随着社会对环境保护与企业可持续发展议题的关注度不断上升,企业的ESG(Environment,Social and Governance)表现已成为衡量企业综合价值和长期竞争力的重要标尺.以2018年至2023年中国沪深A股108家照明上市企业作为研究样本,实证探究照明上市企业ESG表现和企业价值的关系,并进一步探讨研发投入的中介作用.研究结果显示:良好的ESG表现能够显著提升照明行业上市企业的企业价值;企业的ESG表现可通过增加研发投入,间接提升企业价值;研发投入在照明上市企业ESG表现和企业价值之间起到中介作用,通过替换变量法及时间滞后法等方式进行稳健性检验,检验结果与回归结果保持一致.研究结果不仅丰富了ESG表现对特色行业影响的研究,还为企业通过优化ESG实践来促进自身的可持续发展与市场竞争力的提升,提供了理论依据和实践指导.
ESG Performance,R & D Investment and Lighting Enterprise Value:Taking Shanghai and Shenzhen A-Share Listed Companies as an Example
With the increasing attention to environmental protection and corporate sustainable development,the ESG performance of enterprises has become an important benchmark for measuring their overall value and long-term competitiveness.Taking 108 listed lighting companies in China's Shanghai and Shenzhen A-Share markets from 2018 to 2023 as research samples,this study empirically explores the relationship between the ESG perform-ance and corporate value of listed lighting companies,and further investigates the mediating role of R&D invest-ment.The research results indicate that good ESG performance can significantly enhance the corporate value of listed lighting companies;the ESG performance of enterprises can indirectly enhance corporate value by increasing R&D investment;R&D investment plays a mediating role between the ESG performance and corporate value of lis-ted lighting companies.The robustness of the findings is confirmed through methods such as variable substitution and time lag,which are consistent with the regression results.The research results not only enrich the study of ESG performance in specific industries but also provide a solid theoretical basis and practical guidance for enter-prises to understand and optimize their ESG practices,thereby promoting sustainable development and enhancing market competitiveness.
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