Research on the Impact and Mechanism of ESG on Financial Risk of Tourism Enterprises in China
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.
万方数据
维普
