Research On The Impact Of ESG On Enterprise Value From The Perspective Of Investor Attention

In recent years,the concept of ESG has been widely disseminated in China,and has attracted great attention from enterprises,investors,regulators and other financial market entities.As a non-financial investment concept,ESG investment plays a negative role in eliminating risks of enterprises in non-financial fields such as social ethics and environmental protection to a certain extent,which helps to protect the interests of investors.In addition,ESG concept coincides with the double carbon goal,which is an important force in promoting the transformation of economic structure and realizing the high quality development of social economy.For enterprises with good ESG performance,ESG rating is a window for them to show their economic strength and social responsibility to the outside world.To actively undertake social responsibility can win the favor of the public and government departments,thus creating convenient conditions for subsequent operation and financing.By practicing ESG concepts to guide their actions in non-financial fields,enterprises can bring positive externalities to the society and enhance their own value,thus achieving a win-win situation for both enterprises and the public.This paper first explores how ESG investment affects enterprise valuation and the transmission path of such influence.Then,by introducing the behavioral variable of investor attention,it explores the moderating role of investor behavior in the process of ESG’s influence on enterprise valuation.Based on the theories of information asymmetry,cognitive resources and signal transmission,this paper firstly elaborates the transmission mechanism of ESG to enhance enterprise valuation from the perspectives of financing constraints,anti-risk ability,sustainable development economic policy uncertainty and investor attention.Then,through empirical analysis,we test the impact of ESG on enterprise valuation,verify the two transmission paths of financing constraints and antirisk ability,and add investor attention variable into the model to investigate the moderating effect of investor behavior on this impact.Finally,we carry out heterogeneity analysis according to the property right nature and enterprise registration place.The results show that the participation of enterprises in ESG has a significant effect on the valuation of enterprises,mainly through the two channels of easing the financing constraints of enterprises and improving the anti-risk ability of enterprises.Investor attention will weaken the impact of ESG investment on enterprise valuation,and thisnegative moderating effect is stronger in the sample of state-owned enterprises.Investor attention in eastern and central regions has a negative moderating effect on the impact of ESG on enterprise valuation.The moderating effect of investor attention in central regions is stronger than that in eastern regions,while the moderating effect of investor attention in western and northeastern regions is not significant.On the one hand,the research conclusions of this paper enrich the theoretical research content of the relationship between ESG and enterprise valuation;on the other hand,it provides a strong reference for enterprises to actively participate in ESG practice,the government to promote ESG investment system and investors to establish a more correct and comprehensive awareness of ESG investment.