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论文编号：	16035
作者编号：	2120243837
上传时间：	2026/6/3 15:18:42
中文题目：	ESG表现对公司价值创造的影响研究 ——来自沪深A股上市公司的经验证据
英文题目：	Research on the Impact of ESG Performance on Corporate Value Creation: Empirical Evidence from Shanghai and Shenzhen A-share Listed Companies
指导老师：	郝臣
中文关键字：	ESG表现；价值创造；价值波动性；绿色创新；公司声誉；代理成本
英文关键字：	ESG Performance; Value Creation; Value Volatility; Green Innovation; Corporate Reputation; Agency Costs
中文摘要：	在双碳目标深入推进与可持续发展战略全面落地的宏观背景下，ESG理念已逐步融入公司发展战略体系，成为衡量上市公司综合竞争力与长期发展能力的核心指标。在此背景下，厘清ESG表现与公司价值创造及波动性的内在关联与传导路径，不仅有助于破解ESG价值转化的“黑箱”，更对公司优化ESG实践，实现可持续发展目标具有重要的理论与现实意义。 本文以2009-2024年沪深A股上市公司为研究样本，选取ESG表现作为核心解释变量，以公司价值创造水平与价值创造波动性作为被解释变量，构建双向固定效应模型，探究ESG表现对公司价值创造及波动性的影响机制。研究发现：第一，ESG表现能够显著提升公司价值创造水平，并有效降低公司价值创造波动性，增强企业经营稳健性。第二，绿色创新、公司声誉和代理成本在ESG表现与公司价值创造及波动性的关系中均发挥中介作用，即ESG表现能够通过推动绿色创新、优化公司声誉及降低代理成本提升公司价值创造水平及稳定性。第三，ESG表现对公司价值创造及波动性的影响存在显著异质性，国有企业、东部地区企业及市场竞争程度较高企业的ESG价值创造效应更加显著。第四，长期来看，ESG表现对公司长期价值创造水平同样具有显著正向影响，印证了ESG投资的长期价值。 本文不仅丰富了ESG与公司价值创造相关领域的研究成果，拓展了ESG价值效应的研究视角，也为政府制定ESG监管与激励政策提供了事实依据和理论支撑。
英文摘要：	Against the macro backdrop of deepening dual carbon targets and the comprehensive implementation of sustainable development strategies, ESG principles have progressively integrated into corporate strategic frameworks, becoming core metrics for assessing listed companies' comprehensive competitiveness and long-term development capabilities. In this context, clarifying the intrinsic linkages and transmission pathways between ESG performance and corporate value creation and volatility not only aids in unravelling the ‘black box’ of ESG value conversion but also holds significant theoretical and practical implications for companies optimising ESG practices and achieving sustainable development objectives. This study employs a bidirectional fixed-effects model, utilising a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2024. It selects ESG performance as the core explanatory variable, with corporate value creation levels and value creation volatility serving as the dependent variables, to investigate the impact mechanism of ESG performance on corporate value creation and volatility. Findings reveal: Firstly, ESG performance significantly enhances corporate value creation levels while effectively reducing the volatility of value creation, thereby strengthening operational stability. Second, green innovation, corporate reputation, and agency costs mediate the relationship between ESG performance and corporate value creation volatility. That is, ESG performance influences value creation and stability by driving green innovation, enhancing corporate reputation, and reducing agency costs. Third, the impact of ESG performance exhibits significant heterogeneity. State-owned enterprises, firms in eastern regions, and companies operating in highly competitive markets demonstrate more pronounced ESG value creation effects. Fourthly, over the long term, ESG performance exerts a significant positive influence on sustained corporate value creation, thereby validating the enduring value of ESG investment. This study not only enriches research findings concerning the relationship between ESG and corporate value creation, broadening perspectives on the value effects of ESG, but also provides empirical evidence and theoretical underpinnings for governments formulating ESG regulatory and incentive policies.
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