The Impact of ESG Evaluation System on the Risk of Listed Enterprises under Dual-carbon Target

Yibin Ma; Riming Jin; Zhenyu Wu

doi:10.6981/FEM.202410_5(10).0009

Authors

Yibin Ma
Riming Jin
Zhenyu Wu

DOI:

https://doi.org/10.6981/FEM.202410_5(10).0009

Keywords:

20th CPC Nati; ESG Evaluation System; Risk of Listed Enterprise.

Abstract

In recent years, ESG has developed rapidly in China. This paper starts from the dual carbon target and based on the requirements of high-quality development, explores the potential relationship between ESG disclosure and corporate risk. Drawing on a large number of references, this paper enriches the research results of ESG evaluation of enterprises. The data selected for this study are A-share listed companies in China from 2010 to 2021, and the OLS model is used for regression analysis, followed by further regression analysis using fixed effect models, etc. The study found that the ESG score distribution of Chinese listed companies is basically in line with a normal distribution, indicating that the ESG evaluation system data in China has statistical significance, and the ESG performance of enterprises has an important impact on investment decisions of investors.

Downloads

Download data is not yet available.

References

[1] Feng Yongjie, green governance (ESG) of listed companies in Zhang Jingxian and the competitive position of enterprises-an empirical study based on the regulatory effect of competitive strategy [J] Business Accounting, 2022( 18):19-24.

[2] Qiao Meihua's exposure of environmental information and economic development with high quality [J] Modern economic development, 2020(07):44-50.

[3] ESG performance of Wang Jitian, Ma Shan and Tian Boao and the risk of stock price collapse-based on the moderating effect of investor sentiment and executive overconfidence [J] Financial Development Research, October 9, 2022.

[4] Huang Rong, Peng Xiaofan, Environmental Information Disclosure, Management Power and Enterprise Risk-Based on the Empirical Data of China Manufacturing Listed Companies [J] Friends of Accounting, 2021(21):82-90.

[5] Liu Guangyan, Zhang Wenjie environmental information disclosure quality, analyst's concern and the risk of stock price crash-based on the empirical data of listed companies in heavily polluting industries [J] journal of shandong institute of business and technology, 2022,36(2):1- 11.

[6] Wang Zhiying, Zhao Ruxiang the impact of environmental uncertainty on the financialization of enterprises-the intermediary role of risk-taking, financing constraints and agency costs [J] Financial Development Research, 2021(7):46-53.

[7] Feng Liyan, Xiao Xiang, Cheng Xiaoke, the impact of social responsibility on enterprise risk-based on the analysis of China's economic environment [J] nankai business review, 2016, 19(6):141- 154.

[8] Lu Jing, Min Jian Media Negative Emotion, Social Responsibility and Enterprise Risk-taking: Pressure Driven or Loss Avoidance [J] Accounting Newsletter, 2021( 17):67-71.

[9] Wang Mengyue Corporate Social Responsibility and Corporate Risk-An Empirical Study on COVID-19 Epidemic [D] Beijing: university of international business and economics, 2021.

[10] Chu Xuan corporate social responsibility in alleviating the risk of financial difficulties [J] Jiangsu Business Theory, 2021(9):113- 116.

[11] Zhou Fangzhao, Jin Yuanpei, He Zhifang, the impact of corporate social responsibility on corporate performance and risk-evidence from China A-share listed companies [J]. Technical Economy, 2020,39(8):119- 129.

[12] Yu Fusheng, Sharla Cheung, Jiang Fuxiu, etc. Does corporate governance affect the company's financial risks? [J]. Accounting Research, 2008( 10):52-59.

[13] Tao Chunhua, Yang Sijing, Lin Wanfa Corporate Governance, Corporate Social Responsibility and the Risk of Stock Price Crash [J]. Journal of Xiangtan University (Philosophy and Social Sciences Edition), 2015,39(6):50-56.

[14] Dannier, Shuo Yang, Zhao Yuxuan, Yuan Jiahai 2019 ESG performance, financial status and systemic risk-Taking A-share listed companies in Shanghai and Shenzhen as an example [A]. 1674-6252 (2019).

[15] Gao Jieying, Chu Dongxiao, Lian Yonghui, Jun Zheng .2021 Can ESG performance improve the investment efficiency of enterprises? [A] F831.5.

[16] Leirunzhou. Research on the legal regulation of ESG information disclosure of listed companies [D].2022.000201.

[17] Hao Xiaoyan, Yao Ruizhen. Research on the relationship between ESG performance and total factor productivity of enterprises [J].202.

[18] Xin Yu, Xu Liping, Cai Xiang. 2008. The nature of controlling shareholders and the arrangement of corporate governance structure: empirical evidence from non-listed companies in the Pearl River Delta [J]. Management World, 6.2 (05): 130-144.

[19] Liu Chunji, Zhu Menglan. 2018. Who influenced whom: the nature of property rights, corporate social responsibility spillover and manifestation [J]. Economic Management, 12:105- 122.

[20] Wang Zhen, Hu Jun. 2016. Transfer of control rights, nature of property rights and corporate performance [J]. Economic Research, 4:146- 160.

[21] Li Yuee, Li Peiwen, Dong Hailun. 2018. Nature of property rights, environmental regulation and environmental investment of enterprises [J]. Journal of China Geo University (Social Science Edition), 6:36-49.

[22] Zhang Chenxi. Explore the influence of ESG performance on the financial performance of listed companies-based on the transmission of stakeholders' confidence [J].2022,33(24):61-63.

[23] Duque-Grisales E, Aguilera-Caracuel J. 2021. Environmental, social angovernance (ESG) scores and financial performanceof multilatinas: Moderating effects of geographic international diversification and financial slack[J]. Journal of Business Ethics, 168:315-334.

[24] Ruhaya A, Alam M M, Jamaliah S, et al. 2018. The impacts of environmental, social, and governance factors on firm per formance[J]. Management of Environmental Quality: An International Journal,29(2):182- 194.

[25] Cegarra-Navarro J G, Reverte C, Gómez-Melero E, et al. 2016. Linking social and economic responsibilities with financial performance: The role of innovation[J]. European Management Journal,34(5):530-539.

[26] Luo X, Du S. 2015. Exploring the relationship between corporate social responsibility and firm innovation[J]. Marketing Let ters,26(4):703-714.

[27] Li Y, Gong M, Zhang X, Koh L. 2018. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power[J]. British Accounting Review,50( 1):60-75.