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The Impact of ESG Practices on Corporate Performance: An Empirical Analysis

ESG実践が企業業績に与える影響：実証分析 (AI 翻訳)

Wujian Zhang, Jinyuan Guo, Jiahui Zhou, Jinpeng Fang, M. Tian, Yazhu Wang

Academic Journal of Science and Technology📚 査読済 / ジャーナル2026-04-29#ESGOrigin: CN
DOI: 10.54097/x30s9930
原典: https://doi.org/10.54097/x30s9930

🤖 gxceed AI 要約

日本語

中国A株上場企業の2014～2024年パネルデータを用い、ESGパフォーマンスが財務成果に正の影響を与えることを実証。資金制約とエージェンシーコストが部分的な媒介要因として機能し、低公害企業や中小企業で効果が顕著であることを明らかにした。

English

Using panel data from Chinese A-share listed firms (2014-2024, excluding 2020), this study shows that strong ESG performance positively affects financial performance, with financing constraints and agency costs as partial mediators. The effect is stronger for low-pollution firms and SMEs.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本企業のESG統合にも示唆を与えるが、中国市場特有の制度要因（政府の環境規制など）の影響に留意が必要。

In the global GX context

This paper adds to the global ESG-financial performance literature by testing mediation mechanisms, though results are specific to China's regulatory and market environment.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG-financial performance mediation pathways using a large Chinese sample.

🏢実務担当者:Highlights that strong ESG practices can reduce financing constraints and agency costs, benefiting corporate performance.

🏛政策担当者:Suggests that promoting ESG integration may have positive financial spillovers, especially for SMEs and low-pollution firms.

📄 Abstract（原文）

The impact of ESG performance on corporate financial outcomes was examined using panel data from A-share listed companies in China spanning 2014-2024, with 2020 excluded due to exceptional circumstances. A mediation model was employed to explore the underlying mechanisms. The results indicated that strong ESG performance positively affected financial performance, with financing constraints and agency costs acting as partial mediators. Additionally, the effect of ESG performance was found to be more pronounced among low-pollution firms and small- and medium-sized enterprises. These findings provided important insights for strengthening ESG integration and advancing corporate sustainability.

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