Research on the Impact of ESG Performance on Enterprises Investment Preferences—Intermediary Effect Based on Future Cash Flows
The report of the 20th National Congress of the Communist Party of China emphasizes accelerating the green transformation of development mode and achieving modernization of harmonious coexistence between hu-mans and nature.Enterprises are a key force in promoting green and high-quality development,and exploring the impact of ESG performance on corporate investment preferences is of great significance.Based on data from Chi-nese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,this paper uses stepwise regression a-nalysis to empirically test the impact and pathway of corporate ESG performance on investment preferences.The results indicate that good ESG performance can significantly affect a company's investment preferences,promoting green technology innovation while curbing excessive financialization.Future cash flows play a partial mediating role in the future.This paper not only expands the research on the impact of ESG performance of companies,but also provides new ideas for improving corporate investment preferences,helping to guide companies to attach im-portance to ESG concepts and actively engage in research and development innovation,guiding them to"break a-way from the virtual and return to the real",and assisting companies in high-quality development.
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