考量內生性下ESG與公司財務績效關聯性之研究──以中國上市公司為例

Research on the Relationship Between ESG and Corporate Financial Performance Considering Endogeneity - A Case Study of Listed Companies in China

本研究在考量內生性下，探討ESG（環境、社會、公司治理）對中國大陸上市公司財務績效是否具顯著影響，實證資料選自2018至2022年間的300家大陸上市公司。由於縱橫資料迴歸模型（Panel Data Regression Model）常存在內生性問題，透過Wu-Hausman檢定內生性問題後，進一步應用二階段最小平方法（Two -Stage Least Squares，2SLS）及廣義動差法（Generalized method of moments，GMM）模型進行參數估計及分析。結果顯示，ESG投入與ROA資產報酬率在2SLS模型及差分GMM與系統GMM模型估計均呈現顯著正關係，意謂企業落實執行ESG政策可激勵財務績效正成長。

This study investigates whether Environmental, Social, and Governance (ESG) factors significantly affect the financial performance of listed companies in China, taking into account the issue of endogeneity. The empirical data comprises 300 listed companies in China from 2018 to 2022. Given the common presence of endogeneity in panel data regression models, this study first conducts the Wu-Hausman test to detect such issues. Subsequently, it employs the Two-Stage Least Squares (2SLS) method and the Generalized Method of Moments (GMM) - including both Difference GMM and System GMM - for parameter estimation and analysis. The results reveal a significantly positive relationship between ESG engagement and Return on Assets (ROA) across all models, suggesting that effective implementation of ESG policies can promote financial performance growth.