随着全球气候变化和社会不平等问题的日益严重，国际社会越来越认识到传统的以经济增长为中心的发展模式不可持续。ESG作为一种评价企业在环境、社会和公司治理方面表现的框架应运而生，旨在推动企业采取更加负责任和可持续的经营行为。近期我国也出台了相关监管政策，ESG实践对于我国上市企业正在逐步发展为“必答题”。然而如何有效进行ESG实践，ESG实践对于企业绩效的影响效果如何，是企业开展ESG实践过程中面临的现实问题。本文选择了在全球范围内具有重要影响力且是我国少数在全球权威的MSCI的ESG评级达到最高级别AAA级的企业联想集团作为分析案例，通过文献研究法、案例分析法以及定性与定量结合法，分析了联想集团的ESG实践策略，如何克服企业ESG实践中遇到的问题并实现ESG理念与企业战略规划、管理体系以及业务等各个层面的有机融合，并在此基础上从市场绩效及财务绩效两个角度出发，分析了ESG实践对于联想集团企业绩效的影响效果及影响路径。 本文研究主要得出如下结论：第一，联想集团构建了较为全面完善的ESG实践体系，从价值发现角度出发构建ESG战略，充分利用现有人力资源构建矩阵型的ESG管理组织架构，并通过发挥领导层影响力以及构建ESG相关考核体系，为ESG战略实施提供了有效支撑。通过ESG管理体系的构建以及ESG三个维度的实践措施，联想集团ESG评级表现呈现逐步提升态势，在国外评级体系中的表现处于同行业企业中的领先地位，在国内评级体系中处于同行业企业中等偏上地位，但在中国本土特色的ESG实践议题方面，以及企业创新方面，仍有提升的空间；第二，在联想集团ESG实践过程中，企业绩效呈现先有所降低，后逐步上升的态势。ESG实践投入可能在短期增加企业支出，使得短期企业价值有所下降，但随着时间的推进ESG实践给企业带来的正向作用开始体现，长期来看企业绩效有所提升。第三，联想集团的ESG实践缓解了企业融资约束，提升了企业成长能力以及运营能力，三条影响路径共同正向作用，使得长期来看联想集团的企业价值有所提升。 基于以上结论，本文认为ESG实践有助于企业实现长期可持续发展，上市企业可以参考联想集团的ESG实践框架，积极探寻适合自己的ESG实践方法。本文也为监管机构政策制定提供了企业视角的建议，助力我国经济高质量发展。
As global climate change and social inequality problems are growing worse, the international community has realized that a development model that only considers economic growth is not sustainable. ESG is a framework for measuring corporate sustainability performance and encouraging enterprises to assume social responsibility. How to implement ESG practices and the impact of ESG practices on corporate performance are practical issues faced by companies.As Lenovo group is a globally influential enterprise and one of a few Chinese companies that have received an AAA rating in the MSCI ESG assessment, this article features Lenovo Group as a case study for analysis. By literature research method and qualitative and quantitative analysis method, this article analyzes the strategies adopted by Lenovo Group in its ESG practices, and how it achieves the integration of ESG principles with corporate strategy, management systems, and business processes. On this basis, the article analyzes the impact and pathways of influence on corporate performance from both market performance and financial performance perspectives.This article primarily reaches the following conclusions. First of all, Lenovo Group has established a comprehensive ESG practice system. Lenovo constructed an ESG strategy from the perspective of value discovery and leveraged the existing human resource system to build an ESG management framework. Establishing an ESG-related assessment system and exerting management influence provide support for the implementation of the ESG strategy. Lenovo Group’s ESG performance has gradually improved, with its rating in global assessment systems taking a leading position among peers in the same industry. In domestic assessment systems, its performance is considered to be above average and Lenovo could further increase investment in corporate research. Secondly, During the ESG implementation process, corporate value initially declines but then shows a trend of growth. In the short term, ESG practices lead to increased corporate investment, but in the long run, the positive impacts of ESG practices become evident, resulting in an increase in the long-term value of the enterprise. Thirdly, ESG practices have alleviated Lenovo group’s financing pressure , enhanced the growth and operational capabilities, and improved their growth potential.These three factors represent the pathways through which ESG practices influence corporate value.Based on the above conclusions, this paper holds that esg practice is conducive to the long-term development of enterprisess. Listed companies could refer to Lenovo group’s esg practice framework and actively seek ESG practices that are suitable for their own circumstances. This article also offers suggestions forregulators and investors.
