企业ESG表现会影响盈余价值相关性吗？

Will Enterprise ESG Performance Affect Earnings Value Relevance?

《财经研究》2023年49卷第6期 页码：137 - 152,169 online：2023年6月3日

作者

中：武鹏1 , 杨科1 , 蒋峻松1 , 王海林2

英：Wu Peng1, Yang Ke1, Jiang Junsong1, Wang Hailin2

作者单位：1. 云南大学 工商管理与旅游管理学院，云南 昆明 650500; 2. 首都经济贸易大学 会计学院，北京 100070

摘要及关键词

摘要：ESG理念与我国新发展理念不谋而合，已成为推动经济高质量发展的重要解题思路。文章从信息决策有用性视角，以2010—2020年中国A股上市公司为样本，研究了企业ESG表现与盈余价值相关性之间的关系。研究发现，企业ESG表现显著提高了会计盈余的价值相关性。机制检验表明，ESG表现通过能力转化（增强企业内生增长能力和降低经营风险）、信息传导（提供非财务增量信息和吸引分析师关注）和企业声誉（提升企业声誉）这三种机制来提高会计盈余的价值相关性。异质性分析发现，ESG表现能够提高可持续盈余和非可持续盈余的价值相关性，但对前者的提升作用更强，且企业ESG表现提高盈余价值相关性的作用仅显著存在于盈利公司。文章揭示了ESG表现影响资本市场的具体效应和内在逻辑，对我国进一步推动ESG体系建设和经济高质量发展具有重要启示。

关键词：ESG表现；盈余价值相关性；能力转化；信息传导；企业声誉

Summary: Entering the new stage of development, China has actively promoted the construction of ESG in the implementation of the new development concept, and promoted the sustainable development of the economy. In this context, exploring the value creation effect of ESG performance has important practical significance for further promoting the high-quality development of China’s economy. As a token of sustainable development and a major part of non-financial information, will good ESG performance significantly improve accounting earnings value relevance? The answer to this question will help to understand the application logic of enterprise ESG performance in the capital market, and enrich the research on financial information, non-financial information and resource allocation in the capital market. This paper attempts to answer the above question. The study finds that enterprise ESG performance significantly improves accounting earnings value relevance. The mechanism test shows that ESG performance improves accounting earnings value relevance through the three mechanisms of capacity transformation, information transmission and corporate reputation. In addition, the study also finds that, ESG performance can improve the value relevance of sustainable earnings and non-sustainable earnings, but it has a stronger effect on the value relevance of the former, and the improvement effect of ESG performance on earnings value relevance only exists in profitable enterprises. The conclusions show that, ESG performance can be transformed into the internal growth power of enterprises to reduce operational risks and improve the sustainable operation ability and risk management ability of enterprises. At the same time, ESG performance can effectively improve earnings value relevance only on the basis of profitability. This means that, when carrying out ESG practice, enterprises should pay more attention to the development of main businesses, enhance the profitability of core businesses, and make financial performance and ESG performance go hand in hand. In addition, government departments should strengthen the regulation and guidance of ESG practices, improve the scope and quality of ESG information disclosure, and make ESG performance truly serve the high-quality development of the economy. The marginal contribution of this paper lies in that: First, it analyzes the economic consequences of ESG performance from the perspective of financial information, which is an important supplement to the literature in the ESG field. Second, it supplements the literature on the factors affecting earnings value relevance from the perspective of non-financial information, providing empirical evidence for understanding the synergy between financial and non-financial information, and important enlightenment on how to improve earnings value relevance and promote the healthy development of the capital market.

Key words: ESG performance; earnings value relevance; capability transformation; information transmission; corporate reputation

其他信息

DOI：10.16538/j.cnki.jfe.20230221.104

收稿日期：2022-11-18

基金项目：国家社会科学基金项目（20BJY034）；云南省教育厅社会科学基金项目（2022Y142）；云南大学研究生科研创新基金项目（KC-2222115）

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