Corporate ESG Performance and Corporate Value
企业 ESG 绩效和企业价值

Keywords: Corporate ESG performance; corporate value; digital transformation; innovation capability; corporate asset allocation.
关键词：企业ESG绩效;企业价值;数字化转型;创新能力;公司资产配置。

The report of the 20th CPC National Congress pointed out that Chinese-style modernisation is a modernisation in which human beings coexist harmoniously with nature, and that we must adhere to sustainable development to achieve the sustainable development of the Chinese nation. ESG performance is a comprehensive assessment of the sustainable development of corporate operations from three dimensions: environmental (E), social (S) and corporate governance (G), and is a green development concept that organically combines social and economic values. In China, the implementation of ESG practices is of great strategic significance because not only is it in line with the high-quality development of the economy, in line with the spirit of the 20th CPC National Congress, and closely related to issues such as the dual-carbon target, ecological civilisation, poverty alleviation, and common prosperity, but it is also a powerful tool for enhancing corporate value and realising high-quality development of the economy. How to view how ESG performance affects corporate sustainability and high-quality development is a current issue that needs to be verified. Therefore, on the basis of the core question of whether ESG performance affects enterprise value, this paper further studies its specific impact mechanism, explores the mechanism by which ESG performance affects enterprise value and the moderating role of enterprise heterogeneity on the value effect of ESG performance, which is crucial to help enterprises implement the concept of green development and promote the sustainable development of the real economy.
中国共产党第二十次全国代表大会报告指出，中国式现代化是人与自然和谐共处的现代化，实现中华民族的可持续发展必须坚持可持续发展。ESG绩效是从环境（E）、社会（S）和公司治理（G）三个维度对公司运营可持续发展的综合评价，是将社会价值和经济价值有机结合的绿色发展理念。在中国，实施ESG实践具有重要的战略意义，因为它不仅符合经济高质量发展，符合党的二十大精神，与双碳目标、生态文明、脱贫攻坚、共同富裕等问题密切相关，也是提升企业价值、实现经济高质量发展的有力工具。如何看待ESG绩效如何影响企业可持续发展和高质量发展，是一个需要验证的当下问题。因此，本文在ESG绩效是否影响企业价值这一核心问题的基础上，进一步研究了其具体影响机制，探讨了ESG绩效影响企业价值的机制以及企业异质性对ESG绩效价值效应的调节作用，这对于帮助企业贯彻绿色发展理念、促进实体经济可持续发展至关重要。
Based on the above background, this paper uses A-share family-owned companies listed in Shanghai and Shenzhen from 2014 to 2024 as a sample to examine the impact of ESG performance on enterprise value. The empirical results of this paper find that ESG performance can effectively promote enterprise value, and this promotion effect is more significant when belonging to stateowned enterprises and high-tech enterprises. Further analysis of its mechanism of action finds that corporate ESG enhances corporate value through digital transformation, promoting corporate innovation, and enhancing financial asset allocation.
基于上述背景，本文以 2014 年至 2024 年在上海和深圳上市的 A 股家族企业为样本，考察了 ESG 绩效对企业价值的影响。本文的实证结果发现，ESG绩效可以有效提升企业价值，且当属于国有企业和高新技术企业时，这种提升效应更为显著。进一步分析其作用机理发现，企业ESG通过数字化转型、推动企业创新、加强金融资产配置来提升企业价值。

