ESG PERFORMANCE, R&D AND COPORATE VALUE OF CHINA’S LISTED COMPANIES

Abstract

ESG is an acronym for Environment, Society and Governance. On the basis of traditional financial returns, ESG further considers the three levels of environment, social responsibility and corporate governance to evaluate the sustainability of business operations and social influence, and pay more attention to the sustainable growth and social contribution of enterprises. Under the background of countries responding to climate change, how to achieve sustainable development has received extensive attention [1]. As one of the main body of market economy, the production and operation activities of listed companies have a great impact on the ecological environment. For enterprises, ESG is also a more advanced, overall-view and comprehensive corporate governance concept. Therefore, in 1992, the Financial Action Agency of the United Nations Environment Program issued a statement, hoping that all kinds of investors will take environmental, social and corporate governance factors into account when conducting economic transactions with enterprises. With the further improvement of ESG evaluation standards by international financial institutions, relatively mature ESG rating frameworks have been formed abroad.

Although the development of ESG in China started relatively late, its high-quality sustainable development concept has attracted great attention from the government, regulatory agencies and the market itself. Driven by the “Double Carbon” goal, China has promulgated intensive regulations on the disclosure of corporate environmental, social and corporate governance information. According to the Guidelines on the Format of Disclosure According to the Law, enterprises are required to accelerate the construction of ESG and promote the construction and development of China's ESG system. In addition, the outbreak of the new crown pneumonia epidemic has also become a catalyst for the development of ESG in China, and the public has paid more and more attention to the performance of corporate social responsibilities. Therefore, under China's new economic development model,

It is of great practical significance to explore the realization path of enterprise ESG performance to its value enhancement, which is conducive to promoting the healthy development of enterprises, guiding the investment direction of capital market, improving the corporate governance structure and realizing high-quality economic development in an all-round way.