The impact of ESG performance on corporate financial performance: an empirical study of China's manufacturing industry from 2019 to 2023
ESGパフォーマンスが企業財務パフォーマンスに与える影響：2019年から2023年における中国製造業の実証研究 (AI 翻訳)
Fan Zhang
🤖 gxceed AI 要約
日本語
本論文は、中国製造業企業を対象に、ESGパフォーマンスが財務パフォーマンスに与える影響を2019～2023年のパネルデータを用いて分析。二方向固定効果モデルの結果、ESGの改善は資金調達コストの低下を通じて財務成果を向上させることが示された。効果は非重汚染・ハイテク企業でより顕著である。
English
This paper examines the impact of ESG performance on financial performance of Chinese manufacturing firms from 2019 to 2023 using a two-way fixed effects model. It finds that better ESG performance improves financial performance by reducing financing costs, with stronger effects in non-heavy polluting and high-tech 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
中国の「双炭」戦略下でのESGと財務の関係を実証。日本の製造業がESG実践を財務改善に結びつける際の参考となる。
In the global GX context
Provides recent empirical evidence from China's manufacturing sector on the ESG-financial performance link, highlighting the financing cost channel. Relevant for global ESG scholarship and emerging market contexts.
👥 読者別の含意
🔬研究者:Offers a robust empirical test of ESG-financial performance with mechanisms, using recent Chinese panel data.
🏢実務担当者:Supports business case for ESG investments by showing cost of capital benefits in manufacturing.
🏛政策担当者:Suggests that ESG performance can enhance corporate financial health, informing policy incentives.
📄 Abstract（原文）
As the global climate change situation continues to intensify and China's "dual carbon" strategy is deeply implemented, ESG performance has become a key indicator for measuring a company's sustainable development capability. Taking Chinese manufacturing enterprises as a sample, this paper studies the impact path and dynamic effects of ESG performance on the financial performance of manufacturing enterprises, thereby revealing and explaining the proactive behaviors of enterprises in practicing ESG. This paper adopts a two-way fixed effects model and empirically tests the impact and mechanism of ESG performance on corporate financial performance using unbalanced panel data from 2019 to 2023. The research shows that improving a company's ESG performance helps to enhance its financial performance. The improvement in ESG performance positively affects corporate financial performance by reducing financing costs, and this effect is more significant in non-heavy polluting and high-tech enterprises.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2977-5701/2026.32471first seen 2026-05-15 21:25:16
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。