ESG와 기업의 지속가능성장의 관계: 중국 상장기업을 중심으로

[Purpose] This study examines how corporate activities for ESG are associated with long－ term growth potential. Addressing the limitations of prior studies that focus primarily on short－ term financial performance, this research employs the sustainable growth rate (SGR) to analyze the relationship between ESG activities and firm growth structures. [Methodology] Using panel data from Chinese listed firms from 2015 to 2024, this paper examines how ESG performance scores relate to the sustainable growth rate and its decomposed components. [Findings] The results indicate a positive association between ESG activities and SGR. Specifically, ESG is positively related to return on equity(ROE) and earnings retention. However, differential relationships are observed across the components of ROE: ESG is positively associated with asset turnover, shows no significant association with profit margin, and is negatively associated with leverage. [Implications] By decomposing the sustainable growth rate into its components to structurally analyze patterns of growth, this study provides an analytical framework to systematically interpret the relationship between ESG and firm growth.