金融学院知识库

随着全球经济的发展和社会对可持续发展的呼吁日益增强，环境、社会和 治理（ESG）表现因其对企业可持续性和社会责任的重要性而备受关注。中国证 监会在2022年4月发布的工作指引中首次将公司的环境、社会和治理信息纳入 监管范围，推动上市公司信息披露规范化，显示出中国对 ESG 的监管日益严格。 ESG标准不仅仅是一种商业标志，更是企业对环境、社会和治理问题负责任的表 现。 新能源产业作为未来能源发展的关键领域之一，在全球范围内受到了广泛 的关注和投资。中国作为全球最大的能源消费国之一，已经将可再生能源发展 列为国家发展战略的重要组成部分。然而，随着新能源行业的迅速发展和竞争 的加剧，企业在不断追求市场份额和利润最大化的同时，也面临着更多的社会 责任和环境压力。因此，本研究旨在深入探讨 ESG 表现对我国新能源上市公司 企业价值的影响，并分析高科技水平、污染程度以及所处地区等因素对这种影 响的异质性效应。通过深入研究 ESG 在新能源行业中的作用机制，有望为企业 决策者、投资者以及政策制定者提供更准确的参考和指导，推动企业更好地平 衡经济利益与社会责任，实现可持续发展目标。 本文研究采用了双向固定效应模型，利用2013年至2022 年我国A股新能 源上市公司的非平衡面板数据，验证了 ESG 表现对新能源上市公司企业价值的 积极影响。通过审阅现有文献关于 ESG 三个方面与新能源上市公司企业价值关 系的研究，以及 ESG 三个一级要素与本研究选择的企业技术创新和融资约束这 两个机制变量之间的关联，引入作用机制模型进行探索。 研究结果表明，ESG表现与新能源上市公司企业价值存在正向关联。具体而 言，优秀的 ESG 表现与较高的新能源上市公司企业价值呈现显著相关。进一步 分析表明，在高科技水平较高、污染程度较低以及东部地区的新能源企业中， ESG 改善对新能源企业价值的影响更为显著。

With the development of the global economy and increasing calls for sustainable development, Environmental, Social, and Governance (ESG) performance has garnered significant attention due to its importance for corporate sustainability and social responsibility. In April 2022, the China Securities Regulatory Commission (CSRC) issued guidelines that, for the first time, included ESG information within its regulatory scope, aiming to standardize information disclosure for listed companies, reflecting stricter regulation of ESG in China. ESG standards not only represent a commercial symbol but also signify responsible corporate behavior concerning environmental, social, and governance issues. As one of the key areas for future energy development, the new energy industry has attracted widespread attention and investment globally. As one of the world's largest energy consumers, China has designated the development of renewable energy as a crucial component of its national development strategy. However, with the rapid growth of the new energy sector and increasing competition, companies are not only striving to capture market share and maximize profits but also facing greater social responsibility and environmental pressures. Therefore, this study aims to delve into the influence of ESG performance on the enterprise value of listed new energy companies and analyze the heterogeneous effects of factors such as high technological levels, pollution levels, and geographical regions on this impact. By thoroughly examining the role of ESG in the new energy industry, this study hopes to provide more precise references and guidance for corporate decision-makers, investors, and policymakers, facilitating a better balance between economic interests and social responsibilities to achieve sustainable development goals. This study employs a two-way fixed-effects model using unbalanced panel data from Chinese A-share listed new energy companies from 2013 to 2022 to verify the positive impact of ESG performance on the enterprise value of these companies. Through a review of existing literature on the relationship between the three aspects of ESG and the enterprise value of listed new energy companies, as well as the correlation between the three primary elements of ESG and the two mechanism variables selected for this study—corporate technological innovation and financing constraints—an effect mechanism model was introduced for exploration. The research findings indicate a positive correlation between ESG performance and the enterprise value of listed new energy companies. Specifically, excellent ESG performance demonstrates a significant association with higher enterprise value for listed new energy companies. Further analysis reveals that the impact of ESG improvement on the enterprise value of listed new energy companies is more significant in companies with higher technological levels, lower pollution levels, and in the eastern regions.