The contributions of this paper are: 1 . Based on the fact that there are still relatively few in-depth studies on how ESG performance affects corporate value, and the research in this field still needs to be further deepened, this paper conducts an empirical study on the relationship between ESG
本文的贡献是： 1 .基于关于 ESG 绩效如何影响企业价值的深入研究仍然相对较少，并且该领域的研究仍需进一步深化，本文对 ESG 之间的关系进行了实证研究
performance and corporate value. 2. An empirical study of the relationship between ESG performance and firm value explores the interactions between the two and the mechanisms by which they work, providing a useful addition to the existing literature on the impact of ESG performance on economic outcomes. ESG performance-digital transformation", “ESG performance-innovation capabilitycorporate value”, “ESG performance-financial asset allocation-corporate value”, and “ESG performance-innovation capability-corporate value”. ESG performance - digital transformation enterprise value", “ESG performance - innovation capability - enterprise value” and “ESG performance - financial asset allocation - enterprise value”, which enriches the research on the mechanism of the impact of ESG performance on enterprise value. 3. In order to more comprehensively study the relationship between ESG performance and enterprise value, this paper further explores and tests the impact of ESG on enterprise value of state-owned enterprises (SOEs) and high-tech enterprises (HTEs), in terms of heterogeneity of property rights and types of enterprises. 4. In order to more comprehensively study the relationship between ESG performance and enterprise value, this paper further explores the impact of ESG on enterprise value of state-owned enterprises and high-tech enterprises from the perspective of ownership type and enterprise type heterogeneity, and conducts a test to make the research of this paper richer.
绩效和企业价值。2. 对 ESG 绩效与公司价值之间关系的实证研究探讨了两者之间的相互作用及其运作机制，为关于 ESG 绩效对经济结果影响的现有文献提供了有益的补充。ESG绩效-数字化转型》、《ESG绩效-创新能力企业价值》、《ESG绩效-金融资产配置-企业价值》、《ESG绩效-创新能力-企业价值》。ESG绩效-数字化转型企业价值》、《ESG绩效-创新能力-企业价值》和《ESG绩效-金融资产配置-企业价值》，丰富了ESG绩效对企业价值影响机制的研究。3. 为了更全面地研究 ESG 绩效与企业价值之间的关系，本文从产权和企业类型的异质性方面进一步探讨和测试了 ESG 对国有企业 （SOE） 和高科技企业 （HTE） 企业价值的影响。4. 为更全面地研究ESG绩效与企业价值之间的关系，本文从所有制类型和企业类型异质性的角度进一步探讨了ESG对国有企业和高新技术企业企业价值的影响，并进行了一次检验，使本文的研究更加丰富。
The rest of this paper is arranged as follows: the second part is the literature review, the third part is the research hypothesis, the fourth part is the research design, the fifth part is the empirical analysis, and the sixth part is the conclusions and insights.
本文的其余部分安排如下：第二部分是文献综述，第三部分是研究假设，第四部分是研究设计，第五部分是实证分析，第六部分是结论和见解。

Currently, academics have conducted a large number of studies on the impact of ESG on corporate value, and scholars have come to different conclusions about the relationship between ESG and corporate value. In these studies, the vast majority of scholars ESG can enhance the value of the company; some scholars believe that ESG will reduce the value of the company.
目前，学者们对 ESG 对企业价值的影响进行了大量研究，学者们对 ESG 与企业价值之间的关系得出了不同的结论。在这些研究中，绝大多数学者认为 ESG 可以提升公司的价值;一些学者认为，ESG 会降低公司的价值。
On the one hand, ESG performance can promote firm value. Existing studies suggest that ESG enhances firm value in all three dimensions of environmental (E) social (S) and corporate governance (G). The environmental dimension focuses on a firm’s efficiency in the use of natural resources, the control of pollution emissions, and the protection of ecosystems. Investments in environmental management can lead to cost savings and efficiency improvements, which in turn increase corporate value. Enterprises’ assumption of environmental responsibility improves their corporate image, which in turn increases their market value (Chen Hong and Zhang Lingxiao, 2024). Under the corporate social dimension, good social performance enhances corporate brand image and consumer loyalty, which in turn increases market share and revenue (Zhu et al., 2016). In addition, corporate investment in social responsibility can attract and retain talent and increase employee satisfaction and productivity. With regard to the corporate governance dimension, good corporate governance can reduce agency costs and improve the quality of decision-making and risk management ability of firms. Taking domestic A-share listed enterprises in 2011-2016 as a research sample, Zhang Ju (2019) analysed and found that the higher the level of corporate governance, the stronger the profitability of the enterprise.
一方面，ESG 绩效可以提升公司价值。现有研究表明，ESG 在环境 （E）、社会 （S） 和公司治理 （G） 这三个维度上都提高了公司价值。环境维度侧重于公司使用自然资源、控制污染排放和保护生态系统的效率。对环境管理的投资可以节省成本和提高效率，从而增加企业价值。企业对环境责任的承担改善了他们的企业形象，进而增加了他们的市场价值（Chen Hong 和 Zhang Lingxiao，2024）。在企业社会维度下，良好的社会绩效可以提高企业品牌形象和消费者忠诚度，从而增加市场份额和收入（Zhu et al.， 2016）。此外，企业对社会责任的投资可以吸引和留住人才，并提高员工满意度和生产力。在公司治理层面，良好的公司治理可以降低代理成本，提高企业的决策质量和风险管理能力。以 2011-2016 年国内 A 股上市企业为研究样本，张菊（2019）分析发现，公司治理水平越高，企业的盈利能力越强。

