The Impact of ESG Performance on Corporate Risk——The Moderating Effect Model of Cash Holding Level
Studying the relationship between ESG performance and corporate risk is of great significance for incentivizing enterpri-ses to increase ESG practice investment and achieve sustainable economic development.This article takes A-share listed compa-nies from 2015 to 2021 as the research sample,and uses corporate cash holdings as the moderating variable to study the impact of ESG performance on corporate risk.The results indicate that the better the ESG performance,the lower the enterprise risk,and compared to non-state-owned enterprises,the ESG performance has a more significant inhibitory effect on the enterprise risk of state-owned enterprises.At the same time,research conclusions indicate that cash holdings play a moderating role between corpo-rate ESG performance and corporate risk.At the end of the article,some countermeasures and suggestions were provided based on the research conclusions.
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