The Impact of ESG Strategies on Corporate Financial Performance: Empirical Evidence from China’s Automotive Industry
ESG戦略が企業の財務業績に与える影響：中国自動車産業からの実証的証拠 (AI 翻訳)
Yuqian Fan, Boyu Fang
🤖 gxceed AI 要約
日本語
本論文は、中国自動車産業におけるESG戦略と財務業績の関係を分析。2009～2024年の上場企業データを用いたパネル回帰分析の結果、ESGスコアはROAと有意に正の相関を示すが、トービンのQとは有意な関係がみられなかった。特にガバナンスの影響が強く、非国有企業・完成車メーカー・成熟企業でその効果が顕著である。
English
This study examines the impact of ESG strategies on corporate financial performance in China's automotive industry using panel data from 2009 to 2024. Findings show a significant positive association between ESG scores and ROA, but not with Tobin's Q. Governance has the strongest positive effect, and the relationship is more pronounced for non-state-owned firms, vehicle manufacturers, and mature firms.
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
日本の自動車産業は脱炭素化への対応が急務であり、本論文の結果は、ESGへの取り組みが企業収益向上につながる可能性を示唆している。ただし、中国市場特有の要因が影響しているため、日本企業への直接適用には注意が必要。
In the global GX context
This paper contributes to the global ESG-CFP literature by providing evidence from China's automotive sector, which is a major player in the global supply chain. The finding that governance is the most impactful pillar offers insights for regulators and investors worldwide, emphasizing the importance of strong governance structures for sustainable value creation.
👥 読者別の含意
🔬研究者:This paper offers a detailed empirical analysis of the ESG-CFP relationship in China's automotive industry, contributing to the growing body of evidence from emerging markets.
🏢実務担当者:The results suggest that automotive firms, especially non-state-owned and mature ones, can improve accounting profitability through ESG engagement, with a focus on governance.
🏛政策担当者:Policymakers should note that governance initiatives appear to have the strongest impact on financial performance, indicating that regulatory efforts to enhance corporate governance could yield both sustainability and financial benefits.
📄 Abstract（原文）
This research examines the influence of environmental, social, and governance (ESG) strategies on corporate financial performance (CFP) in China’s automotive industry, characterized by intense regulatory pressure and fast-paced technological transformation. Using an unbalanced panel dataset of A-share listed automotive firms from 2009 to 2024, this paper combines ESG scores from the Huazheng ESG index with firm-level financial data from CSMAR. CFP is measured through both accounting-based (ROA) and market-based (Tobin’s Q) indicators. Panel regression models are applied to evaluate the influence of overall ESG performance and the three individual pillars, and to assess heterogeneity across ownership types, firm type, and firm age. The results show that ESG performance is significantly and positively associated with ROA, but is insignificantly associated with Tobin’s Q. It is suggested that ESG engagement improves accounting profitability but is not fully reflected in the capital market. Among the three ESG pillars, governance shows the strongest positive link with ROA, while environmental and social performance are weakly associated with ROA. Furthermore, the heterogeneity study shows that the positive relationship between ESG and CFP is more pronounced for non-state-owned firms, vehicle manufacturers, or mature firms. Overall, this paper presents fresh evidence on whether and how ESG initiatives can facilitate sustainable value in China’s automotive sector, offering insights for policymakers and management that may help this industry achieve sustainable growth.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/3/1376/pdffirst seen 2026-07-18 07:51:13
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