首页|环保考核、ESG表现与企业价值——基于领导干部自然资源资产离任审计试点的准自然实验

环保考核、ESG表现与企业价值——基于领导干部自然资源资产离任审计试点的准自然实验

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基于利益相关者理论和信号传递理论,以2010-2019年我国A股上市公司为研究对象,采用多期双重差分模型的准自然实验,考察领导干部自然资源资产离任审计这一新型环保考核制度对企业价值的影响及其作用机制.研究发现:(1)领导干部自然资源资产离任审计能够提高企业价值;(2)领导干部自然资源资产离任审计可以通过提高企业ESG表现进而提高企业价值;(3)进一步分析结果表明:离任审计对企业价值的影响在非重污染企业、媒体关注度较低地区、绿色金融水平较低地区中更为显著.研究结果为如何健全领导干部环保考核机制,更好地激励地方领导干部实施可持续发展战略,促进经济社会全面发展提供参考.同时对离任审计的深化落实具有重要意义,有助于更好地改善环境质量,推动经济的高质量发展.
Environmental Assessment,ESG Performance,and Enterprise Value:Based on the Quasi-natural Experiment of Leading Cadres'Natural Resources Assets Departure Audit Pilot
This paper examines the impact of the new environmental assessment system of leading cadres'natural resource assets audit on enterprise value,and its functional mechanisms.We take China's A-share listed companies in 2010-2019 as the research object,deploy both stakeholder theory and signal transmission theory,and adopt the quasi-natural experiment of the multi-stage dual difference model.Our results show that the audit of natural resource assets of leading cadres can improve the value of enterprises by improving their environmental,social,and corporate governance(ESG)performance;further analysis results show that this impact is more significant in businesses that produce relatively low levels of pollution,that attract little media attention,and that have limited access to green finance.The results provide a reference for how to improve the environmental assessment mechanisms of leading cadres and to encourage local leading cadres to implement sustainable development strategies and promote the comprehensive development of the economy and society.This work is of great significance to the deepening implementation of outgoing audits,helping to improve the environment and promote high-quality economic development.

the audit of natural resource assets of leading cadresESGthe value of enterprisesmulti-phase DID

胡晓明、陶赟、戴冰

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南京财经大学会计学院,江苏南京 210023

领导干部自然资源资产离任审计 ESG 企业价值 多期DID

财政部资产评估中心研究课题(第二批)(2023)江苏省审计厅审计科研课题(2023-2024)江苏省审计厅审计科研课题(2023-2024)江苏省研究生科研创新计划

YB202308苏审发[2023]56号2023JSSJY003KYCX23_1828

2024

南京财经大学学报
南京财经大学

南京财经大学学报

CHSSCD
影响因子：0.284
ISSN：1672-6049
年,卷(期)：2024.(1)
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