The Impact of ESG Performance on Corporate Value:Based on Empirical Evidence from Domestic Listed Companies
With the introduction of the"Dual Carbon"strategy and the continuous penetration of the concept of sustainable development,high-quality development has become China's new development goal.At the corporate level,ESG performance is not only a reflection of corporate responsibility but has also become an important indicator for measuring the long-term value and sustainable development potential of a company.Based on this background,using the A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as samples,this study empirically investigates the impact of ESG performance on corporate value,as well as the intermediary role of technological innovation level.Furthermore,the moderating effects of property rights nature and the quality of accounting information disclosure in the mechanism by which ESG performance affects corporate value are analyzed.The research results show that good ESG performance can significantly enhance corporate value,and there is a partial intermediary effect of technological innovation between the two.The impact of good ESG performance in enhancing corporate value is more pronounced in non-state-owned enterprises and companies with qualified accounting information disclosure.Therefore,the government can encourage enterprises to improve ESG performance through corresponding policy incentives,in order to enhance the value effect of ESG performance.Companies should strengthen technological innovation,pursue the path of sustainable development,introduce advanced environmental protection technology,integrate green supply chains,respond to the national"Dual Carbon"targets,and thereby improve ESG performance.Investors should optimize the ESG assessment framework from a long-term perspective,prioritize investment in companies with good ESG performance and outstanding technological innovation,and help achieve a virtuous cycle in the capital market.
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