Study on the Mechanism of ESG on Corporate Value—Based on the Perspective of Corporate Innovation and Total Factor Productivity
In recent years,China has been committed to promoting high-quality social and economic development,and the performance of enterprises in environmental,social and corporate governance(ESG)has become a hot topic of social concern.This paper takes China's Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as samples to study the influence mechanism of ESG performance on firm value.The results show that there is a significant positive correlation between ESG performance and firm value.The internal mechanism test results of ESG value effect show that firm innovation and total factor productivity play an intermediary effect on the relationship between ESG performance and firm value,and firm size has a threshold effect on the relationship between ESG and firm value.Heterogeneity analysis results show that for state-owned enterprises and enterprises belonging to non-polluting industries,better ESG performance has a more significant effect on improving enterprise value.
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