学校代码：10272
学号：2021219012
SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS
硕士学位论文
MASTER DISSERATION
ESG 评分对公司绩效的影响
——基于食饮行业上市公司的实证研究
培养院系：会计学院
论文类别：硕士学位论文
论文作者：廖翊丞
指导教师：王延明
完成日期：2023.2.04
摘要ESG 是由社会责任投资理论衍生的评价方法和投资理论，关注公司非财务
方面表现情况，即企业在环境保护、社会责任和公司治理方面的表现。数十年
来全球经济飞速发展，但对环境、人权、公司治理等多项社会核心议题造成了
严重的影响。可持续发展是各国都需要关注的议题，随着时间变化，国际社会
逐渐重视ESG 发展，我国大力发展ESG 建设，除了出台多项ESG 文件外还设
立了多个ESG 主题基金。但出现部分ESG 基金重仓食品饮料行业现象，与国
外提倡投资低碳节能ESG 理念有所不同。为了厘清此异常现象，本文将对此进
行研究。
为研究食饮企业ESG 评分对企业绩效的影响作用，本文遵循“定性阐述理
论→提出假设→定量实证研究→分析结论→提出相关建议”的思路展开全文研
究。
回顾学界现有的相关文献，有大量的实证研究表明，ESG 评分对企业绩效
的影响可能随着环境、国家、行业以及企业发展阶段的不同而不同，可能呈正
相关、负相关或者非线性相关关系。而成交量除了对企业绩效具有显著的促进
作用，也作为中介变量间接影响着ESG 评分与企业绩效的相关关系。
相关理论基础部分呈现了目前占据主流地位的ESG 相关理论,由信息不对
称理论、价值投资理论、利益相关者理论和社会责任投资理论指明了ESG 影响
企业绩效的理论基础。并且通过信号传递理论理论将成交量作为ESG 表现对企
业绩效关系影响的中介变量，分析了食饮行业ESG 评分对企业绩效的影响路径，
以此提出了本文的研究假设。
因此，本文结合理论基础与文献背景，对食饮行业上市公司的ESG 表现对
企业绩效的影响进行实证分析，本文以2018年第一季度-2022年第三季度我国
A 股食饮行业84家上市公司十九个季度1596条面板数据为样本，以总资产报
酬率为企业绩效的表示变量，以万得ESG 综合评分为ESG 评分的表示变量，
建立固定效应模型，实证研究食饮行业ESG 评分对企业绩效的影响。并根据多
元线性回归模型进行描述性统计分析、相关性分析、回归分析、异质性分析及
稳健性检验，获得关于食饮行业上市公司ESG 评分与企业绩效的实证结果。此
III
摘要
外，还通过中介效应模型，分析了成交量作为中介变量对ESG 评分与企业绩效
的影响机制。并通过异质性分析，分析了食饮行业酒类企业与非酒类企业ESG
评分对企业绩效的影响。
研究结果表明，ESG 综合评分与企业绩效有显著的正相关关系，ESG 评分
对成交量有显著正相关关系，食饮行业上市公司的成交量通过中介效应检验，
对ESG 评分与企业绩效的正相关关系具有中介效应，并为部分中介效应。代表
ESG 评分上升，能够对企业绩效产生正影响，企业应积极提升自身的ESG 评级。
本文还对食饮行业分为酒类企业与非酒类企业进行分组回归，酒类企业的ESG
评分能够正向显著影响企业绩效，而非酒类企业则不显著。该结果意味着ESG
基金重仓酒类企业有一定的合理性，对目前的市场现象做出了解释。但跟海外
ESG 不投资烟草、酒精、wxd71b108f461928c9、核能、煤炭的理念相违背，代表ESG 投资理念
尚并未被我国市场完全接受，仍需不断加强ESG 概念普及。
最后，本文根据研究结论给出了相应的对策建议。第一，监管机构应完善
具有中国本土特色及行业差异性的ESG 评级体系，加强对ESG 信息披露的监
管力度，建立统一的ESG 评级打分系统，使得公开披露的ESG 评分拥有更高
的可参考性；第二，食饮行业作为被ESG 基金重仓的行业之一，应加大ESG
报告产出数量，重视ESG 报告对企业形象带来的正向影响，加强根据行业特性
披露行业特征的ESG 报告，对外披露企业在环境、社会以及治理方面做出的贡
献；第三，机构投资者应重视价值投资，发挥带头示范作用，带领个人投资者
重视ESG 投资。个人投资者应重视企业可持续发展能力，积极投资ESG 评级
高的企业。未来我国ESG 体系的构建与发展，需要市场每个参与者的共同努力。
关键词：ESG 企业绩效食饮行业固定效应模型
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Abstract
Abstract
Environment,society and governance (ESG)is an evaluation method and
investment theory developed from the social responsibility investment theory.It
focuses on the non-financial performance of enterprises,that is,the performance of
enterprises in environmental protection,social responsibility and corporate
governance.For decades,the global economy has developed rapidly,but it has had a
serious impact on many core social issues such as the environment,human rights,
corporate governance and so on.Sustainable development is an issue that all
countries need to pay attention to.Over time,the international community has
gradually attached importance to the development of ESG.China has vigorously
developed the construction of ESG.In addition to issuing a number of ESG
documents,it has also established a number of ESG theme funds.However,some
ESG funds are heavily invested in the food and beverage industry,which is different
from the idea of investing in low-carbon and energy-saving ESG in foreign countries.
In order to clarify this abnormal phenomenon,this paper will study it.
In order to study the impact of ESG scores of food and beverage enterprises on
enterprise performance,this paper follows the idea of "qualitative elaboration of
theory →putting forward hypothesis →quantitative empirical research →analysis
conclusion →putting forward relevant suggestions"to carry out the full text research.
