ESG“漂绿”对企业绩效的影响研究

当代财经 ›› 2024, Vol. 0 ›› Issue (11): 152-164.

• 现代会计 • 上一篇

ESG“漂绿”对企业绩效的影响研究

邹艳芬, 肖志文

江西财经大学工商管理学院,江西南昌 330013

收稿日期:2023-08-17 修回日期:2024-06-17 出版日期:2024-11-15 发布日期:2024-11-21
通讯作者: 肖志文,江西财经大学博士研究生,主要从事生态经济研究,联系方式xiao_zw0429@163.com。
作者简介:邹艳芬,江西财经大学教授,博士,主要从事生态经济与应用统计研究。
基金资助:
国家社会科学基金项目“ESG行政嵌入对绿色发展的影响效应及政策标准体系优化研究”（23BJY090）

A Study of the Impact of ESG“Greenwashing”on Corporate Performance

ZOU Yan-fen, XIAO Zhi-wen

Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2023-08-17 Revised:2024-06-17 Online:2024-11-15 Published:2024-11-21

摘要/Abstract

摘要： 践行ESG对推动经济社会绿色化、低碳化发展十分重要。以2011—2021年A股上市公司为研究样本,在测度企业ESG“漂绿”的基础上,实证检验了ESG“漂绿”对企业绩效的影响及其影响机制。研究发现,ESG“漂绿”、社会责任“漂绿”和公司治理“漂绿”均会显著降低企业的财务绩效和市场绩效,而环境责任“漂绿”会显著提高公司的财务绩效和市场绩效。影响机制分析发现,ESG“漂绿”会降低企业的经营能力、损害企业的声誉和增加企业的融资约束,因而ESG“漂绿”会降低企业绩效。异质性分析发现,在非国有企业和分析师关注度高的企业中,ESG“漂绿”对企业绩效的降低作用更显著。为此,企业、社会和政府要多方联动,共同推动中国特色的ESG治理体系建设。

关键词: ESG“漂绿”, 企业绩效, 信息披露, 可持续发展

Abstract: Practicing ESG is an important way to promote the green and low-carbon development of the economy and society. Taking the A-share listed companies from 2011 to 2021 as the research samples, this paper empirically tests the impact of ESG“greenwashing”on enterprise performance and its mechanism on the basis of measuring enterprise ESG“greenwashing”. The findings show that ESG greenwashing, social information greenwashing, and corporate governance greenwashing can all significantly reduce a company's financial and market performance, while environmental responsibility greenwashing will significantly improve a company's financial and market performance. The analysis of the influencing mechanism reveals that ESG greenwashing can weaken a company's operational capabilities, damage its reputation, and increase its financing constraints, thereby reducing its performance. The heterogeneity analysis reveals that in non-state-owned enterprises and enterprises with higher analyst attention, ESG“greenwashing”has a more significant effect on the declining corporate performance. To this end, enterprises, the society and the government should work together to promote the construction of China's distinctive ESG governance system.

Key words: ESG“greenwashing”, corporate performance, information disclosure, sustainable development

中图分类号:

F272.3

邹艳芬, 肖志文. ESG“漂绿”对企业绩效的影响研究[J]. 当代财经, 2024, 0(11): 152-164.

ZOU Yan-fen, XIAO Zhi-wen. A Study of the Impact of ESG“Greenwashing”on Corporate Performance[J]. Contemporary Finance & Economics, 2024, 0(11): 152-164.

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ESG“漂绿”对企业绩效的影响研究

A Study of the Impact of ESG“Greenwashing”on Corporate Performance

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