ESG Information Disclosure and Enterprise Value Enhancement
Under the concept of ESG,the increase of long-term value of enterprises depends on the all-round improvement of their environmental value,social value and governance ability.However,due to the differences in concept cognition and goal orienta-tion,enterprises still have many weighing problems and development difficulties in ESG practice.Based on the development logic of ESG concept,this paper selects all listed companies in Shanghai and Shenzhen A-shares from 2010 to 2020 as the research samples to empirically test the role path of ESG information disclosure to help the value appreciation of enterprises.The results show that good ESG information disclosure significantly enhances enterprise value;ESG information disclosure can enhance enter-prise value by increasing institutional investors,employee quality and innovation investment.The heterogeneity analysis found that in areas with a high degree of law,highly diversified industries and strong external supervision environment,ESG information disclosure has a more obvious effect on promoting enterprise value.The research points out that through the"gradual change"to improve the cognitive level of the market and enterprise ESG,deconstruct the ESG development concept,so as to realize the transformation of enterprise value creation mode and sustainable development.
ESG information disclosureenterprise value enhancementintermediary effectregulation effect
万方数据
维普
