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ESG表现与企业韧性

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利用2019-2022年我国A股上市公司数据,探讨ESG表现对企业韧性的影响及作用机制.研究结果表明,ESG表现显著提升了企业韧性,使得企业在危机期间表现出更强的抵抗力和恢复力.细化ESG不同维度发现,相较于环境,社会责任和公司治理对企业韧性的提升作用更显著.作用机制研究发现,ESG表现通过增加产品的市场竞争优势、降低融资成本、提高企业声誉和抗风险能力四条路径提升企业的危机应对能力,进而增强企业韧性.异质性检验发现,ESG表现对企业韧性的增强作用在管理层决策视域较短、财务状况和内部控制较差的企业中更显著,说明ESG有助于解决管理者短视、财务状况和内部控制较差给企业带来的"生存性"难题,是企业于逆境中转"危"为"机"的重要驱动力.
The Impact of ESG Investment on Corporate Resilience
This paper uses the data of China's A-share listed companies from 2019 to 2022 to explore the impact of enterprise ESG perform-ance on corporate resilience and its mechanism.It finds that there is a significant positive relation between ESG performance and corporate resilience,which is manifested in the stronger resistibility and the higher recoverability during the crisis.After refining the ESG performance dimension,it was found that compared to environmental performance,social responsibility and corporate governance have a more significant impact on enhancing corporate resilience.Mechanism analysis shows that ESG performance mainly enhances the crisis response ability of enterprises through four paths:increasing the market competitive advantage of products,reducing financing costs,improving corporate reputation and risk resistance.Heterogeneity analysis shows that the enhancement effect of ESG performance on corporate resilience is more significant in sample enterprises with managerial myopia,poor financial condition,and poor internal control.This suggests that ESG can help alleviate the"survival"problems caused by short-sighted managers,poor financial condition and internal control,and is an important driving force for enterprises to turn"opportunity"in adversity.

ESG performancecorporate resiliencesocial responsibilitycorporate governancemarket competitionmanagerial myopiainternal controlcorporate reputation

刘建秋、徐雨露

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湖南工商大学会计学院,湖南长沙 410205

长沙市审计学会,湖南长沙 410000

ESG表现 企业韧性 社会责任 公司治理 市场竞争 管理者短视 内部控制 企业声誉

国家社会科学基金湖南省教育厅重点项目湖南省研究生科研创新项目广东省哲学社会科学规划项目深圳市哲学社会科学基金

18BGL09820A126CX20221129GD23CGL18SZ2023D006

2024

审计与经济研究
南京审计学院

审计与经济研究

CSSCICHSSCD北大核心
影响因子：4.643
ISSN：1004-4833
年,卷(期)：2024.39(1)
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