ESG 영역별 평가등급이 중국 상장기업 가치에 미치는 영향

• 영문명: The Effect of ESG Ratings on the Value of Chinese Listed Companies
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 동맹(Dong Meng) 백강(Kang Baek)
• 간행물 정보: 『아태비즈니스연구』아태비즈니스연구 제13권 제1호, 153~166쪽, 전체 14쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2022.03.30

영문 초록

Purpose - ESG(Environmental, Social and Governance) rating is an indicator to predict the sustainable development and long-term value creation of enterprises, which is becoming more and more important. This study divided the ESG rating into each sector(E, S and G) to identify which ESG elements are effective in enhancing enterprise value according to the characteristics of the enterprise, which is different from previous studies. Design/methodology/approach - In this study, Bloomberg ESG Disclosure Score was used to empirically analyze the relationship between ESG ratings and corporate value by taking the listed companies of China’s Shanghai Composite Index from 2017 to 2020 as the object. Findings - First, the relationship between ESG ratings and enterprise value shows a statistically significant positive correlation, which supports the results of previous studies. Second, the analysis results from the classification of ownership structure of enterprises (state-owned enterprises and non-state-owned enterprises) show that compared with state-owned enterprises, the ESG ratings of non-state-owned enterprises is more closely related to enterprise value. Third, the analysis of various industries (manufacturing and non-manufacturing) shows that compared with manufacturing, ESG scores of non-manufacturing has a more positive effect on enterprise value. Lastly, the analysis by industry type (heavy-contaminated companies, non-contaminated companies) confirmed that ESG scores of non-contaminated companies has a positive effect on corporate value than heavy-contaminated companies. Research implications or Originality - This study classified ESG evaluation grades(E, S and G) for listed companies in China and analyzed in detail how they affect corporate value according to corporate characteristics, drawing implications for what ESG indicators should be focused on to increase corporate value.

목차

Ⅰ. 서론

Ⅱ. 선행연구 및 가설설정

Ⅲ. 자료 및 연구방법

Ⅳ. 실증분석 결과

Ⅴ. 결론

키워드

Chinese Listed Company Corporate Governance Corporate Value ESG State-owned Enterprise