A study of the impact of ESG performance on the value of energy firms
PANG Ming
HAO Xiaoyang
WANG Hui
Abstract：Guided by the"dual carbon"strategy and high-quality development goals,Chinese energy enterprises face dual imperatives of green transition and value creation.Drawing on panel data of A-share listed energy firms from 2011 to 2023,this study examines the impact of ESG performance on corporate value,focusing on the mediating roles of financing constraints and information transparency.A moderated mediation model is employed to assess how digital transformation facilitates ESG value realization.Empirical results show that ESG performance significantly enhances book value but has no significant effect on market value.Both mediators partially transmit the ESG-value relationship,while digital transformation positively moderates these effects,reinforcing ESG's value-enhancing impact.
Keywords：ESG performancefirm valuefinancing constraintsinformation transparencydigital transformation
Publication Date：2025-10-28
Online Publishing Date：2025-12-02(First online date of this platform, not the publication date of the document)
Pages：9( 60-68 )