ESG Performance and Value Enhancement of Private Enterprises——Based on the Perspective of Financing Capability
The ESG philosophy emphasizes that enterprises should pay attention to ecological environment protection,fulfill social responsibilities,and enhance governance,which is a significant incentive for the growth of enterprises and value enhancement.This paper empirically tests the relationship between ESG performance and enterprise value from the perspective of financing capability,with A-share-listed private enterprises from 2015 to 2022 as samples.The result shows that ESG performance significantly improves enterprise value,and financing capacity has an intermediary effect in this process.Heterogeneity analysis shows that the larger the enterprise,the more effective ESG performance will be in improving enterprise value.It is suggested that the guidance and supervision of ESG information disclosure should be en-hanced,disclosure standards and evaluation systems should be improved,and the application of evalua-tion results should be expanded so that the better evaluation function of ESG can be achieved.
private enterprisesESG performancefinancing capabilityenterprise value
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