ESG liability has an important impact on the financial risk of enterprises,but the relationship between ESG practices and the financial risk of tourism enterprises under the Chinese-style modernization model remains extremely scarce.As is revealed by the relevant data of China's A-share listed tourism enterprises from 2010 to 2020,good ESG performance can significantly reduce the fi-nancial risk faced by tourism enterprises,and the underlying mechanism behind this phenomenon is that good ESG performance signifi-cantly mitigates financial risks by motivating stakeholders including executives,employees,tourists,government,and investors to take actions in favor of tourism enterprises.The above conclusions have important reference value for exerting a reverse compulsion on Chi-nese tourism enterprises,obliging them to attach importance to ESG responsibility,scientifically respond to financial risks,and correct-ly handle the relationship between tourism enterprises and stakeholders.
维普
万方数据