Study On The Impact Of ESG Performance On Market Value Of Coal Listed Enterprises

Under the dual-carbon policy,China continues to work towards the goal of peak carbon and carbon neutrality.All industries,especially the energy sector,are accelerating the development of green economy with the government’s call and encouragement.This paper combines stakeholder theory,Information asymmetry theory and sustainable development theory to study enterprise ESG.Most of the long-term survival of enterprises generally value the profitability of the enterprise,the ultimate goal of such enterprises is to maximize their own value.In the energy industry,coal enterprises,as the main source of carbon pollution,must undertake the obligations and responsibilities of environmental protection and economic development Whether the relationship between the two is conflict or coexistence is a crucial issue for the coal enterprises themselves and the whole society.Under the current situation of promoting green economy,and R&D investment as a key variable is of great significance to this study.This paper will use the non-equilibrium panel data of coal enterprises and control the fixed effect model of time variables,this paper studies the relationship between ESG performance and market value,the mediating effect of R&D investment,and the relationship between ESG performance and market value.The conclusions are as follows: there is a significant positive correlation between ESG performance and market value;R&D investment plays a significant part of the intermediary effect between the two;ESG performance of state-owned Coal Enterprises has a significant positive effect on market value;Non-state-owned coal enterprises ESG performance and market value is not a significant positive correlation.To sum up,coal enterprises should be determined to improve their ESG performance,and between ESG performance and R&D reasonable allocation of their resources,minimize the conflict between the two.As an important enterprise in the energy industry,coal enterprises need to firmly practice ESG concept and gradually improve their own value in order to take the road of sustainable development.