of corporate governance information disclosure.In terms of industry,the quality of ESG information disclosure in Coal mining and washing industry is the highest,and the auxiliary mining activities industry is the lowest.(3)From the results of financial performance evaluation,listed energy companies have a strong development momentum and a large investment demand and growth space.(4)From the empirical results,all the hypotheses proposed by the influence mechanism have been verified,and the empirical results are consistent with the hypotheses;In addition,from the perspective of heterogeneity,the impact of ESG information disclosure quality on the financial performance of energy listed companies is more significant when the shareholding ratio of the largest shareholder is low.