Tang Chuqiao, Guo Xiaolong, Li Xuan
Jinan Birmingham Joint Institute, Jinan University, Guangzhou, Guangdong, China.
Department of Earth and Environmental Sciences, St. Francis Xavier University, Antigonish, Nova Scotia, Canada.
PLoS One. 2025 May 8;20(5):e0322190. doi: 10.1371/journal.pone.0322190. eCollection 2025.
In recent years, the heightened emphasis on sustainable and high-quality economic development has garnered substantial investor interest in corporate ESG performance, significantly influencing the long-term operational stability of firms. This study, based on data from A-share listed companies from 2015 to 2022, explores the relationship between corporate ESG performance and corporate financial performance. This research employed regression analysis to examine this relationship and found that improved ESG performance significantly enhances financial performance, especially in state-owned enterprises and the manufacturing sector. Additional analysis shows that government subsidies positively influence the relationship between ESG performance and corporate financial performance, suggesting that subsidies amplify the positive effects of ESG initiatives on performance. Mechanism tests suggest that increased analyst coverage is a key pathway through which ESG performance boosts corporate financial performance. These findings underscore the importance of ESG initiatives for companies and provide empirical evidence supporting the role of government subsidies and analyst coverage in amplifying the positive impact of ESG performance on financial outcomes.
近年来，对可持续和高质量经济发展的高度重视引发了投资者对企业ESG表现的浓厚兴趣，这对企业的长期运营稳定性产生了重大影响。本研究基于2015年至2022年A股上市公司的数据，探讨了企业ESG表现与企业财务表现之间的关系。本研究采用回归分析来检验这种关系，发现ESG表现的改善显著提升了财务表现，尤其是在国有企业和制造业。进一步分析表明，政府补贴对ESG表现与企业财务表现之间的关系具有积极影响，这表明补贴放大了ESG举措对表现的积极作用。机制测试表明，分析师关注度的提高是ESG表现提升企业财务表现的关键途径。这些发现强调了ESG举措对企业的重要性，并提供了实证证据，支持政府补贴和分析师关注度在放大ESG表现对财务结果的积极影响方面的作用。
