环境、社会、公司治理（ESG）是一种关注企业环境、社会、治理绩效而非 财务绩效的投资理念和企业评价标准。作为市场经济的主要参与者，企业在提供 产品和服务的同时往往也是环境污染的重要源头，因此促进企业在生产经营活动 中履行环境责任、社会责任是从源头治理的有效方式。作为绿色经济的代名词， ESG投资理念可以助力企业绿色可持续发展。本文就ESG与企业财务绩效的关系 做深入研究，目的在于探索ESG的经济价值，为企业的健康稳定发展和财务绩效 的提升寻找新的路径。 本文首先回顾了ESG的发展背景指出研究的必要性和重要性。接着对ESG 的概念进行了界定，明确研究的目标和内容。然后讲述了本文的研究思路和涉及 的研究方法。文献综述部分呈现了目前占据主流地位的ESG相关理论，例如可持 续发展理论、利益相关者理论和委托代理理论等，指明了ESG的理论基矗接着 分析了E、S、G表现分别与财务绩效关系的相关文献以及ESG综合表现与财务 绩效关系的相关文献。其次基于理论分析并结合前人研究经验提出研究假设。以 2016至2019年的沪深300指数成份公司为样本，选定了相对公允的华证ESG评 分数据，通过截面数据分析与面板数据分析实证检验了ESG对财务绩效产生的影 响。研究得出环境、社会、公司治理（ESG）对企业财务绩效在短期、长期皆有 正向影响，且随着时间的变化影响更显著。 随着“先发展后治理”“先赚钱再捐赠”模式的落后，很多企业管理层对 ESG和企业发展有先后次序的观点亟待改变。本文研究成果能够为企业及利益相 关者了解参与ESG的意义和影响。从获取经济利益的角度激励企业自觉履行ESG 理念。建议企业将ESG理念内化到顶端设计和日常经营管理中，以此打造从上而 下的驱动力，来增强自身综合实力。 关键词：可持续发展；绿色金融；财务绩效；ESG 中原工学院硕士学位论文 II Abstract ESG is an investment philosophy that focuses on corporate environmental, social and governance performance rather than financial performance. As a major participant in the market economy, companies are often an important source of environmental pollution while providing products and services. Therefore, promoting companies to perform environmental and social responsibilities in their production and operation activities is an effective way to manage from the source. As synonymous with green economy, ESG investment philosophy can help enterprises to develop green and sustainable. This article does an in-depth study on the relationship between ESG and corporate financial performance, with the purpose of exploring the economic value of ESG and finding a new path for the healthy and stable development of enterprises and the improvement of financial performance. This article first reviews the development background of ESG and points out the necessity and importance of research. Then the concept of ESG was defined, and the objectives and content of the research were clearly defined. Then it describes the research ideas and research methods involved in this article. The literature review part presents the ESG-related theories currently occupying the mainstream position, such as sustainable development theory, stakeholder theory, and principal-agent theory, and points out the theoretical basis of ESG. Then it analyzes the related literature on the relationship between E, S, G performance and financial performance respectively, and the related literature on the relationship between ESG comprehensive performance and financial performance. Secondly, based on theoretical analysis and combined with previous research experience, put forward research hypotheses. Taking the constituent companies of the CSI 300 Index from 2016 to 2019 as a sample, and Huazheng ESG data are selected, and then empirically tested the impact of ESG on financial performance through cross-sectional data analysis and panel data analysis. The research shows that environmental, social, and corporate governance (ESG) have a positive impact on corporate financial performance in the short and long term, and the impact of changes over time is more significant. As the shortcomings of the "development first, then governance" "make money then donate" model become increasingly prominent, many corporate management's views on the prioritized ESG and corporate development needs to be changed. The research results of this article can help companies and stakeholders understand the significance and impact of participating in ESG. Encourage companies to consciously implement ESG concepts from the perspective of obtaining economic benefits. It is recommended that companies internalize ESG concepts into top-level design and daily operation and management, so as to create a top-down driving force to enhance 中原工学院硕士学位论文 III their comprehensive strength. Keywords: sustainable development；green finance；financial performance；ESG 中原工学院硕士学位论文 IV 目 录 摘要 ........................................................ I Abstract ..................................................................................................... II 目 录 ...................................................................................................... IV 1 绪 论 ................................................................................................... 1 1.1 研究背景与研究意义 .................................................................................... 1 1.1.1 研究背景 ............................................................................................. 1 1.1.2 研究意义 ............................................................................................. 2 1.2 核心概念界定 ................................................................................................ 3 1.2.1 ESG的相关概念 ................................................................................... 3 1.2.2企业财务绩效 ...................................................................................... 7 1.3研究目标与研究内容 ..................................................................................... 8 1.3.1研究目标 .............................................................................................. 8 1.3.2研究内容 .............................................................................................. 8 1.4研究思路与方法 ............................................................................................. 8 1.4.1研究思路 .............................................................................................. 8 1.4.2研究方法 .............................................................................................. 9 1.5本文的创新点 ............................................................................................... 10 2 理论基础和文献综述 ............................................................................11 2.1理论基础 ....................................................................................................... 11 2.1.1可持续发展理论 ................................................................................ 11 2.1.2利益相关者理论 ................................................................................ 12 2.1.3委托代理理论 .................................................................................... 13 2.1.4理论基础小结 .................................................................................... 14 2.2.国内外研究现状综述 ................................................................................... 14 2.2.1环境绩效与企业财务绩效 ................................................................ 14 2.2.2社会责任与企业财务绩效 ................................................................ 16 2.2.3公司治理与企业财务绩效 ................................................................ 17 2.2.4 ESG与企业财务绩效 ......................................................................... 18 2.2.5文献综述评论 .................................................................................... 19 3 研究方案设计 .......................................................................................20 3.1研究假设 ....................................................................................................... 20 3.2样本选择与数据来源 ................................................................................... 20 3.3研究