企业ESG实践的价值创造效应研究——基于外部压力视角的检验

被引：367

作者：

伊凌雪 ^{[1
]}

蒋艺翅 ^{[2
]}

姚树洁 ^{[3
,2
]}

机构：

[1] 中山大学管理学院

[2] 重庆大学经济与工商管理学院

[3] 辽宁大学李安民经济研究院

来源：

南方经济 | 2022年 / 10期

关键词：

ESG实践; 市场竞争; 机构持股; 媒体监督; 企业价值;

D O I：

暂无

中图分类号：

F275 [企业财务管理]; F832.51 [];

学科分类号：

120206 [财务管理];

摘要：

提升企业价值是企业进行ESG实践的目标和根本动力。文章以2008—2019年沪深A股上市公司数据为研究样本，实证检验了ESG实践对企业价值的影响效应，并以市场竞争程度、机构投资者、媒体监督为切入点，分析外部压力对于企业ESG实践价值效应的调节作用。研究发现：ESG实践初期会降低企业价值，从长期来看，ESG实践对企业价值存在正向的滞后作用。当企业面临的外部压力越大时，市场竞争可以显著提升ESG实践的价值效应，机构投资者和媒体监督会削弱ESG实践对企业价值的影响。也进一步说明由于我国资本市场的特殊性，外部压力不能必然地转化为治理机制。

引用

页码：93 / 110

页数：18

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