Reviewing the existing relevant literature in the academic field,there are a large
number of empirical studies that show that the impact of ESG scores on enterprise
performance may vary with the environment,country,industry and enterprise
development stage,and may be positive,negative or nonlinear correlation.In addition
to significantly promoting corporate performance,volume also indirectly affects the
correlation between ESG scores and corporate performance as an intermediary
variable.
The relevant theoretical basis part presents the ESG-related theories that
currently occupy the mainstream position.The theoretical basis of ESG affecting
corporate performance is indicated by the information asymmetry theory,value
investment theory,stakeholder theory and social responsibility investment theory.
V
Abstract
And through the theory of information asymmetry,the paper takes the trading volume
as the intermediary variable of the impact of ESG performance on corporate
performance,analyzes the impact path of ESG score in the food and beverage
industry on corporate performance,and puts forward the research hypothesis of this
paper.
Therefore,based on the theoretical basis and literature background,this paper
empirically analyzes the impact of ESG performance of listed companies in the food
and beverage industry on corporate performance.This paper takes 1596panel data of
84listed companies in the A-share food and beverage industry in China from the first
quarter of 2018to the third quarter of 2022as samples,takes the return on total assets
as the indicator variable of corporate performance,and takes the Wind ESG
comprehensive score as the indicator variable of ESG score,Taking the quarterly
interval trading volume as the expression variable of trading volume,a fixed effect
model is established to empirically study the impact of ESG scores in the food and
beverage industry on enterprise performance.According to the multiple linear
regression model,descriptive statistical analysis,correlation analysis,regression
analysis,heterogeneity analysis and robustness test were carried out to obtain the
empirical results of ESG scores and corporate performance of listed companies in the
food and beverage industry.In addition,through the intermediary effect model,the
paper also analyzes the impact mechanism of trading volume as an intermediary
variable on ESG score and enterprise performance.Through heterogeneity analysis,
the paper analyzes the impact of ESG scores of alcohol enterprises and non-alcohol
enterprises in the food and beverage industry on enterprise performance.
The research results show that there is a significant positive correlation between
ESG comprehensive score and enterprise performance,and ESG score has a
significant positive correlation with trading volume.The trading volume of listed
companies in the food and beverage industry has passed the intermediary effect test,
and has a mediating effect on the positive correlation between ESG score and
enterprise performance,which is part of the intermediary effect.Representing an
increase in ESG ratings can have a positive impact on corporate performance,and
companies should actively improve their ESG ratings.The food and beverage industry
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