陈澍 Chen Shu

（东北大学工商管理学院  沈阳市 110169）

(School of Business Administration, Northeastern University, Shenyang 110169)

摘要：随着国家“双碳”战略逐步落实，企业的环境、社会和治理（ESG）不仅是投资者关注的重要信息窗口，也将影响企业的长期可持续发展。本文基于可持续发展理论、利益相关者理论和信息不对称理论，选取2015-2021年A股上市企业数据，实证检验了ESG质量对企业价值的影响，研究发现，企业ESG质量有利于提高企业价值。进一步研究表明，该促进作用对国有企业和非重污染企业的影响更加显著。基于研究结果，本文从企业和政府两方面提出了建议。文章从微观层面为ESG提高企业价值提供了理论和经验证据，对于促进企业管理者关注社会责任建设和政府制定ESG有关披露政策具有借鉴意义。

Abstract: With the gradual implementation of the national "double-carbon" strategy, the environment, society and governance (ESG) of enterprises is not only an important information window that investors should pay attention to, but also will affect the long-term sustainable development of enterprises. Based on the theory of sustainable development, stakeholder and information asymmetry, this paper selected the data of a-share listed enterprises from 2015 to 2021 to empirically test the impact of ESG quality on enterprise value, and found that the quality of ESG quality of enterprises is conducive to improving enterprise value. Further research shows that the promotion effect on state-owned enterprises and non-heavy polluting enterprises is more significant. Based on the research results, this paper puts forward two suggestions from enterprises and government. This article provides theoretical and empirical evidence for ESG to improve the value of enterprises from the micro level, which is of reference significance for promoting enterprise managers to pay attention to the construction of social responsibility and the government to formulate relevant disclosure policies of ESG.

关键词：ESG质量，企业价值，企业异质性

Key words: ESG quality, enterprise value, enterprise heterogeneity