중국 제조기업의 ESG 경영활동이 기업가치에 미치는 영향: 기업규모의 조절 효과

Recently, environmental pollution, social responsibility, and corporate ethics have emerged as significant concerns in corporate management, leading to increased consumer interest in these areas. In particular, the COVID-19 pandemic underscored the importance of Environmental, Social, and Governance (ESG) factors for manufacturing companies from both corporate and consumer perspectives, accelerating their use as indicators of corporate sustainability and value assessment. Therefore, this study examines the impact of ESG management activities on corporate value, and the moderating effect of corporate size, by focusing on manufacturing companies in Beijing, China. For this purpose, we selected a sample of 51 listed manufacturing companies in Beijing, based on their ESG evaluations in 2021 as determined in 2022. The main variables are ESG performance indicators from WIND for 2021 and corporate value, along with related financial and accounting data from CSMAR for 2022. To test the research hypotheses, multiple regression analysis was conducted using the Stata 17.0 statistical software. Empirical analysis showed that not only the overall performance of ESG management activities (ESG-T) but individual performances of environmental (ESG-E), social (ESG-S), and governance (ESG-G) aspects did not significantly impact corporate value. Secondly, verification of the moderating role of company size indicated that company size had a significant negative moderating effect on the relationship between ESG-T, ESG-E, ESG-S, ESG-G, and corporate value. These findings deepen the understanding of ESG management activities in Chinese manufacturing companies, and clarify the impact of company size, contributing to the development of strategies for sustainable growth.