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장효리 인문사회 21 2023 인문사회 21 Vol.14 No.3
Using Mengniu as a case study, this research aims to explore the impact of ESG performance on corporate value from the perspective of Altman-Z model and Tobin’s Q value. This study mainly adopts the literature research method and case analysis method. Firstly, the domestic and international literature on ESG is combed. Secondly, the rating performance and practices of the case company Mengniu regarding ESG management are introduced. Finally, the impact of its ESG performance on corporate value in terms of both book value and market value is analysed, and conclusions are drawn. The comprehensive analysis concludes that improving ESG ratings has a positive effect on both book value and market value of enterprises, affecting corporate value to a certain extent. Companies should focus on improving their ESG ratings and performance to enhance corporate value by strengthening environmental protection, social responsibility and good governance.