摘要
ESG通过环境友好、社会责任与高效治理的多维价值创造,可以显著提升白酒企业可持续发展能力与市场竞争力,成为驱动白酒行业转型升级与长期价值增长的核心引擎。本文基于中国白酒行业A股上市公司2009—2023年的企业面板数据,从融资约束的角度深入分析企业ESG表现对企业价值的影响。实证结果表明,白酒行业上市企业的ESG表现与企业价值之间存在显著的正相关关系,经过一系列稳健性检验后结论依然成立。进一步检验发现,企业ESG表现通过缓解融资约束进而提升其价值。鉴于此,本文从政府部门政策引导、金融机构产品创新、行业协会标准制定以及白酒企业自身实践四个维度,提出推动白酒行业ESG发展的系统性建议。
ESG has significantly improved the sustainable development ability and market competitiveness of Baijiu enterprises,through the multi-dimensional value creation of environmental friendliness,social responsibility and efficient governance,and has become the core engine driving the transformation and long-term value growth of Baijiu industry.Based on the corporate panel data of A-share listed companies in the Chinese Baijiu industry from 2009 to 2023,the paper analyzes the impact of corporate ESG performance on corporate value from the perspective of financing constraints.The empirical results show that there is a significant positive correlation between the ESG performance of listed enterprises in the Baijiu industry and enterprise value,and the conclusion is still valid after a series of robustness tests.Further examination reveals that corporate ESG performance enhances its value by alleviating financing constraints.Based on this,the paper puts forward systematic suggestions to promote the development of ESG in the Baijiu industry from four dimensions:government policy guidance,financial product innovation,industry association standards,and Baijiu enterprises’own practices.
作者
丁灿
熊自玉
李晶
DING Can;XIONG Ziyu;LI Jing
出处
《中国西部》
2025年第5期72-82,共11页
Western China
基金
四川省科技厅软科学项目“绿色金融赋能成渝地区双城经济圈高质量发展的路径研究”(24RKX0330)
四川省哲学社会科学重点实验室——长江上游地区白酒数智化管理与生态决策优化重点实验室资助项目“中国头部白酒企业与世界一流烈酒企业对比研究”(zdsys-05)
四川省哲学社会科学重点实验室——长江上游地区白酒数智化管理与生态决策优化重点实验室资助项目“白酒企业数智化管理对白酒品牌国际化的影响机制研究”(zdsys-08)
成都市哲学社会科学重大项目“全球产业链重构对成都优势产业集群发展的影响和对策研究”(2025SKGHZD06)。
关键词
ESG表现
企业价值
融资约束
白酒行业
ESG Performance
Corporate Value
Financing Constraints
Baijiu Industry
