Research On The Impact Of ESG Performance Of Listed Companies On Corporate Value

ESG is an acronym for environment,social,and governance,mainly used to measure the sustainability of companies’development.At present,with the continuous and in-depth promotion of the "dual carbon"strategy,the development of ESG in our country has entered the last lane.From the perspective of sustainable development,ESG can drive listed companies to implement new development philosophy,empowering them to achieve high-quality growth,thereby promoting the stable and healthy operation of capital markets,and leding to high-quality economic growth for the nation.In the daily operation,to realize the maximum of the corporate value is the goal that the listed companies have been pursuing.Therefore,the impact of ESG performance on the corporate value has drawn the common attention of the practical circles and the academic circles.Previous studies have found that ESG performance can have an impact on corporate value,but there is little research on the internal impact mechanism of the relationship between ESG performance and corporate value.Based on this,this paper discusses the relationship between ESG performance and corporate value,and innovatively studies the internal influence mechanism from the internal and external perspectives,and further analysis of the nature of ownership,industry characteristics and regional differences on the impact of the relationship between the differences.Taking Chinese A-share listed companies in 2011-2021 as the research sample,this paper proposes research hypotheses through literature review and theoretical analysis firstly.Then,studies the impact of ESG performance of listed companies on corporate value through multiple linear regression,tests the intermediary effect of human capital and analyst attention,as well as the moderating effect of internal control and institutional investor heterogeneity.Lastly,tests heterogeneity from the perspective of ownership nature,industry characteristics,and regions.The research results show that:firstly,better ESG performance of listed companies can promote corporate value.Secondly,human capital and analyst attention play a partial mediating role in the impact of ESG performance on corporate value.That is,the ESG performance of listed companies promotes the improvement of corporate value by improving human capital and analyst attention.Thirdly,internal control and pressure resistant institutional investors have a positive regulatory effect on the impact of ESG performance on corporate value,while pressure sensitive institutional investors have no significant regulatory effect.Fourth,the improvement effect of better ESG performance of listed companies on corporate value is more significant among non-state owned companies,companies in non heavily polluting industries,and companies in the eastern region.Finally,based on the research conclusions drawn from empirical analysis and the current situation of ESG development in China,targeted suggestions are proposed from three aspects:company,market,and government,providing theoretical reference for Chinese company to achieve sustainable development and promote high-quality economic growth.