On the other hand, some scholars believe that ESG performance has a negative effect on firms. In the short term, ESG performance may have a negative impact on firms’ financial returns in the short term (Coelho et al., 2023). An empirical study by Giannopoulos et al. (2022) states that ESG actions may negatively affect firms’ return on assets. In the long run, Rojo-Suarez and Alonso-Conde’s (2023) study, on the other hand, suggests that ESG performance may be negatively correlated with corporate returns. These findings suggest that ESG investments are not always positively associated with corporate financial performance.
另一方面，一些学者认为 ESG 绩效对公司有负面影响。从短期来看，ESG 表现可能会在短期内对公司的财务回报产生负面影响（Coelho et al.， 2023）。Giannopoulos 等人（2022 年）的一项实证研究表明，ESG 行动可能会对公司的资产回报率产生负面影响。另一方面，从长远来看，Rojo-Suarez 和 Alonso-Conde （2023） 的研究表明，ESG 绩效可能与企业回报呈负相关。这些发现表明，ESG 投资并不总是与公司财务业绩呈正相关。

Although scholars’ findings are inconsistent, most of the studies believe that ESG performance can promote enterprise value (Lou Zouchao, 2021), which means that the idea that ESG performance can promote enterprise value is more reasonable. Therefore, this paper proposes hypothesis 1.
虽然学者们的发现不一致，但大多数研究认为 ESG 绩效可以促进企业价值（Lou Zouchao， 2021），这意味着 ESG 绩效可以促进企业价值的想法更合理。因此，本文提出了假设 1。
Hypothesis 1: ESG performance can promote enterprise value.
假设 1：ESG 绩效可以促进企业价值。

