企业环境、社会和治理表现对经营绩效的影响研究
Study on the Influence of ESG Performance on Business Performance

企业的环境、社会和治理(ESG)表现不仅是一种道德责任，更是企业可持续发展不可或缺的要素。本文基于2012~2021年我国制造业A股上市公司的面板数据，采用双向固定效应、分段检验方法实证检验企业环境、社会和治理表现对于企业经营绩效的作用效应及影响机制。结果显示：1) 企业环境、社会和治理表现越好，越有利于提升企业经营绩效，更换变量衡量方式、改变样本容量后上述结果依然稳健；2) 异质性检验结果发现相比于非国有企业，国有企业ESG表现对其绩效的促进作用更明显；3) 进一步机制检验结果表明，企业环境、社会和绩效表现主要通过缓解企业融资约束和增加企业创新投入两个渠道提升企业经营绩效。
Corporate environmental, social, and governance (ESG) performance is not only a moral responsibility but also an indispensable element for sustainable business success. This article is based on panel data from Chinese manufacturing A-share listed companies from 2012 to 2021. It employs a two-way fixed-effects model and segmented tests to empirically examine the effects and mechanisms of corporate environmental, social, and governance performance on firm operational performance. The results reveal the following: 1) The better a company’s environmental, social, and governance indicators, the more favorable it is for improving its operational performance. These findings remain robust even when changing variable measurement methods and sample sizes; 2) Heterogeneous test results indicate that, compared to non-state-owned enterprises, state-owned enterprises benefit more from the positive effects of ESG performance on their operational performance; 3) Further mechanism test results suggest that corporate environmental, social, and governance performance primarily enhances operational performance through two channels: Alleviating corporate financing constraints and increasing corporate investment in innovation.