Корпоративная экологическая ответственность и финансовые показатели: выявление взаимосвязи на примере китайских компаний
EDN DFWOHK
DOI:
https://doi.org/10.22394/2304-3385-2025-1-96-114Аннотация
Введение. Вопрос о том, как компании могут улучшить свои финансовые показатели, одновременно выполняя экологические обязательства и добиваясь долгосрочного стабильного развития, переместился в центр внимания актуальных исследований в сфере устойчивого развития. Цель: на примере китайских компаний выявить взаимосвязь между корпоративной экологической ответственностью и финансовыми показателями, а также обосновать роль корпоративной экологической стратегии как модератора анализируемых взаимосвязей.
Материалы и методы. Кабинетное исследование актуальных публикаций по теме работы, эмпирический анализ данных из баз Wind и CSMAR, анализ ежегодных отчетов китайских листинговых компаний, изучение их отчетов по ESG и корпоративной социальной ответственности. Суть исследовательского подхода заключается в проведении эмпирического анализа данных китайских компаний, котирующихся на бирже, за период с 2013 по 2022 год (5529 наблюдений) с использованием регрессионной модели.
Результаты. Анализ показал, что корпоративная экологическая ответственность оказывает положительное влияние на финансовые показатели компаний. Эффект при этом проявляется с заметной временной задержкой. Кроме того, улучшение финансовых показателей от выполнения экологических обязательств на государственных предприятиях КНР происходит быстрее, чем на частных. По сравнению с центральным и западным регионами Китая, стимулирующее влияние выполнения экологических обязательств на финансовые показатели листинговых компаний в восточном регионе является наиболее значительным. Исследование продемонстрировало, что проактивная экологическая стратегия выступает в роли модератора между рассматриваемыми факторами.
Обсуждение. В исследовании впервые вводится фактор-модератор «корпоративная экологическая стратегия», который расширяет традиционную теоретическую модель взаимосвязей между корпоративной экологической ответственностью и финансовыми показателями и позволяет подойти к ее исследованию более глубоко и в обновлённом ракурсе. Данное исследование имеет важное теоретическое и практическое значение для глубокого понимания взаимосвязи между корпоративной экологической ответственностью и финансовыми показателями. Предполагается, что полученные результаты и выводы будут интересны не только китайским компаниям и правительству – непосредственным объектам исследования, но и российской аудитории журнала, заинтересованной в изучении зарубежного опыта и перспектив его применения в российской экономике.
КЛЮЧЕВЫЕ СЛОВА
Корпоративная экологическая ответственность, финансовые показатели, устойчивое развитие, гипотеза Портера.
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