There is little literature on ESG enhancing firm value through digital transformation. However, there is existing literature that examines the impact of ESG on digital transformation, and there is also literature that examines the impact of digital transformation on firm value. These two studies provide a reference for us to study ESG’s enhancement of firm value through digital transformation.
关于 ESG 通过数字化转型提升公司价值的文献很少。然而，现有文献研究了 ESG 对数字化转型的影响，也有一些文献研究了数字化转型对公司价值的影响。这两项研究为我们研究 ESG 通过数字化转型提升企业价值提供了参考。
Wang, Dan and Zhang, Ding (2023) show that based on signaling theory and principal-agent theory, digital transformation facilitates the interconnection of information and effective regulation between principals and agents by improving information transparency and transmission efficiency, and enhances the willingness of firms to disclose ESG information. At the same time, enterprises are able to continuously update ESG information to the capital market through multiple platforms, expanding the influence of the media and institutional investors, enriching external regulatory channels, helping to avoid moral hazard caused by information asymmetry, and promoting the transparency of business processes and the quality of internal control. Further the information transfer effect of ESG disclosure can be enhanced by the advancement of digital technology. Yu Hao and Zhao Sweet (2023) found that enterprises in the process of digital transformation, through active disclosure of ESG information, enhanced stakeholder information, which helps to improve the reputation and visibility of the enterprise and thus enhance corporate performance, reduce corporate risk for digital transformation to bring significant synergistic effects, access to achieve a multi-faceted empowerment. Li Jinglin et al. (2021) argued that digital transformation provides a way for companies to enhance dynamic capabilities, optimise cost control, and improve resource efficiency, while also laying the foundation for corporate ESG performance. Chen et al. (2023) found that ESG performance helps to strengthen the role of digital transformation in promoting corporate innovation. In terms of the relationship between digital transformation and enterprise value, according to the signalling theory, enterprises’ proactive fulfilment of social responsibility can reduce the information asymmetry between enterprises and stakeholders such as shareholders, and enable enterprises to increase enterprise value more effectively by advancing the digitalisation process (Ming Yuzhuo, 2024). Zhang Miao (2024) digital transformation can improve enterprise value from three aspects: improving corporate governance, easing financing constraints, and enhancing the ability of corporate innovation. Based on the above analyses, this paper proposes hypothesis H 2 .
Wang， Dan 和 Zhang， Ding （2023） 表明，基于信号理论和委托代理理论，数字化转型通过提高信息透明度和传输效率，促进了委托人和代理之间的信息互联和有效监管，增强了企业披露 ESG 信息的意愿。同时，企业能够通过多个平台不断向资本市场更新 ESG 信息，扩大媒体和机构投资者的影响力，丰富外部监管渠道，有助于避免信息不对称带来的道德风险，促进业务流程的透明度和内部控制的质量。此外，数字技术的进步可以增强 ESG 披露的信息传递效果。Yu Hao 和 Zhao Sweet （2023） 发现，企业在数字化转型过程中，通过主动披露 ESG 信息，增强利益相关者信息，从而有助于提高企业的声誉和知名度，从而提升企业绩效，降低企业风险，为数字化转型带来显著的协同效应，实现多方位的赋能。Li Jinglin et al. （2021） 认为，数字化转型为企业提供了一种增强动态能力、优化成本控制和提高资源效率的方法，同时也为企业 ESG 绩效奠定了基础。Chen et al. （2023） 发现，ESG 绩效有助于加强数字化转型在促进企业创新方面的作用。 在数字化转型与企业价值的关系方面，根据信号理论，企业主动履行社会责任可以减少企业与股东等利益相关者之间的信息不对称，使企业能够通过推进数字化进程更有效地提升企业价值（Ming Yuzhuo， 2024）。张淼（2024） 数字化转型可以从改善公司治理、缓解融资约束和增强企业创新能力三个方面提升企业价值。基于以上分析，本文提出了假设 H 2 。
Hypothesis 2: ESG performance improves corporate value by improving digital transformation.
假设 2：ESG 绩效通过改善数字化转型来提高企业价值。

There is little research in the literature on ESG increasing firm value by promoting firm innovation. However, there is literature on the impact of ESG on corporate innovation and also on the impact of corporate innovation on firm value. The two studies provide a reference for us to study that ESG increases firm value by promoting firm innovation.
文献中关于 ESG 通过促进公司创新来增加公司价值的研究很少。然而，有关于 ESG 对企业创新的影响以及企业创新对公司价值影响的文献。这两项研究为我们研究 ESG 通过促进公司创新来增加公司价值提供了参考。
In terms of the relationship between ESG and innovation capability, corporate innovation is a key element of an enterprise’s development as it constantly creates and innovates according to the market development trend, and it also provides an important support for the transformation and upgrading of the enterprise in terms of technology. Wang Ni (2022) found that excellent ESG performance can provide valuable information resources for corporate management, support the optimisation of corporate resource allocation and governance structure, and thus promote corporate innovation investment decisions including innovation level and innovation structure. ESG can enhance the ability and motivation to innovate in the three dimensions of corporate environmental performance, corporate social responsibility, and corporate governance, all at the same time, thus contributing to
就ESG与创新能力的关系而言，企业创新是企业发展的关键要素，因为它根据市场发展趋势不断创造和创新，也为企业在技术方面的转型升级提供了重要支撑。王霓 （2022） 发现，优秀的 ESG 表现可以为企业管理提供有价值的信息资源，支持优化企业资源配置和治理结构，从而推动包括创新水平和创新结构在内的企业创新投资决策。ESG 可以同时增强在公司环境绩效、企业社会责任和公司治理三个维度创新的能力和动力，从而有助于