The Influence Of ESG Performance Of Chinese Listed Companies On Enterprise Value

In the context of implementing "carbon peak" and "carbon neutral" strategies,vigorously developing green finance and improving corporate management level,the performance of listed companies in environmental protection,social responsibility and corporate governance(ESG)has become an important factor affecting their sustainable development,and the impact of listed companies’ ESG performance on corporate value is the focus of research.This thesis focuses on the correlation between ESG performance and enterprise value from the perspective of corporate reputation.Firstly,this thesis collates and summarizes domestic and foreign literature.From the perspective of stakeholders,it makes an in-depth analysis of the correlation between ESG performance and enterprise value,and puts forward relevant research hypotheses.Then,by analyzing the mechanism of ESG performance on enterprise value,A fixed effect model is established,and an empirical analysis is conducted on 290 A-share listed companies from 2015 to 2020.It between enterprise ESG performance and enterprise value.In the in-depth research,it is found that corporate reputation plays an intermediary role in the influence of corporate ESG performance on corporate value.If the company is non-state owned or heavily polluting,the better its ESG performance,the higher its value.Then,the robustness test of the company’s ESG performance is carried out by using the price-to-book ratio(PB)and the Shanghai Securities ESG index to verify the correctness of the conclusions in this thesis.Based on the analysis of this thesis,relevant suggestions are put forward from the perspectives of professionals,investors,listed companies and regulatory agencies,which are helpful to improve the scientific value of enterprise valuation for asset appraisal professionals and guide investors to invest rationally.At the same time,it has certain reference value for listed companies to pay attention to and optimize the performance of ESG and for regulatory authorities to strengthen the construction and supervision of ESG system.