School of Management, Xi’an University of Science and Technology

自我国2020年9月向世界宣布“双碳”目标以来,ESG作为一种新发展理念,也随之不断发展。ESG表现不但可以衡量企业的可持续发展能力,也是一种提升企业价值的契机。使用2009—2022年ESG综合得分来评估煤炭企业ESG表现,并检验其对企业价值的影响。结果发现:ESG表现对煤炭企业内部账面价值和外部市场价值均有积极和显著的影响。机制分析表明,ESG表现通过降低融资约束来促进煤炭企业内部账面价值的提升,通过提升投资者信心进而提高煤炭企业的外部市场价值。异质性研究表明,ESG表现对于中西部地区煤炭企业、国有煤炭企业的价值提升效应更明显。

Since China announced the “two-carbon target” to the world in September 2020, ESG, as a new development concept has beendeveloping accordingly.ESG performance is not only a measure of the sustainable development ability of enterprises, but also anopportunity to enhance their value. This paper uses the 2009—2022 ESG composite score to evaluate the ESG performance of coalenterprises and to examine its impact on enterprise value. The results show that the ESG performance of the listed companies in the coalindustry has a positive and significant impact on both the internal book value and the external market value. Mechanism analysis shows thatESG performance promotes the internal book value of coal enterprises by reducing financing constraints, and enhances the external marketvalue of coal enterprises by improving investor confidence. Heterogeneity research shows that ESG performance has a more obvious valueenhancement effect for coal enterprises and state-owned coal enterprises in the central and western regions.

国家社会科学基金资助项目(20BJY076);陕西省哲学社会科学重大理论与现实问题研究项目(2021ND0235)