企业ESG表现对非效率投资水平的影响研究
Research on the Impact of Company ESG Performance on the Level of Inefficient Investment

党的二十大报告强调，高质量发展是全面建设社会主义现代化的首要任务。ESG (Environment, Social and Governance)理念本质是一种社会共识的价值观，强调企业的可持续和高质量发展。企业通过改善ESG表现进而提升投资效率是企业高质量发展的重要途径。本文以2011~2022年间中国A股上市公司作为研究样本，就企业的ESG表现对其非效率投资水平的影响机理及作用机制进行深入分析，通过实证结果得出以下结论：企业改善ESG表现能显著降低非效率投资水平。企业ESG表现主要通过缓解融资约束来降低非效率投资水平。异质性分析结果表明，媒体关注度在企业ESG表现对非效率投资水平的影响过程中发挥负向调节作用。同时进一步分析发现，国企的ESG表现对非效率投资的影响更显著。最后，本文根据实证研究结果，提出了对ESG体系建设和企业ESG实践的相关对策建议。
The report to the 20th National Congress of the Communist Party of China stressed that high-quality development is the primary task of comprehensively building socialist modernization. The concept of ESG (Environment, Social and Governance) is essentially a social consensus value, emphasizing the sustainable and high-quality development of enterprises. It is an important way for enterprises to improve their investment efficiency by improving their ESG performance. Taking China’s A-share listed companies from 2011 to 2022 as research samples, this paper makes an in-depth analysis of the impact mechanism and action mechanism of enterprises’ ESG performance on the level of inefficient investment, and draws the following conclusion through the empirical results: Improving enterprises’ ESG performance can significantly reduce the level of inefficient investment. The ESG performance of enterprises mainly reduces the level of inefficient investment by easing financing constraint. Heterogeneity analysis results show that media attention plays a negative moderating role in the process of the influence of ESG performance on the level of inefficient investment. Further analysis shows that the ESG performance of state-owned enterprises has a more significant impact on inefficient investment. Finally, based on the empirical research results, this paper puts forward relevant countermeasures and suggestions for ESG system construction and enterprise ESG practice.