企业改善ESG表现能降低财务风险吗——来自中国上市公司的经验证据.pdfVIP

第37卷第2期 湖南大学学报(社会科学版) Vol. 37 , No. 2 2 0 2 3年3月 Journal of Hunan University (Social Sciences) Mar. 2 0 2 3 DOI： 10.16339/ki.hdxbskb. 2023.02.008 企业改善ESG表现能降低财务风险吗？ ——来自中国上市公司的经验证据* 谢赤】 ，李蔚莹】 (1.湖南大学工商管理学院，湖南长沙410082,2.湖南大学智慧经济与数字社会研究院，湖南长沙410082) ［摘 要 ］以中国A股上市公司及其2010年至2021年数据为研究对象及样本 ，采用基本面板模型和面板分 位数模型检验企业环境、社会和治理(ESG)表现对其财务风险的影响 。实证结果表明：一方面，企业改善ESG表现 确实可以降低财务风险，且这种影响随其自身的财务风险水平增加而减弱 ，但对财务风险水平极高的企业而言该 影响并不明显 。另一方面，作为企业内外部对上述关系产生作用的两个重要因素， “争议事件会削弱企业ESG表 现对财务风险的影响，而董事性别”对此关系的作用则不显著。 ［关键词］企业ESG表现；财务风险；争议事件；董事性别 ［中图分类号］F272 ［文献标识码 ］A ［文章编号］1008-1763(2023)02-0051-08 Can Firms Improving ESG Performance Reduce Financial Risks? Empirical Evidence from Chinese Listed Companies XIE Chi12, LI Wei-ying1 (1. Business School, Hunan University, Changsha 410082, China; 2. Institute for Intelligent Economy and Digital Society, Hunan University, Changsha 410082, China) Abstract：This paper takes Chinese A-share listed companies and their data from 2010 to 2021 as the research objects and samples» and uses the basic panel model and panel quantile model to test the impact of environmental, social? and governance (ESG) performance on their financial risks. The empirical results show that, on the one hand, improving ESG performance does reduce financial risks, and this effect de­ creases with its own financial risk level, but it is not significant for enterprises with very high financial risk levels. On the other hand, as two important factors that contribute to this relationship, both internally and externally, controversial eventsw weaken the impact of ESG per